7 Things You Need to Know About Small Business Loans Under the COVID-19 Relief Package
The COVID-19 outbreak has been battering the U.S. economy, forcing millions of Americans into unemployment already. And without relief, small businesses really stand to suffer. Many have already had to close their doors, and the longer the crisis drags on, the greater the risk of them never getting to reopen.
Thankfully, there is some relief in sight. In late March, a $2 trillion economic stimulus package was put into place. As part of that package, individuals whose earnings fall below a certain threshold are eligible for a one-time $1,200 payment, and unemployment benefits have been expanded to include boosts in weekly payments, extended weeks of benefits, and eligibility for freelancers and gig workers who would normally be excluded from filing.
There's relief on the horizon for small businesses, too. In fact, roughly $350 billion of the aforementioned package is earmarked for small business loans. But these aren't just any loans -- they're loans that could potentially be 100% forgivable. If you own a small business, here are a few things you need to know about the new loan program.
Source Fool.com
