The COVID-19 pandemic has upended daily life. Lockdown measures in states across the country have closed countless small businesses including restaurants, hair salons and gyms, just to name a few. Customers who venture out of the house do so with masks, hand sanitizer and bleach wipes to find shuttered storefronts and darkened windows. A recent survey of nearly 6,000 small business owners found more than 30% of respondents run the risk of closing permanently if current conditions persist for two months.
Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March. Included in the bill is $349 billion for the Paycheck Protection Program (PPP), but approved lenders were quickly overwhelmed with applications, and the program officially reached its $349 billion cap on Thursday, April 16.
Can your business still apply?
While the SBA is currently closed to new loans, Bluevine — The Simple Dollar’s top pick for the best small business l… Read More