The pandemic has wreaked havoc on thousands of businesses. Including restaurants, personal care services, and the hospitality industries were all devastated by it. To alleviate the harmful economic impact of the pandemic U.S Congress passed the COIVD-19 Economic Relief Act.
After an eight-month, stop-and-start test of endurance, Congress passed a $900 billion COVID-relief and 1. 4 trillion dollar government spending package that gives critical pandemic aid to Americans, while securing federal agency operations through September 2021.
The broad measure, signed into law on Dec. 27, will provide an additional round of direct payments, enhanced unemployment benefits, education funding, and aid to sectors still reeling from the economic fallout of the pandemic.
To help businesses weather the economic storm resulting from the pandemic there are three noteworthy government-backed loan programs. FICO Credit specialist and author of a book titled “Credit Is King” Will Roundtree discusses how to qualify for an SBA, EIDL PPP Loan. Mr. Roundtree provides important insight on Small Business Administration loans known as the Economic Injury Disaster Loan or EIDL as well as the Paycheck Protection Program or PPP. At the conclusion of his discussion, you’ll know the purpose of these different loans, how to qualify for them, how to use them, and why you should apply for them quickly.