What if you’re NOT eligible for an EIDL loan?By Nina Kaufman, Esq.
In addition to the Payroll Protection Program, the SBA extended its Economic Injury Disaster Loan program to cover businesses affected by the Coronavirus.
Millions of small business owners rushed to apply … before they knew all the details.
After a long wait – and lots of confusion – the SBA is now reaching out to business owners to complete their applications.
But it’s not easy money. Or free money. And acceptance isn’t guaranteed.
In this short video, I share 3 reasons solo and small firm owners might not be eligible to receive the funds:
- You’re too much of a business risk
- You can’t show you need the money because of COVID-19
- Your business activities aren’t covered
If you’re not eligible, what CAN you do? Don’t worry — you still have options.
(Government loans are just a Band-Aid® anyway, not a permanent solution.)
Instead, look at ways to conserve cash. Or increase revenue.
I have outlined those in my free download, The 5-Day Action Plan for Small Business Survival.
You’ll pare down to essentials and discover what’s truly necessary to run your business.
Stay strong. Stay healthy. Stay proactive.