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3 FINANCIAL RESOURCES FOR SMALL BUSINESSES DURING THE COVID-19 HEALTH CRISIS

3 FINANCIAL RESOURCES FOR SMALL BUSINESSES DURING THE COVID-19 HEALTH CRISIS

Local and national small businesses are searching for ways to maintain operations, employees, and customers during this time of potential economic hardship. Although the economic stability of the country has been called into question, resources and relief are available for small businesses to remain viable and operational. According to U.S. News & World Report, initiatives such as the Paycheck Protection Program (details below) could be vital to the economy’s recovery:

Small businesses employ about half the workers in the private sector. By some estimates, as many as 20 million people will have lost their jobs by the end of April. If you or someone you know could potentially be in this number, consider these 3 financial resources:

Paycheck Protection Program – A Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
  • The Paycheck Protection Program will be available through June 30, 2020.

Click here to learn more.

Economic Injury Disaster Loan – provides small businesses with working capital loans up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 

  • small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
  • Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Click here to learn more.

SBA Debt Relief – provides a reprieve to small businesses as they overcome the challenges created by this health crisis.

  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

Click here to learn more.

Local assistance is also available for small businesses that need financial relief or guidance via mentorship. The Mississippi Development Authority, Metro Jackson SCORE, and the Mississippi Small Business Development Center are available to assist small businesses on the road to success!

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