Learn
Learn
Close

They Ask, You Answer

A revolutionary approach to inbound sales, content marketing, and today’s digital consumer.

Learn MoreLearn More

Free Courses in IMPACT+

Dozens of sales, marketing, and content courses inside IMPACT+. Start learning now.

See all coursesSee all courses
Events
Events
Close
IMPACT+ Membership
IMPACT+ Membership
Close
Coaching & Implementation Services
Coaching & Implementation Services
Close

Services Overview

See how you can dramatically increase your inbound leads and sales.

Services Overview

Digital Sales and Marketing Mastery

Fast track your team’s success with IMPACT's most popular service.

Digital Sales and Marketing Mastery

Web Design

Launch a beautiful website that consistently generates leads and revenue.

Web Design

Virtual Sales Training

Equip your sales team with comprehensive training designed to help them close more deals in today's virtual-first world.

Virtual Sales Training

HubSpot Training & Implementation

Train your company to take ownership of HubSpot and get the most out of your investment.

HubSpot Training & Implementation

Case Studies

See dozens of examples of companies succeeding with Digital Sales and Marketing Mastery and They Ask, You Answer.

Case Studies
Become a Coach
Become a Coach
Close

Additional federal coronavirus (COVID-19) relief your business should know about

Additional federal coronavirus (COVID-19) relief your business should know about Blog Feature

John Becker

Revenue and Features Editor, Co-host of Content Lab, 15+ Years of Writing and Teaching Experience

April 10th, 2020 min read

The federal government’s Coronavirus Aid, Relief, and Economic Security Act (or CARES) seeks to shore up the US economy in the face of its unprecedented and abrupt shutdown.

The CARES Act allocates $2 trillion in federal aid, making it the largest relief legislation in history.

🔎 Related: View all of our related coronavirus coverage and resources

For a visual representation of where that money is going to go, check out this infographic from Visual Capitalist:

anatomy-of-covid-19-stimulus-package-3

As you can see, a full $377 billion will go to small businesses (officially designated as those with fewer than 500 employees). 

Much attention has been paid to the Paycheck Protection Plan, which at $350 billion, accounts for the lion’s share of the allotment. Despite how big that number sounds, lawmakers are already discussing diverting additional funds to help even more small businesses.

(for help with the PPP, check out our article explaining how and when you can apply)

However, in addition to the PPP, $27 billion more has been set aside to assist SMBs as well. Here's what you need to know about these other funds.

Debt relief for new and existing loans

Many SMBs get loans through lenders associated with the US Small Business Association (SBA). Now, the SBA is preparing to relieve some of the pressure for small business borrowers.

Automatically, the SBA will pay the principal, interest, and fees of existing 7(a), 504, and microloans for six months. At the time time, the SBA will pay principal, interest, and fees for new loans issued prior to September 27, 2020, according to the agency’s website

The SBA is also providing automatic (but optional) deferments to home and business disaster loans through December 31st. Although the loan amount will still need to be repaid, interest will not accrue during this time. 

If you have questions about your SBA loan, contact your lender or the SBA Disaster Loan Servicing Center directly.

SBA express bridge loans

If your business already has a banking relationship with an SBA lender, you may be eligible for an express bridge loan that will allow you to quickly access up to $25,000.

(Click here for a full list of SBA lenders)

An express loan is designed to offer near-immediate assistance to struggling businesses who are applying for other relief. 

Application information can be found here.

EIDL grants

In addition to the PPP, debt relief, and bridge loans, the SBA is also offering loan advance grants for up to $10,000 for quick cash flow. This will come by way of an Economic Injury Disaster Loan — and the loan advance will not need to be repaid.

EIDLs provide support for businesses suffering from a temporary loss of revenue due to the coronavirus pandemic. 

Businesses can apply on the SBA website portal (or with their SBA lender), and the advance should come quickly. According to the SBA website, “the Economic Injury Disaster Loan advance funds will be made available within days of a successful application.”

Looking ahead

As you evaluate these assistance programs for your business, remember two additional pieces of information:

  1. Be sure to check with your state. Your state government is likely to have an array of relief options available as well. Check your state government’s website to see what’s available.
  2. Assistance programs are not just for SMBs. In most cases, relief programs are not limited to traditional for-profit businesses. Private non-profits, cooperatives, independent contractors, veteran organizations, faith-based organizations, and self-employed workers can apply as well. 

In behooves all SMBs to talk with their lenders and financial professionals to know what assistance programs they might qualify for.

With vast, but limited, resources available, the early and well-informed applicant will be in the best position.

Want to learn more about digital sales and marketing?

Master digital sales and marketing when you join IMPACT+ for FREE. Gain instant access to exclusive courses and keynotes taught by Marcus Sheridan, Brian Halligan, Liz Moorehead, Ann Handley, David Cancel, Carina Duffy, Zach Basner, and more.

Sign up for free
Take a peek

Access hundreds of FREE courses and keynotes

Free Course
Digital Sales & Marketing Framework for Today’s Buyers
By: Marcus Sheridan
View Course Preview View Course Preview
Free Keynote
A New Way to Compete & Win
By: Brian Halligan
View Course Preview View Course Preview
Free Virtual Keynote
How To Genuinely Feel Confident, Be Likable, And Build Trust On Camera
By: Liz Moorehead
View Course Preview View Course Preview
Free Keynote
The Future of Marketing is Conversational​
By: David Cancel
View Course Preview View Course Preview
Free Deep Dive
HubSpot On a Budget: Getting Started with HubSpot Starter Hubs
By: Courtney Caldwell
View Course Preview View Course Preview
Free Course
Assignment Selling: Content is Your Greatest Sales Tool
By: Marcus Sheridan
View Course Preview View Course Preview
Free Keynote
The Big, Bold, Brave New World of Marketing​
By: Ann Handley
View Course Preview View Course Preview
Free Course
Investing in Incredible Digital Sales and Marketing Results
By: Chris Duprey
View Course Preview View Course Preview
Free Course
How To Show Your Content Makes Money With HubSpot Marketing and Sales Hubs
By: Liz Moorehead
View Course Preview View Course Preview
Free Virtual Keynote
The Visual Sale
By: Marcus Sheridan & Tyler Lessard
View Course Preview View Course Preview
Free Keynote
Marketing Tech: What’s Now, What’s Near and What’s Not Anytime Soon?​
By: Dharmesh Shah
View Course Preview View Course Preview
Free Course
Inbound Lead Generation & Conversion Optimization
By: Carina Duffy
View Course Preview View Course Preview
Free Virtual Keynote
Fundamentals of Videography: You Can Be a Great Videographer Too
By: Zach Basner
View Course Preview View Course Preview
Free Deep Dive
The Ultimate Customer Service Toolkit for Any Budget
By: Andriti Gulati
View Course Preview View Course Preview
Free Course
6 Topics Subject Matter Experts Need to Address
By: Kevin Phillips
View Course Preview View Course Preview
Free Keynote
Fanocracy: The Power of Making Business Personal​
By: David Meerman Scott
View Course Preview View Course Preview
Free Keynote
The Power of Pillar Content
By: Liz Moorehead
View Course Preview View Course Preview
Free Keynote
SEO for the Future
By: Franco Valentino
View Course Preview View Course Preview
Free Course
Fundamentals of Social Media Marketing
By: Stephanie Baiocchi
View Course Preview View Course Preview
Free Deep Dive
A Practical Guide To Video Graphics
By: Colton Trcic
View Course Preview View Course Preview
Free Session
How To Get Your Community To Know, Like, And Trust You With Video
By: Marki Lemons Rhyal
View Course Preview View Course Preview
Free Course
Video Sales and Marketing Strategy
By: Zach Basner
View Course Preview View Course Preview
Here Are Some Related Articles You May Find Interesting

Want to Contribute Content to impactplus.com? Click Here.

IMPACT+ Sign Up
A FREE online learning community with on-demand courses, hundreds of expert-led sessions, thousands of your peers ready to support you, and much more.
Check it out
Hundreds of courses and recorded keynotes, completely FREE
Check it out
Access hundreds of digital sales and marketing courses and recorded keynotes, completely FREE