The SBA’s $349 billion Paycheck Protection Program, known as the PPP loan program for small business owners, has run out of money less than two weeks after it was launched.
According to the Small Business Administration, the agency approved 1.66 million loans from 4,975 lenders before the cash dried up on Thursday, April 16, 2020 – just 13 days after the PPP loan initiative began on April 3.
I’m happy for those who got funded, especially companies that will keep employees on the payroll.
But if you’re like me, you’re also disappointed that you didn’t get a piece of the pie. (And yes: I did apply for a PPP loan. My application is in limbo as of this writing).
Nonetheless, just because this particular much-needed source of funding hasn’t come through, that doesn’t mean other alternatives don’t exist.
So what are your options if you’re among the 30 million small business owners across America dealing with the financial fallout from the coronavirus crisis?
Realistically, most entrepreneurs will have some tough decisions to make.
For those who want to stay afloat during the COVID-19 emergency – and not close up shop forever, or even declare bankruptcy – your have at least 7 primary options to drum up money and keep offering your products or services.
Here’s what you can do if you need cash fast to support you or your business while the coronavirus disaster continues.