The Small Business Administration (SBA) have the Economic Injury Disaster Loan program. In some cases the loan can be turned into a grant and not have to be repaid.
What you have to do first is apply for an SBA Economic Injury Disaster loan. There is a lot of paperwork involved. I know, but they say "No Pain, No Gain". You are sitting at home watching Netflix, so you might as well try to get a loan. The worst they can say is "No". Please feel free to contact me for assistance.
Step 1: Step by step to start the application process:
Go to www.sba.gov .
On the first page, find “Coronavirus Small Business Guidance & Loan Resources”
Select “Learn More”
Select “Economic Injury Disaster Loan Program”
Select “Click here to apply”
Select “Apply Online”
You do not submit the application online, but you will need to download the paperwork and you upload the completed documents.
Step 2: Convert it to a grant
It is called the “Paycheck Protection Program”
• The U.S. will forgive the debt used for the following items as long as businesses maintain the same number of employees it had before the coronavirus crisis and all employees receive at least 75% of their prior pay. For businesses that reduce their headcount or reduce wages more than 25%, the amount of the loan forgiven will be reduced in proportion to payroll cuts, but the companies can rehire employees in coming weeks without penalty. :
* Payroll costs,
* Mortgage interest,
* Rent,
* Utility payments
• The small business loans will be 2.5 times monthly payroll costs. The loans come with a rate of 4% or below, and the maximum loan amount is $10 million.
• The bill also allows franchise-like businesses in accommodations and food service to benefit from the loans even if they have multiple locations, so long as each location has fewer than 500 employees. It also provides for businesses that have applied for a disaster loan because of the virus to receive an advance grant of up to $10,000.
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