Since the initial announcement about the corona virus spread within the United States, the small business community has been suffering. Consumer fears, power grabs by larger firms and statewide lockdowns have put small business a disadvantage. Small business Mississippi needs help in rebuilding.
Mississippi small business owners are hurting. Many have questions on relief funding, new regulations, impact of inflation and preparing for business credit. The Small Business Bigly radio show was launched in September 2021 for the purpose of helping Mississippi small business to navigate these turbulent times.
Upcoming show topics:
- Have Questions about the Covid-19 EIDL?
- Paycheck Protection Program Loan Forgiveness
- Government Backed Grants for Small Business
- Having a Cash Flow Management Strategy
Please check in each month for new tips, resources and discussions about the state of Mississippi small business.
About the Covid-19 EIDL
The Covid-19 EIDL is an accessible, easy to qualify for capital program. Thee aim is to help small businesses recover from the Covid-19 disaster’s economic impact.
Some of the features are as follows:
- Long-term Loan: 30 Year fixed Rate 3.75% (2-year loan payment deferment)
- Non-profits interest rate is 2.75%
- Use of Funds: Operating expenses (payroll, rent, utilities, etc.), business debt.
- Amounts: As of October 8, 2021, the SBA will begin approving loans greater than $500k (Up to $2 Million)
- Personal Guaranty: None until the loan amount exceeds $200,000
- Source: directly with the SBA. Use their Covid EIDL Portal.