NEW LEGISLATION AND CONSOLIDATED APPROPRIATIONS ACT American Rescue Plan Legislation IRS Notice 2021-20 Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act PPP Second Draw Loans PPP First Draw Loans H.R. 133 Consolidated Appropriations Act Massachusetts Small Business Relief Package PPP-ERC-FFCRA Webinar Slideshow MA Attorney General […]
In 2022, small business owners continued to rely on online lenders as a source of financing. There are six main reasons for this: Small businesses are still hesitant to obtain financing from traditional lenders (such as banks) With online lenders, the process of application and approval is simplified for the borrower Increasingly, online lenders are […]
Construction accounted for $30.9 billion (3.4%) of Illinois’s $897.1 billion GDP. According to the U.S. Bureau of Labor Statistics, there were 706,000 construction firms in 2017, including 28,973 in Illinois. SBA EIDL Disaster Loans for Illinois Construction and Remodeling Companies As part of the SBA’s Economic Injury Disaster Loan (EIDL) program, businesses affected by a […]
You can consider it a security blanket for your business. If you require additional funds, your credit line will always be available. Plus, a LOC is flexible, which allows you to make business decisions with greater freedom. You can use a line of credit for almost any business need. You need to do that […]
The recent pandemic has disproportionately impacted small businesses. A number of local companies that had suffered financial losses faced slowdowns and even closures. With business slowly picking up in 2021, merchants are struggling to pick up where they left off while having next to no money set aside for the expenses of doing business on […]
How long does it take to apply for a loan from start to finish is by far the most frequently asked question I get. You’ll need 45 to 60 days. Each step is necessary to complete the process, so it takes as long as it needs to. Next, you’ve got to know how to do […]
The Small Business Administration typically takes a significant amount of time to approve your loan application. Nonetheless, many business owners attempt to obtain funding through the Small Business Administration. This is due to the fact that they are aware of the fact that it is one of the most affordable methods of obtaining capital for […]
SBA Guaranteed Loan A government program known as the Small Business Administration (SBA) is designed to encourage financial institutions to lend to small businesses that would otherwise be ineligible for funding. Many factors play a part in this, including insufficient business time, insufficient experience, insufficient personal liquidity, or insufficient credit history, among others. The Small […]
What is the procedure for obtaining a line of credit? Like a credit card, a line of credit is a flexible loan from your bank or financial institution. You can use a line of credit whenever you like, and you can pay it off immediately or over time. Borrowers must be approved by their bank […]
In 2021, the COVID Economic Injury Disaster Loan (EIDL) program will end. Business owners, non-profit organizations, and other eligible entities must apply by 10:59 pm CT that day in order to be considered. Highlights of COVID’s EIDL program Throughout COVID-19, the SBA made program enhancements to support businesses. The COVID EIDL lending cap has been raised […]
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