<p>At the height of the COVID-19 pandemic, millions of Americans were worried about health concerns in addition to maintaining their businesses. As the stay-at-home orders continued for months and months, SMB owners continued to struggle. According to the National Federation of Independent Business Survey, over 75% of small businesses were affected negatively by the global pandemic. The problem was that it was difficult even for experts to predict when the situation would ease.</p>
<p>Unless your business sold rubbing alcohol and hand sanitizers or worked on a vaccine, we’re sure that your business must be affected one way or another. In troubling times, the survival of a business can be supported by a loan. Below are the best loans we recommended t help businesses during difficult times.</p>
<p><img loading="lazy" class="aligncenter size-full wp-image-22507" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Smiling-businesswoman-with-short-haircut-in-glasses-and-blue-shirt-standing-at-the-office-desk-in-front-of-laptop-talking-by-mobile-phone.jpg" alt="Smiling-businesswoman-with-short-haircut,-in-glasses-and-blue-shirt,-standing-at-the-office-desk-in-front-of-laptop,-talking-by-mobile-phone" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Smiling-businesswoman-with-short-haircut-in-glasses-and-blue-shirt-standing-at-the-office-desk-in-front-of-laptop-talking-by-mobile-phone.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Smiling-businesswoman-with-short-haircut-in-glasses-and-blue-shirt-standing-at-the-office-desk-in-front-of-laptop-talking-by-mobile-phone-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>CARES Act &#8211; Paycheck Protection Program</h3>
<p>The CARES Act is an economic stimulus bill passed in March of 2020 which provided $2.2 trillion worth of emergency assistance in response to the COVID-19 pandemic. For SMBs, the Paycheck Protection Program (PPP) is the most relevant measure in this act since it allocates $350 billion for business loans.</p>
<p>The PPP goes beyond the scope of regular SBA loans which are provided by private lenders and supported by the Small Business Administration. The Paycheck Protection Program was offered to businesses with less than 500 employees. This includes independent contractors, self-employed individuals, and sole proprietors. A business was required to show that they had been impacted by the COVID-19 situation to get a loan.</p>
<p>The loan can be used on employee salaries, payroll costs, mortgage interest payments, rent, and utilities, group health care benefits, and other debts.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-style-params="backgroundColor=%23f5f5f5&buttonHoverColor=%23278370&borderColor=%23f5f5f5&textColor=%232d2d2d&buttonColor=%23ffffff&buttonBackgroundColor=%2325b296" offer-id="775" data-promoe-image-src="https://10bestbusinessloans.com/?p=26646" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-promote-text="Loan Amount: $5K to $5M" data-button-text="Get Rates " data-partner-link="https://app.lendzi.com/step1?lead_source=10BestBusinessLoans?click_id2=" data-kidon-id="779" data-offer-link="https://app.lendzi.com/step1?lead_source=10BestBusinessLoans%3Fclick_id2%3D&offer_id=775&offer_name=Lendzi" data-conversion-label="5kX6COmSzboYEKr4-oYp"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper" style="background:#f5f5f5""><div class="border-wrapper" style="border-color:#f5f5f5"> <div id=6639ef0a6faf5 class="buttono-content" ><div class='buttono-logo__container'><a href='https://app.lendzi.com/step1?lead_source=10BestBusinessLoans?click_id2=' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='https://app.lendzi.com/step1?lead_source=10BestBusinessLoans?click_id2=' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text' style='color:#2d2d2d'>Loan Amount: $5K to $5M</p></a></div><div class='buttono-link-container'><a href='https://app.lendzi.com/step1?lead_source=10BestBusinessLoans?click_id2=' target='_blank' style='background-color: #25b296; color: #ffffff ' class='buttono-link'  > Get Rates </a></div></div></div><a href='https://app.lendzi.com/step1?lead_source=10BestBusinessLoans?click_id2=' target='_blank'><img class='buttono-image' src=https://10bestbusinessloans.com/?p=26646></div></a></div></div>
<h3>The Paycheck Protection Program has the following features:</h3>
<p>• Set to run until August 8th, 2020</p>
<p>• 10-year maximum term</p>
<p>• A business can get 2.5times its monthly average payroll expense with a $10 million limit</p>
<p>• 4% maximum interest</p>
<p>• No personal guarantee or collateral required</p>
<p>• No prepayment charges</p>
<p>• Typical fees with SBA loans are waived for loans from the PPP</p>
<p>Aside from the Paycheck Protection Program, the SBA also offered three other loan programs to help businesses weather the difficult period.</p>
<p><strong>SBA Express Bridge Loan:</strong> If your business has an existing relationship with a lender linked to the SBA, you can get funding up to 425,000 with fewer documentary requirements.</p>
<p><strong>SBA Debt Relief:</strong> The Debt Relief Program is part of the CARES Act and mandates the Small Business Administration to provide relief to SMBs that currently have a 504 loan, SBA 7(a) loan, or a microloan. SBA will cover six months’ worth of principal, interest, and fees. New borrowers that apply for a loan within 6 months of the CARES Act enactment can also access this program.</p>
<p><strong>Economic Injury Disaster Loans and Loan Advance:</strong> Under this program, SBA-authorized lenders give the small business up to $2 million for working capital to help them with the loss of revenue. Business owners can apply for an advance of up to $10,000.</p>
<p><img loading="lazy" class="aligncenter size-full wp-image-22508" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office.jpg" alt="Two-businesswomen-shaking-hands-in-modern-office" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Other Loans for Small Businesses</h3>
<p><strong>Line of Credit</strong></p>
<p>A business line of credit gives you some breathing room by letting you access funds you need whenever you need them. These funds are typically available for use within 24 hours making a line of credit a practical option to cover immediate expenses. You will only pay interest on the amount that you used.</p>
<p><strong>Short Term Loan</strong></p>
<p>Short-term loans are also called bridge loans. These give you access to capital with some lenders disbursing funds as fast as 24 hours.</p>
<p><strong>Home Equity Loan</strong></p>
<p>A home equity loan is technically a mortgage. But some borrowers can also use the funds for their business expenses. With a home equity loan, you borrow funds by using the current value of your home as security. You can borrow bigger amounts with a reasonable interest rate.</p>
<p><strong>Invoice Factoring</strong></p>
<p>For businesses that have customers with pending invoices, invoice factoring is one option to look at. You can sell unpaid invoices to a lender at a discounted price.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-style-params="backgroundColor=%23f5f5f5&buttonHoverColor=%231c836f&borderColor=%23f5f5f5&textColor=%232d2d2d&buttonColor=%23ffffff&buttonBackgroundColor=%2325b296" offer-id="432" data-promoe-image-src="https://10bestbusinessloans.com/?p=26646" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-partner-link="https://fundera.34rwxn.net/c/2213888/1088562/10988?subId1=" data-kidon-id="425" data-offer-link="https://fundera.34rwxn.net/c/2213888/1088562/10988?subId1=&offer_id=432&offer_name=Fundera" data-conversion-label="QuO1CLS_xIEYEKr4-oYp"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper" style="background:#f5f5f5""><div class="border-wrapper" style="border-color:#f5f5f5"> <div id=6639ef0a70f60 class="buttono-content" ><div class='buttono-logo__container'><a href='https://fundera.34rwxn.net/c/2213888/1088562/10988?subId1=' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='https://fundera.34rwxn.net/c/2213888/1088562/10988?subId1=' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text' style='color:#2d2d2d'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='https://fundera.34rwxn.net/c/2213888/1088562/10988?subId1=' target='_blank' style='background-color: #25b296; color: #ffffff ' class='buttono-link'  > Get Rate </a></div></div></div><a href='https://fundera.34rwxn.net/c/2213888/1088562/10988?subId1=' target='_blank'><img class='buttono-image' src=https://10bestbusinessloans.com/?p=26646></div></a></div></div>
<h3>Conclusion</h3>
<p>The COVID-19 pandemic was an extremely challenging period for my business owners in the US. The US government offered relief programs in response to the difficulties of the time. But there are also permanent loan programs available for small businesses that need funds due to other reasons.</p>


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<p>10bestbusinessloans.com is a free online platform designed to help users with the process of choosing the services or products that meets their needs by providing helpful reviews, articles and comparison based content. We receive compensation from the various brands we review, compare and rank on the website. 10bestbusinessloans.com is not a lender, broker or financial institute, nor a party to any engagement related to financial products or transaction. All rates, fees and offers&#8217; terms presented herein are provided by the third party brands we engage with, which may include lenders, brokers and aggregators. We do not make any decision regarding such rates, fees, terms and eligibility or approval of a financial offer.  The actual offer you will receive is subject to its provider&#8217;s sole discretion including credit score, minimum deposit, minimum balance, requested loan amount, loan term, etc. and there is no guarantee you will qualify for the rates, fees, or terms presented herein. The content herein is not, and shall not be taken as an endorsement, recommendation or solicitation to borrow or obtain any financial service. We encourage you to carefully review the actual offer&#8217;s terms you receive from the provider, including all associated fees and costs. Filing for bankruptcy shall not exempt from repayment obligations.</p>
<p>Annual Percentage Rate (“APR”) is the yearly cost of borrowing from a financial institution, represented as a percentage. The APR includes fees related to originating the loan, not just the interest payments (such late fees, closing fees and administrative fees). Repayment examples (<u>for illustrative purposes only</u>): a $20,000 loan at 6.00% APR with a term of 5 years would result in 60 monthly payments of $387 (Total repayable: $23,199)<span dir="RTL"> </span>and a $100,000 loan at 3.00% APR with a term of 4 years would result in 48 monthly payments of $2,213 (Total repayable: $106,245).</p>
<p>¹ All businesses are unique and are subject to approval and review.</p>


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