Emergency financing for small businesses affected by the coronavirus
- Most Paycheck Protection Program loans have been used up.
- The SBA approved nearly $ 224 billion in PPP loans as of April 5, leaving $ 68 billion in funds.
- We’ve listed other emergency financing resources available now for small businesses in need.
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Over 99% of all U.S. businesses are small enterprises, and they employ more than half of the workforce.
US Government Preliminary Studies estimate that an additional 200,000 businesses have closed permanently due to the COVID-19 pandemic, compared to annual closures in previous years. In addition to the immediate health crisis, the global pandemic launched a
this has an additional impact on the survival of small businesses.
The Small Business Administration’s Paycheck Protection Program aimed to provide financial support to struggling entrepreneurs and approved nearly $ 224 billion in P3 loans as of April 5. The program closed applications on May 31. state and local governments or through business initiatives.
Read on to see a list of emergency financing resources available now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
You can view all of our PPP coverage here.
This article was last updated on June 28, 2021.