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PRESENTING: Now that $349 billion in federal relief ran out, here's how small businesses and startups can get emergency funding

Apr 18, 2020, 02:05 IST
Business Insider
Small businesses that missed out on government funding through the Paycheck Protection Plan may be eligible for payroll-tax deferment. Thomas Barwick/Getty

The US government passed a $2 trillion stimulus package to stabilize the American economy during the coronavirus crisis and $349 billion of that was earmarked for small businesses. But within two weeks of opening loan applications, the funding ran out.

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The plan provided loans for small businesses and allows for payroll-tax deferment. Several provisions aimed to help small businesses struggling to stay afloat and keep workers amid closures and social-distancing measures.

While they wait for Congress to discuss a fourth stimulus plan, entrepreneurs will have to turn to other sources for emergency aid.

Here are the options that could still help your business, and how to find out whether you're eligible.

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If you missed out on federal loans: The IRS will allow your business to defer taxes and get tax credits. An accountant explains how to know if you're eligible.

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Other types of funding available now: The 23 best sources of emergency funding for small businesses available right now if you've been denied a government loan

Local governments are also offering funding:The top 15 state and city funding programs to help business owners pay rent, keep employees, and restructure their debt.

Private companies are stepping up to help small businesses: 10 major companies including Amazon, Facebook, and Salesforce that are offering cash and resources to businesses impacted by the pandemic — and how to apply

How to know if you qualify for SBA loans: Use this guide to check if your company is a 'small business' so you can qualify for crucial funding ahead of a possible recession

What it's like to apply for loans and grants: 2 entrepreneurs gave us the exact applications they used to get government funding so they can pay rent and keep employees during coronavirus

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Which option is best for you: Small business owners can get either loans or payroll relief from the $2 trillion coronavirus stimulus bill, but not both. Here's how to decide which is better for you.

If you couldn't apply through traditional banks: PayPal and QuickBooks could deliver small business relief funds faster than applying through your bank

Use this plan to avoid getting stuck in the chaos: 6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action

Addressing the problems facing small businesses and their workers: Billionaire Mark Cuban told us his plan to save America's entrepreneurs now that the federal relief fund has run dry — and the biggest disasters the government must fix immediately

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