The plan provides loans for small businesses and allows for payroll-tax deferment. Several provisions aim to help small businesses struggling to stay afloat and keep workers amid closures and social-distancing measures .
PRESENTING: How small businesses and startups can cash in on $349 billion in government relief funding and what to know before you apply
The US government passed a $2 trillion stimulus package to stabilize the American economy during the coronavirus crisis and $349 billion of that is earmarked for small businesses.
small business owner
However, one rule in qualifying as a small business, according to the Small Business Administration (SBA), means that most venture-backed startups won't be eligible for loans and grants. Private equity firms are lobbying the Trump administration to change these rules. Representative Ro Khanna told Fox News that legislators are discussing a waiver that would give more venture-backed startups access to government funding.
Here's how the stimulus package could help your business, and how to find out whether you're eligible.
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Options available to small business owners: How your small business can cash in on the government's $349 billion relief program so you can quickly pay rent, keep staff employed, and restructure your debt
How to know if you qualify: Use this guide to check if your company is a 'small business' so you can qualify for crucial funding ahead of a possible recession
What it's like to apply for loans and grants: 2 entrepreneurs gave us the exact applications they used to get government funding so they can pay rent and keep employees during coronavirus
Which option is best for you: Small business owners can get either loans or payroll relief from the $2 trillion coronavirus stimulus bill, but not both. Here's how to decide which is better for you.
Many venture-backed startups won't be eligible for stimulus funding: How to figure out if your startup qualifies for coronavirus relief funding and what options you have if it doesn't
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Other types of funding available now: Here are the best sources of emergency funding available right now for small businesses hurt by the coronavirus
Use this plan to avoid getting stuck in the chaos: 6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action
See Also:
- 'We don't get the lifeboats': Entrepreneurs are raging on Twitter after banks turn away desperate business owners who were promised government relief today
- 6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action
- PRESENTING: How American businesses are handling production delays, heightened demand, and economic fallout amid the coronavirus pandemic
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