Due to the pandemic, countless businesses have been hit hard. Over the  past few months, the government and several institutions have been granting money to small businesses that have been affected by the virus. We’re going to list a few of the top small business grants for Covid-19 that are still available, and discuss how you can receive these grants. 

The EIDL Advance Program. Though it’s no longer available, the SBA gave out grants to businesses who experienced loss of revenue due to the Covid-19 pandemic. This grant program gave out $1,000-$10,000, depending on the number of employees you have. In addition to this grant, loans were also available at an interest rate of 3.75%. Though the grant is not available, loan applications are still being processed. 

The Paycheck Protection Program. The PPP is a loan program, but if you follow certain requirements, the loan can be fully forgivable. The PPP is designed to incentivize employers to keep their workers on the payroll. Forgiveness of the loan is based on maintaining or quickly rehiring your headcount of employees, while keeping salaries at normal levels. If you can’t maintain the same amount of employees or if the salaries decrease, the loan forgiveness will be denied. 

Staying in line with the requirements for the PPP and other grants isn’t the easiest thing. If you need help managing your payroll, contact Primary Payroll for help