The Corona Virus pandemic has sent U.S. small business confidence into a tailspin, as government restrictions force some main street businesses to close or operate in limited hours, while foot traffic for many has dropped to near zero.
The federal government has promised help in the form of business loans through the Small Business Administration’s loan (SBA) programs.
Businesses in all U.S. states and territories are eligible to apply for an Economic Injury Disaster Loan on the SBA’s website. The Economic Injury Disaster Loan (EIDL) program offers working capital loans of up to $2 million with low interest rates and terms up to 30 years. You can also apply for an SBA Paycheck Protection Program loan, starting on April 3. These loans have 1% interest rates, don’t require collateral or personal guarantees, and have no borrower or lender fees.