If you are a small business who had to temporarily close due to the COVID-19 outbreak, you may be unsure of the financial options available to you. The Paycheck Protection Program (PPP) loans many businesses received were intended to help ease the financial burden of payroll and more, allowing them to function until states lifted stay-at-home orders and other safety restrictions. Given the confusion and difficulty of receiving a PPP loan, many business owners are left wondering what other measures they can take to make payroll, rehire employees and even pay themselves a salary. DM Payroll Solutions further explores this topic to introduce other options business owners can seek to find financial relief in these trying times.
Research Local Possibilities
States and cities across the country are doing their best to provide financial assistance to local businesses and the citizens who rely on them. The New Jersey Economic Development Authority (NJEDA), for example, is offering small businesses grants up to $5,000, zero-interest loans up to $100,000 as well as other forms of aid to help struggling communities. With millions of dollars’ worth of state and private money available to use, the NJEDA’s measures are intended to support local enterprises and complement federal initiatives.
Research local options by checking your governor’s and mayor’s websites as well as your state economic development agency’s resources to see what is available in your backyard. Other helpful resources come from the U.S. Chamber of Commerce, Main Street Alliance and Small Business Majority (amongst others) who are actively collecting other financial options for small businesses across the country.
Regional Banks
Local and regional banks in your area may also be providing financial support in the form of emergency financing. Other options also include expedited loan approval, payment deferments and more. Reach out to banks in your area or visit their websites to see if they are offering anything to help.
The EIDL Program
The SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) program was a popular option at the height of the pandemic, but it is now only taking applications for a select industry: agriculture. If your business is “engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries”, there is EIDL space available and we highly recommend preparing your financial information for a quick application.
Know Your Options
As you begin your journey through the uncharted territory of a post-COVID-19 era, making sense of the financial relief potentially available to you is key to paying your staff, rehiring employees and even paying yourself. If you have questions about managing your payroll during these uncertain times, contact DM Payroll Solutions today.
