Did you apply for the SBA’s Paycheck Protection Program loan? If you’re like over 1.6 million others, you probably filled out the application hoping to get the funding you need to bring employees back or pay the ones you still have during this challenging time in history.
Well, after opening for applications on April 2nd, 2020, the SBA now has a new announcement on their website
What does it mean exactly? It means the well has run dry.
A key piece of the federal government’s stimulus efforts to help small businesses and their employees has run out of money, shutting out thousands of potential borrowers who were seeking aid amidst the coronavirus-driven economic plunge.
Although the SBA has approved $339 billion from over 4,900 lending institutions, most applicants are still waiting for those loans to be funded — and for money to be deposited into their accounts.
So what’s next for small business owners who are trying their hardest to survive one of the most abrupt and uncertain time in history?
Well, here’s what President Trump says…
Although I don’t play politics, I do agree the PPP should be refilled with money for small businesses to survive through the crisis or research and source new resources to grow your business.
There are banks, creditors, and credit card companies that would be happy to lend you the money you need to grow. I talk more in-depth about it here.
Experian®, the world’s leading global information services company, announced that it will offer all American-owned small businesses free access to their Experian business credit report from now until May 1, 2020, to help small business owners in need during the impact of the COVID-19 pandemic.
By accessing a free business credit report now, small business owners can understand where their credit score stands and look for the best lending options for their business before they obtain funding. Small business owners can get access to their free Experian business credit report here: www.freecompanycredit.com.
The Bottom Line
There’s talk about providing more funds, but nothing is certain. As a business owner, there are other resources you can tap into by building business credit and developing a proven plan.