What other loans are there besides PPP?
If you can’t secure a PPP loan in 2021, consider one of these alternative financing options:
- SBA 7(a) Loan.
- SBA Microloans.
- Business Term Loan.
- Business Line of Credit.
- Business Credit Card.
- Invoice Factoring.
- Merchant Cash Advance.
Can you go to jail for applying for PPP loan?
Depending on the size of the PPP loan, this can result in a $5,000,000 fine and up to 10 years in prison. 18 U.S.C. § 1343: Wire Fraud. This can result in fines and up to 20 years in prison.
Can you be denied for PPP loan?
While the majority of loans have been forgiven, some are still being denied by the SBA. Here are the top five reasons why your PPP loan forgiveness might have been denied: Your documents were incomplete. You weren’t eligible for the loan.
What is the EIDL loan?
The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. There are two types of COVID EIDL funding: COVID EIDL loan funds may be used for working capital and other normal operating expenses.
How much is a square capital small business loan?
Square Capital small business loans range from $300 to $250,000 and have no set term but a maximum of 18 months to repay in full. Factor rates range from approximately 1.10-1.16, which is pretty competitive for this type of financing. You can’t apply for a Square Capital loan, but you can check your Square seller dashboard for loan offers.
What can a small business loan be used for?
Loans guaranteed by the SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan.
How can I get free business financing without a loan?
Apply For Grants: As mentioned above, grants can be a source of free business financing when you’re not able to get a loan. Check out this resource on how to find grant opportunities: How To Find Federal, State, & Local Government Small Business Grants.
What kind of business loan can I get with no credit?
Best Types Of Business Loans With No Credit Check. 1 Term Loans. A term loan, also known as an installment loan, provides you with a specific amount of money that is paid back over a set timeframe 2 Short-Term Loans. 3 Lines Of Credit. 4 Equipment Financing. 5 Accounts Receivable Financing & Factoring.