Small businesses struggled to keep revenue high enough to justify their payroll costs. Big corporations had the flexibility to set their employees up for remote work and were able to adapt to an online-only business model. Governors were fearful for their constituents and enacted emergency regulations that shut down all non-essential businesses, severely curtailing the lives of consumers. In the final weeks of March 2020, after weeks of reports from China, Korea, and Italy, COVID-19 finally struck the United States in a big way. Read on to learn about your options for how to get the funding you need. There are other options for securing small business funding besides PPP loans. Unfortunately, PPP loans in 2022 aren’t happening –– eligibility for the program ended in May 2021 and there are no signs of it coming back. Many of the loans were completely forgiven, significantly reducing the impact of COVID-19 on small business owners. These loans were a lifeline to small businesses, allowing them to make payroll, pay their rent and utilities, and keep up with contributions to employee retirement plans. To mitigate some of the financial fallout, the federal government provided nearly $700 billion in loans through the Paycheck Protection Program (PPP). Throughout 20, COVID-19 ravaged small businesses, through both the negative health outcomes for customers or employees and restrictions placed on businesses operating during the pandemic.
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