Getting an infusion of funding from another federal stimulus package could be one option — someday. Yet, rather than wait and see what happens with new federal help, experts say small-business owners in need of financial relief should take these steps now:"Talk to your bank to discuss financing options, restructuring or payment deferrals on existing loans," said Detra Miller, head of the women- and minority-owned business team at M&T Bank.
Continue to build relationships with lending institutions for access to credit, agreed Ken Alozie, managing director at Greenwood Capital Advisors. "Start with the bank that provided you with a PPP loan." Explore other lenders, too. While loan approval rates declined slightly from August to September, according to the2. Apply for an Economic Injury Disaster LoanEIDL loan from the Small Business Administration
, even if you received a PPP loan. Your business can apply for this kind of loan even if it already received a PPP loan. In order to qualify, your business must be unable to pay its normal operating expenses or to sell or produce its goods or services and must have fewer than 500 employees. Just be sure to read any loan contract carefully before signing it, experts say, and have a small-business attorney review it, if possible.
"Beware of third-party websites," said Alozie, who also volunteers with SCORE, a non-profit organization that has a large network of mentors for small-business owners. Stick with your municipality's official website.
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