In addition to the Payroll Protection Program, the SBA extended its Economic Injury Disaster Loan program to cover businesses affected by the Coronavirus.
Millions of small business owners rushed to apply … before they knew all the details.
After a long wait – and lots of confusion – the SBA is now reaching out to business owners to complete their applications.
But it’s not easy money. Or free money. And acceptance isn’t guaranteed.
In this short video, I share 3 reasons solo and small firm owners might not be eligible to receive the funds:
- You’re too much of a business risk
- You can’t show you need the money because of COVID-19
- Your business activities aren’t covered
If you’re not eligible, what CAN you do? Don’t worry — you still have options.
(Government loans are just a Band-Aid® anyway, not a permanent solution.)
Instead, look at ways to conserve cash. Or increase revenue.
I have outlined those in my free download, The 5-Day Action Plan for Small Business Survival.
You’ll pare down to essentials and discover what’s truly necessary to run your business.
Stay strong. Stay healthy. Stay proactive.