COVID-19 Loan 2021 for Small Business Owners with Maximum Benefit

COVID-19 Loan 2021 for Small Business Owners with Maximum Benefit

– COVID-19 Loan 2021 for Small Business Owners –

COVID-19 loan 2021 for small business owners is right here for you! How are you running your small business? Have you been able to expand it to meet up with your imagination? Yes, I understand it could be very difficult if not for any other reason but because of the COVID-19 pandemic that has found a way into crawling a fast-growing business. This is a great opportunity you wouldn’t love to miss!

COVID-19 Loan 2021 for Small Business Owners

What is a COVID-19 Loan?

The COVID-19 loan is a relief Business Direct Loan Program that provides Direct Loans of $10,000 to $50,000 with special terms available to Maine-based businesses experiencing stoppage or hardship because of COVID-19.

These special terms are obtainable only on applications submitted via the Direct Loan Program on or after March 20, 2020, which is still going on. Qualified borrowers with complete applications will have their applications reviewed and approved in an expedited manner.

If your business has been jammed by COVID-19 resulting in a reduction of 15 percent or more in turnover or profit, and you are incapable to secure finance from banks and commercial lending benefactors, the COVID-19 loan for small business owners may be an option to help your business.

We can use loans for working capital or changes that are needed by the business to manage COVID-19.

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COVID-19 Loan 2021 for Small Business Owners

As expansions continue to unfold in response to the blowout of COVID-19, well-to-do individuals, government and organisations know many small businesses have questions about consequences in the workplace and cash options to help bolster their businesses during this hard time.

These well-to-do individuals, government, as well as organisations, are compiling pertinent tips and resources and information on new funding prospects and policy developments that we are sharing on our website and online presentations.

Expect more daily updates about COVID-19 Loan 2021 for Small Business Owners to this page with valuable information about the ways small businesses can prepare for the effect of COVID-19 on their business and community.

Now let’s check out these COVID-19 loan 2021 for small business owners!

1. Microfinance Ireland COVID-19 Business Loan

Microfinance Ireland COVID-19 Business Loan

Zero reimbursements for the first six months and the equivalent of twelve months of an interest-free subject to certain terms and conditions

The COVID-19 Business Loan from Microfinance Ireland is strictly a government initiative for backing small businesses through the present challenges and protect job creation and sustainment in Ireland.

Basic Product Features:

• Business Loans from €5,000 to €25,000

• First 6 months–0% interest and zero repayments

• Repayments will begin in month 7 for the remaining period of your loan.

• Government rebate for the interest paid in the following 6 months (months 7-12 of your loan)

• Interest rate after the first 6 months will be: a reduced interest rate of 4.5% APR if submitted through the Local Enterprise Office Network (or other referral partners) or 5.5% APR if you apply directly

• Loan terms are typically up to 3 years

• No fees or charges

• Fixed repayments with no penalty for early repayment

Loan Eligibility:

• Any business (Solitary Trader, Corporation or Limited Company) with less than ten employees and a yearly turnover of up to €2m and was trading preceding to the coronavirus pandemic in Ireland

• Inability to secure finance from the Bank or commercial lending provider

• The business has been jammed by COVID-19, resulting in a 15 percent or more discount in turnover or profit.

For more information on the application document, click HERE

2. Finance Authority of MAINE – FAME Direct Loan

COVID-19 Relief Business Direct Loan Program offers FAME Direct Loans summing to $50,000 with exceptional terms available to Maine-based businesses facing interruption or hardship because of COVID-19.

These exceptional terms are obtainable only on applications submitted via the FAME Direct Loan Program. Suitable borrowers with comprehensive applications will have their applications reviewed and accepted in an expedited manner.

Loan Eligibility:

• A Maine-based business-facing interruption or hardship because of COVID-19.

• Prove that other sources of capital have been exhausted.

FAME Direct Loan Application:

They appreciate your patience during this demanding time. As you can imagine, they have received many applications before now. To help make your application process as rapid as possible, please complete your application in its entirety and submit all vital backup materials.

They cannot process partial applications. See the last page of the application (page 5) for a list of all mandatory materials.

Submit a complete, signed application package by email to [email protected].

A complete application package must comprise:

• COVID-19 Relief Business Direct Loan application

• Complete Employment Plan – for bosses with ten or more staffs

• A Personal Financial Statement is necessary

• Report of how COVID-19 has affected your funds and business operations

For more information on the application document, click HERE

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3. COVID-19 Economic Injury Disaster Loan (EIDL)

This is a Federal small business loan program that will support small businesses’ recovery from the COVID-19 disaster’s economic effects by providing reachable and borrower-friendly capital.

EIDL Loan Eligibility:

For you to get a loan via COVID EIDL, as a small business owner, you must meet the eligibility requirements outlined in Section 2 of the FAQS on the website.

Below are the credit score requirements:

• $500,000 or under: 570

• greater than $500,000: 625

Your Small businesses must qualify for a certain loan amount by finishing the economic injury formula, which considers two years’ worth of income and the cost of goods sold to produce a qualified loan amount.

EIDL Application Process:

For any stage of application, carefully review the below backup documents to navigate the entire application process:

• FAQ Regarding COVID-19 EIDL

• Intake Application Form Checklist

• Intake Form Example

• Portal Walk-Through Checklist

NEW LOAN:

If your small business is a first-time COVID EIDL applicant, kindly complete the following steps to apply:

1. First, confirm eligibility (review Frequently Asked Questions and below Loan Eligibility section)

2. Complete the Intake Form

3. Sign up to generate portal username through SBA email invite

4. Also, complete portal steps and submit necessary documents

5. Make sure you respond to SBA requests for signature, confirmation, and documents

The typical SBA decision timeline for $500,000 or under is many weeks.

INCREASED LOAN:

If your small business has already got a loan through COVID EIDL before, you can complete the following steps to apply for a loan increment:

1. Check for eligibility (review FAQs and below Loan Eligibility segment)

2. Log onto Account on SBA Portal (do not apply for another loan) to submit a loan modification

3. Complete portal steps and submit all relevant documents

4. Respond to SBA requests for signature, confirmation, and documents

The average SBA decision timeline for $500,000 or under loans is some weeks.

Loan Greater than $500K to $2 Million

For loans bigger than $500,000, applications will not be accepted until after the exclusivity period ends on the 8th of October 2021, but they can be submitted before then.

You can choose to apply for $500,000 or under directly and then for over $500,000 funds after the exclusivity period ends, or they can choose to apply directly for all desired funds above $500,000 and have their application wait for approval starting the 8th of October 2021.

The normal SBA decision timeline for more than $500,000 loans is one and a half months.

For more information on the application document, click HERE

4. Equity Match Grant Program

COVID-19 Business Loan

Rising a new business can be very challenging, which is why the Equity Match Grant Program is offering a whopping grant of up to $10,000 to women-owned businesses in Connecticut.

Applications must comprise detailed projects giving detailed explanations of how businesses would use the grant to grow, expand and increase effectiveness. This highly competitive grant kicked open on September 7, 2021. The organisation’s webpage recommends preparing applications early.

Equity Match Grant Program Eligibility:

• Must be 51 percent or more female-owned (COVID-19 Loan 2021 for Small Business Owners)

• Your business has been established for at least 2 years before September 28th, 2021 (your business must have been recognised by September 28th, 2019) with an excellent record of sales

• Your business must be headquartered in CT USA, recorded in the state of CT and owned by a CT denizen

• Your business is in very good standing with the CT Department of Revenue Services (DRS) and the Internal Revenue Service (IRS)

• Your business must have an established, valid business checking account

• Your business must use a proper, digital bookkeeping/financial system such as QuickBooks Online

• Your business must have a record of annual sales/income in the last 12 months greater than $25,000

• Your business is a for-profit business. Even as a non-profit that derives 75 percent or more of the organisation’s income from a social enterprise, you are eligible to apply.

• Your business must be owned by a woman at least 18-years old

Also, the following businesses are not eligible to apply for Equity Match Grant.

a. Any form of childcare business is not qualified for the Equity Match Grant. Should your business be in the childcare industry, WBDC has supplementary programs for childcare businesses. They encourage you to reach out to them at [email protected] or (203) 751-9550 x129 to learn more.

b. If you or your business have before now received a grant from WBDC in the last 2 years, you are not qualified.

c. Medical marijuana; liquor stores and alcohol distributors; adult businesses such as strip clubs; vape retailers; tobacco shops and smoking lounges; businesses having to do with any form of gambling; gun stores and ranges; cash advance, check cashing, or pawn shops; bail bonds;, collection agencies or services; and auction or bankruptcy or fire or “lost-our-lease” or “going-out-of-business” or similar sale.

EMGP will only receive applications through the online submission portal between September 7th and September 28th. Emailed applications will not be acknowledged.

This is a competitive procedure, and WBDC cannot fund all strong applicants.

For more information on the application document, click HERE

5. KKR Small Business Builders

COVID-19 Loan 2021

For over forty years, KKR has struggled to build better companies and better futures for their investors. At their core, building better is what they aim to do.

They believe in the power of business to drive robust economies, offer local jobs, and support booming communities. All big businesses were on one occasion small businesses, and while KKR’s day-to-day concentration is investing in and growing large companies, they recognise the serious significance of small businesses.

They are so important. And right now, owing to the effects of COVID-19, many of them are in total crisis.

In response, KKR is pleased to unveil the KKR Small Business Builders fund. KKR Small Business Builders will offer recovery grants to local companies in communities all over the world.

They believe that now is the time to make investments in their neighbourhoods and neighbours in a new way. They believe that, together, they can be builders.

KKR tossed its Small Business Builders fund in company with Hello Alice to offer COVID-19 recovery grants of up to $10,000 to small businesses.

In addition to said capital, grantees also gain strong access to technical know-how, mentoring and coaching openings from KKR, as well as Hello Alice’s network of properties and online community.

Eligibility and Focus on Impact:

KKR Small Business Builders has focused on companies that are turning their businesses in response to the pandemic; are operated by factually underrepresented groups (HUGs); and/or are offering significant community services.

For you to be eligible:

• Your business must have between 5 and 50 employees

• Less than $7 million in annual revenue

• Demonstrated need for support

• A strong plan for moving forward

• Must be in good standing with the IRS or their local regulatory body.

For more eligibility information, please visit the application page.

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COVID-19 Loan 2021 for Small Business Owners

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6. Walmart Local Community Grants

Through Walmart small business grant, local organisations can receive money from Walmart and Sam’s Club facilities. Grants range from $250 to $5,000. The deadline to apply for this small business grant is December 31, 2021.

Grant Guidelines:

• This Local Community grants range from a least of $250 to a maximum of $5,000.

• Qualified nonprofit organisations must run on the local level (or be a partner/chapter of a larger organisation that runs locally) and directly profit the service area of the facility from which they are requesting money.

• This 2021 grant cycle started on Feb. 1, 2021, and the application deadline is Dec. 31, 2021.

• Applications can be submitted throughout this funding cycle. Also note that applications will only remain active in their system for 90 days, and at the end of this period, they will be mechanically excluded.

• Organizations can only submit a total number of 25 applications and/or get up to 25 grants inside the 2021 grant cycle.

• All organisations applying for a Local Community grant must be Cyber-grants FrontDoor verified before applying.

Eligibility Checklist:

To register your organisation, you must meet one of the following criteria:

• Any organisation holding an existing tax-exempt status as a public charity under Section 501(c)(3), or (19) of the Internal Revenue Code, listed on the IRS Master File and conducting activities inside the United States (excluding nationally funded organisations, such as American Cancer Society, American Diabetes Association, American Heart Association, Children’s Miracle Network and United Way) and CyberGrants FrontDoor verified.

• A known government entity: state, county or city agency, as well as law enforcement or fire departments, that are demanding funds completely for public purposes and CyberGrants FrontDoor verified.

• A K-12 public or not-for-profit private school, charter school, community/junior college, state/private college or university; or a church or additional faith-based organisation with a projected project that benefits the community at large, such as food pantries, soup kitchens and clothing closets as well as CyberGrants FrontDoor verified.

• Non-charities, comprising organisations recognised as 501(c)(4)s, like homeowner’s associations, civic leagues, or volunteer fire companies, are excepted

Walmart Small Business Grant Selection Process:

• Management at the facility to which you are applying will review the application and make initial funding recommendations on all submitted requests.

• Each facility manager may set the frequency and process in which application determinations are made.

• The facility manager and the grant administrator reserve the right to adjust the amount awarded to each organisation without prior notice.

• Organizations will be notified of any decision via e-mail. All funding decisions are final.

• If an organisation is approved, grant checks will be mailed directly to the recipient’s address listed in the Cybergrant’s FrontDoor profile for the organisation. Please allow four to six weeks for delivery.

• In the event of being awarded a grant, organisations should contact the local facility from which funds were awarded to schedule a formal recognition event.

7. Amber Grant Foundation

COVID-19 Loan

With a modest goal of supporting women entrepreneurs, the Amber Grant Foundation was started by WomensNet in the year 1998. This foundation awards a $10,000 grant every month and an additional $25,000 grant every December to women entrepreneurs with a convincing story.

How to Apply for the Amber Grant?

Applying is very simple. Just take a few minutes to tell them about yourself and your business dream. No long, difficult forms to fill out. They will announce the grant winners by the 22nd of the following month.

What Matters is you!

No business vision is too big or too small. Their past Amber Grant receivers have included everything from scientific inventors to bakers. What matters about this is YOU – the woman (or women) behind the proposed business.

For more information on how to apply, click HERE

8. The Barstool Fund

Another notable COVID-19 relief grant comes from The Barstool Fund (supported by Barstool Sports). The fund has an enduring crowdfunding movement to raise funds for qualified businesses that apply. There is no traditional grant amount, but a recent business received $9,000.

Barstool Sports has so far created the Barstool Fund to support the 30-Day Fund to aid small businesses last. If you’d like to get financial help, apply HERE.

Still on COVID-19 Loan 2021 for Small Business Owners

Exclusive Tips for Grant Management

It wasn’t just about COVID-19 Loan 2021 for Small Business Owners, for Grantmakers, grant management includes the processes and administrative work that happen all over the grant life-cycle. This comprises setting up the grant, studying applications, selecting well-meaning recipients, distributing grant funds, and guaranteeing those funds are put to good use.

1. Building Effective Trust

In every aspect of grant management, problems can be evaded with clear and steady communications with grants officers. Put all in writing!

2. Spot project start and end dates for expenditure

Do not make payments or enter pledges before the agreed contract start date. All proof of purchase must be dated between the official start and end dates.

It is very OK to spend right up to the end of the agreement date as long as the invoice is dated before the end of the project as the expenditures can be accrued. This is one useful technique to avoid large under-spends.

3. Try to meet project targets within budget

Make sure the doings covered in the project proposal match the doings carried out and the amount of money spent. It is no good to put 10 workshops in the proposal, then only carrying out 5 and the cost is the same as ten.

Tell recipients and project officers about who the donor is and what their conditions and limits are. Hold regular meetings with other staff (e.g., project and administrative staff) to deliberate the donor’s conditions, and to review progress likened to the project plans agreed with the donor.

4. Dodge underspending

This is as much, if not more, of a problem for a giver as over-spending is. Givers have targets to meet too and they do not want the hassle of funds being returned to them. If you don’t use up all of their allocations, the contributors may then lose this money from their next year’s distribution.

5. Monitor donor-by-donor expenditure

In multiple-donor sponsored projects, monitor the individual spending allocated to each donor to make sure you do not under-or over-spend for each donor. The total spending might show you are on target total but conceal the donor-by-donor position.

6. Spend Capital expenditure finances early

Equipment should be consumed in the first part of the programme. Donors rarely allow this to take place in the closing months or to be the subject of a no-cost allowance.

7. Make time to prepare supporter reports

Putting a financial report together constantly takes longer than you think! This is true if you need to ask questions from busy programmes and project managers.

Late reporting from the field and poor follows up at the head office to chase reporting frequently leads to under-or over-spending going unobserved for far too long. It is then too late to correct.

8. All reports must be comprehensive and precise

Report all expenditures in the correct period. For instance:

  1. Do not let working advances remain unreconciled for longer than necessary.
  2. Do not change the previously reported budget or actual figures.
  3. If a formerly reported figure is incorrect, do not change the figures. It is better to change the current figures–and use notes to clarify what you have done.

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9. Keep pure agreement files and budget notes

Set dates and notes on all papers connecting to the grant. It will then always be clear to whoever manages the project operation (often two years after the early proposal) which is the newest version of the contract and the last budget, and what the donor has requested and decided changes.

10. Donors dislike amazements

If you can’t meet reporting deadlines or achieve other conditions, warn the giver as soon as possible; do not ignore it. You may negotiate on improbable terms and conditions.

For instance, reporting deadlines may not be true because a lot of spending takes place in remote areas of the field, where there is no internet access, so reports have to be physically sent when field staff return to base. It is better to clarify this to donors in advance, and they will often respond favourably.

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