Updated Sat September 26 2020
If you’re concerned about the impact of the coronavirus on your business and cash flow over the next few months, there are several financial options to consider to get through the challenges. Here’s a roundup of the most up-to-date resources.
Coronavirus financial resources
Disclaimer: Please check this page daily, we are adding new programs announced by the government. Email us directly with specific questions about your circumstances we will get back to you as soon as possible.
Government Small Business Administration (SBA) Loans
The U.S. Small Business Administration (SBA) announced on March 12 it would begin offering low-interest federal disaster loans to small businesses severely impacted by the coronavirus. SBA’s Economic Injury Disaster Loans provide up to $2 million in assistance with interest rates between 2.75%-3.75%.
We have a page dedicated to answering questions regarding Coronavirus Disaster Loans from the SBA.
Traditional SBA Loans
Another option is to consider an SBA loan through a bank—rather than the government—which can have a faster and simpler application process if you’re applying for a loan of $350,000 or less. Interest rates for traditional SBAs are closer to 7% and these are term loans—instead of lines of credit—which means you start paying interest on the full balance immediately.
With over 90% of loans requiring tax documentation—including business loans, lines of credit, equipment loans, government lending—filing your 2019 tax returns as soon as possible, could help speed up your approval, whether it’s a traditional or government loan.
You might also consider consulting your bank about an additional line of credit or requesting credit increases from your credit card companies.
The YoGov team is continuing to monitor for additional financial updates and expect the above list to grow quickly as the government continues to enact programs to help small businesses.
Other coronavirus financial questions?
We will research financial options for you and help you out personally. Please email us if you're interested in getting more personal assistance.
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