Just about every small business has been affected one way or another by COVID-19; fortunately, you can obtain business loans from Become to help your business return to success amidst the pandemic.
There are actions you can take now to make sure your small business is able to recover from this global pandemic, and also position itself to be in good shape should something like this ever happen again in the future.
The Top Choice
You should right away work on applying for a small business loan with Become. These small business loans can be just the ticket you need to weather the pandemic and position your business to be successful for years to come even after the pandemic. Become is here to help you succeed, and our team will help you with a loan.
There are specific business loans just for businesses that have been affected by COVID-19, and we can help you understand that application process and guide you through to successful completion.
Small Business Cash Advance
This might be tricky because it will likely come with a high-interest rate. If you already have a business account set up with a bank, you might be able to work with them to acquire a cash advance. Some banks are being lenient right now in the face of the global pandemic.
You should be able to get an unsecured cash advance, but you might have to back it up with your personal information. This could be a case where you end up liable personally.
Apply for government assistance
Every day there are new and different government aid packages coming available. This pandemic is not like anything seen in a long time, and the government is trying to help keep small businesses from folding completely.
You will want to have all your necessary paperwork ready to go: insurance info, federal tax ID number, and some IRS Forms that we can help you navigate. Your business also might be eligible for an emergency loan during the pandemic.
Employees and unemployment
If you furlough employees, they will be paid unemployment by the government. This allows you to worry about the expenses of your business, while also knowing that your employees are still receiving financial assistance. There is a lot of information available about your eligibility to collect unemployment during the pandemic.
Business line of credit
With this option, you can end up paying only interest on the funds you use. You can get access to money, but if you don’t spend it all, you will not be forced to pay interest on what you don’t use, making this a solid option in times like a global pandemic.
Talk to the experts
You are not alone. There are thousands of small businesses suffering because of COVID-19. Our team at Become is here to help, even if you just need an ear to talk through all of your options. We can do more than just help you apply for small business loans.
We offer question and answer sessions with experts, Frequently Asked Questions by others in the industry, and we have years of experience that you can rely on to help navigate difficult financial times for your business.