Update: The President has signed the PPP Extension Act which extends the deadline to apply for PPP loans to August 8, 2020
If there’s a silver lining in the coronavirus pandemic, it’s that people and organizations have quickly banded together to provide support for one another. Given how hard this is hitting small businesses, it’s great to see organizations, both at the national and local levels, jumping to provide aid and guidance to entrepreneurs. Below is a list of COVID-19 resources and guidance by state.
This list of resources is by no means exhaustive, but we will do our best to update it in the coming days and weeks.
Nationwide Small Business Resources
The message is clear: small businesses across the country need assistance. Here are some of the nationwide organizations that are here to help:
The Small Business Administration is doing its part on several fronts, starting with its Economic Injury Disaster Loan Program. This program offers low-interest loans to small business owners impacted by COVID-19 loans of up to $2 million. There is also a grant of up to $10,000 that does not have to be repaid.
Paycheck Protection Loans of up to $10 million are modeled after the popular SBA 7(a) loan programs. Business owners can also apply to have part or all of this loan forgiven, depending on how the funds are used. Nav matches small business owners to lenders and agents offering these loans. Sign up for a free Nav account to get matched to a PPP lender.
The SBA also has a useful resources page that includes guidance for business owners and employers, other SBA products, information on government contracting, and local assistance.
Read the rest on Nav.