Loans for small businesses affected by the coronavirus

We’ll continue updating this page with resources and information as new details emerge in the world’s response to COVID-19.

With canceled events, few customers and supply chain disruptions, small businesses across the country are taking a hit during the coronavirus outbreak. You might be able to find low- or no-cost financing to cover operating expenses from the government and some private lenders. You also might be able to qualify for a cash grant.

Where to find a loan during the coronavirus outbreak

Some lenders as well as federal, local and state governments have rallied to offer either low- or no-interest loans to small businesses affected by the coronavirus. These are the main types of loans available to businesses affected by the coronavirus.

• SBA Paycheck Protection Loans
• SBA disaster loans
• Main Street Loans
• SBA Express Bridge Loans
• Discounted business loans
• Local government loans
• State government loans

WATCH: How your business can survive the coronavirus

SBA Paycheck Protection Program loans

The deadline to apply for the Paycheck Protection Program was extended to August 8, 2020.

The SBA is offering up to $10 million to small businesses affected by the coronavirus to cover overhead costs and retain employees. Here’s how the PPP breaks down:

• Maximum loan amount: $10 million for 7(a) loans, $1 million for Express loans — based on payroll expenses
• Maximum interest rate: 1%
• Term: 2 years, with payments deferred for 6 months — though interest accrues during this time

Unlike other 7(a) and Express loans, you’re not required to pay any fees or provide collateral or a personal guarantee. You also don’t have to prove that you struggled to find funding elsewhere.

If your business keeps on employees at the same salary, it could have up to 100% of the loan balance forgiven.

This new program was launched as part of the March 2020 stimulus package, along with other programs for small businesses. It’s not only available to small businesses with less than 500 employees, but also sole proprietors, independent contractors and faith-based organizations.

The loan program also expanded eligibility to business owners with felony criminal histories in an announcement on June 8, 2020. The look-back period was reduced from five years to one year for business owners with non-financial felonies — opening up the program to more applicants.

You can find an SBA-approved community development financial institution (CDFI) or other lender to apply for a Paycheck Protection Program loan through by using the SBA’s Lender Match tool. Or check out our step-by-step guide to applying to the PPP for more help.

3 lenders share tips for applying for the PPP loan

Apply for a small business loan today

Lenders are no longer offering SBA PPP Loans, so instead we recommend applying for an SBA loan through an online lender.

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SBA disaster loans

The Small Business Administration (SBA) offers Economic Injury Disaster Loans (EIDLs) to businesses in all 50 states affected by the coronavirus, including nonprofits and sole proprietorships. It reopened the program to all types of businesses — not just agricultural — on June 15, 2020.

While the SBA originally said these loans would be available in amounts up to $2 million, The New York Times reports that an influx of applicants caused it to lower this to just $15,000 — plus an advance of up to $10,000 that doesn’t need to be repaid. Before the SBA pulled the brakes on the program, it had reduced advances to $1,000 per employee before the outbreak, up to $10,000.

Interest rates are still capped at 3.75% for small businesses and 2.75% for nonprofits. Terms run up to 30 years, depending on your ability to repay, and you have the option to defer repayments for one year. You can apply through the SBA Disaster Assistance website.

How SBA disaster loans work

Main Street Loans

The Federal Reserve has plans to launch a program for small and midsize businesses called the Main Street Lending Program. Funding runs from $1 million to $25 million for new loans — and up to $150 million if you add funds to an existing loan. Rates are variable and run from 2.5% to 4% over the secured overnight financing rate (SOFR). The loans come with a four-year term, as well as a year of deferment.

Currently, you need to have no more than 10,000 employees or an annual revenue $2.5 billion or under. But this program is still in the works, so details are likely to change. Generally, it’s a better deal for larger businesses that don’t qualify for an EIDL or PPP loan.

SBA Express Bridge Loans

If you need more than $10,000 to cover expenses now, you can apply for a disaster bridge loan in addition to your disaster loan. This program offers up to $25,000 in funding with less paperwork and a quicker turnaround, though the exact timing depends on the lender.

Lenders can charge up to 6.5% over the prime rate, or 9.75% as of April 3, 2020. The maximum term is seven years, but if you receive disaster loan funds, you can use it to pay off all or part of your bridge loan.

These loans are available through lenders that offer SBA Express loans.

Discounted business loans

Some lenders have started offering discounted loans to help small businesses combat the coronavirus. While these loans are still rare, more may be coming soon, especially in areas where the government subsidizes or backs these loans, like Washington State.

And, while many banks don’t offer disaster loans, most are offering assistance and resources to guide you through the application process.

9 ways to increase cash flow during the coronavirus outbreak

Local government loans

These cities have started offering loans for small businesses that have been hurt by the coronavirus. This list is growing fast — check with your local officials if you don’t see your city listed here.

Bexar County, TX

Applications have been temporarily closed, but you can fill out an interest form on LiftFund’s website.

Bexar County teamed up with LiftFund to offer interest-free disaster loans of up to $25,000 to small businesses. Terms are either 24 or 36 months, depending on how much you borrow. Payments are deferred for 120 days.

How do I apply?

You can apply by filling out an application on the LiftFund website.

Who qualifies?

Your business must meet the following criteria to qualify for this loan:

• Hasn’t received a Bexar County COVID-19 loan
• Business located in Bexar County, Texas
• At least 15% revenue loss since March 1, 2020
• Fewer than 10 full-time employees
• Annual gross revenue of $1 million or under
• In good standing with creditors for six months prior to outbreak
• Businesses that have closed plan to reopen in the same location
• Eligible type of business

You also need to verify the information in your application by connecting with your business’s bank account and presenting your business’s plan of action to rebuild after the outbreak.

Chicago, IL

Applications for the Chicago Small Business Resiliency Fund have closed.

The Chicago Small Business Resiliency Fund allows businesses to borrow up to $50,000. The APR is set at 1% for the first 18 months and will increase to 5.75% for the remaining loan term. At least 50% of the proceeds must go toward payroll, and borrowers are required to make maintain 50% or more of their workforce for at least six months.

How do I apply?

You can apply directly on the Chicago Small Business Resiliency Fund website.

Who qualifies?

To apply for the Chicago Small Business Resiliency Fund, your business will need to meet these requirements:

• 50 employees or less
• Annual revenue of $3 million or less
• Decrease in revenue of at least 25% due to the coronavirus
• Located in the City of Chicago
• At least one year in business

Corpus Christi, TX

Applications have been temporarily closed, but you can fill out an interest form on LiftFund’s website.

The City of Corpus Christi has launched a Disaster Relief Loan program in partnership with microlender LiftFund. Businesses can borrow up to $25,000 at 0% interest with terms from 24 to 36 months, depending on the size of the loan. Payments are deferred for 120 days.

How do I apply?

You can apply by filling out an application on the LiftFund website.

Who qualifies?

Your business must meet the following requirements to qualify for this loan program:

• At least 15% revenue loss since March 1, 2020
• No more than $1.5 million in annual gross revenue
• Business located in Corpus Christi, Texas
• Closed businesses plan on reopening in the same location
• In good standing with creditors for six months before outbreak

You’ll also need to verify your application by connecting with your bank account and presenting a plan of action to deal with the outbreak.

Denver, CO

Denver partnered with CEDS Finance to create the Denver Microlending Program, which offers business loans between $5,000 and $50,000 with terms up to five years.

How do I apply?

You can fill out the intake form on CEDS Finance’s website.

Who qualifies?

The Denver Microlending Program has two main requirements:

• Gross annual revenue of $1 million or less
• Certified by Denver’s Division of Small Business Opportunity (DSBO)

Los Angeles, CA

Los Angeles launched the City of LA Small Business Emergency Microloan Program to help small businesses deal with the COVID-19 outbreak. Businesses can borrow between $5,000 and $20,000.

There are two types of loans, depending on your business type:

• Microenterprises that are either low income or provide low-income jobs. These come with 0% interest with terms from six months to one year.
• Small businesses that offer low-income jobs. These come with interest rates from 3% to 5% and terms up to five years.

How do I apply?

You can apply online through the City of LA’s website. You’ll need to submit the following documents along with your application:

• Most recent business tax returns, if available
• Most recent personal tax returns
• Interim financial statement
• Personal financial statement
• Three months of bank statements

It also requires a personal guarantee from all owners with a 20% stake in the company or higher.

Who qualifies?

Small businesses and microbusinesses can qualify if they meet the following requirements:

• Located in the City of Los Angeles
• Los Angeles Business Tax Registration Certificate filed before March 1, 2020
• Explanation for any derogatory marks on credit report
• No debt write-offs in past 12 months
• Loan must help business retain jobs

If you or another owner have bad credit, you can bring on a cosigner to up your chances of approval.

New York City, NY

The New York Community Trust is offering nonprofits affected by the COVID-19 outbreak interest-free loans between $100,000 and $3 million. Repayment terms range from one to three years. It’s also offering financial coaching and cashflow planning to organizations that receive these loans.

How do I apply?

You can apply for the loan on the Nonprofit Finance Fund website.

Who qualifies?

You must meet these requirements to qualify:

• 501(c)(3) nonprofit organization
• Based in New York City
• Recipient of New York City or New York State government funding
• Annual operating budget under $20 million, excluding government contracts
• Robust programming and services for all New York City residents

Financial assistance for New York businesses affected by the coronavirus outbreak

Sacramento, CA

The City of Sacramento has temporarily paused its Small Business Economic Relief Loan Program due to a high volume of applications.

You can sign up to get notified when the program is available again on the Sacramento City website. You can get more information about relief available to your business by calling 916-808-7196.

If you had an application in, you should have received a response by April 16th. If you didn’t, reach out to the number listed above to ask about the status of your application.

San Francisco, CA

Applications for the San Francisco Hardship Emergency Loan Program have closed.

The San Francisco Hardship Emergency Loan Program (SF HELP) offers businesses based in the San Francisco area loans up to $50,000 with 0% interest. Repayments are flexible, and funds can be used as working capital or to fund equipment and inventory purchases.

How do I apply?

You can fill out the SF HELP inquiry form with information about your business to start the application process.

Who qualifies?

Businesses that meet these requirements may qualify for the SF HELP program:

• Located within San Francisco city limits
• For-profit business
• Annual revenue of $2,500,000 or less
• Valid San Francisco business license
• Business bank account
• Demonstrate 25% drop in revenue since January 1, 2020

South County, CA

The South County Economic Development Council (EDC) is offering $5,000 interest-free business loans to restaurants that are staying open during the outbreak. There are no repayments until April 1, 2021, when the full loan balance will be due. The South County EDC will only offer around 50 of these loans, so apply as soon as you can.

How do I apply?

You can download an application on the South County website. Once completed, email it along with copies of the following documents to SCEDC@SouthCountyEDC.com.

• Proof of San Diego residency, such as driver’s license
• W-9 IRS form
• Copy of current business license
• Document showing the owner has authority to sign a promissory note

Who qualifies?

Restaurants must meet the following criteria to qualify:

• Located in an eligible ZIP code
• Open for takeout or delivery and operating according to San Diego County guidelines
• Not part of a franchise or chain
• Owners can’t have a financial interest in more than three San Diego County restaurants
• Owners must live in San Diego County

State government loans

These states are offering programs specifically to combat the coronavirus. This list is changing rapidly — check with your state if you don’t see yours listed here.

• Arkansas

  Arkansas’s Department of Commerce launched a Quick Action Loan Program, which offers direct loans and government-backed funding to businesses that pledge to keep on employees. You can borrow up to $250,000 as a direct loan with a two-year term and the option to defer payments for up to six months.

  Or, Arkansas guarantees 80% of loans through a participating lender, up to $250,000. These come with terms up to five years with up to 90 days of deferment.

  How do I apply?

  Contact the Arkansas Department of Commerce to learn how to apply, or find a participating lender by calling 800-275-26727.

  Who qualifies?

  Both programs have slightly different requirements. You must meet the following requirements to be eligible for a direct loan:

  • Proof of revenue loss due to coronavirus outbreak
  • No other financing options, including SBA disaster loans
  • Meet other underwriting requirements outlined by the Arkansas Department of Commerce
  • Pledge to retain employees

  For the guaranteed loan, you have to meet the lender’s underwriting criteria and show that your business has been negatively affected by the coronavirus outbreak.

• California

  The California Infrastructure and Economic Development Bank (IBank) is guaranteeing 85% to 95% of loans through its Disaster Relief Loan Guarantee Program. The guarantees are for loans up to $50,000 and covers up to seven years of the loan’s term.

  Entrepreneurs can also apply for a Jump Start Loan, which offers loans between $500 and $10,000 with a five-year term, directly through IBank.

  How do I apply?

  You can submit an application to one of the participating financial development corporations listed on the IBank website.

  Who qualifies?

  At a minimum, you must own a small business with no more than 750 employees or run a nonprofit to qualify. Additional requirements vary by lender.

• Connecticut

  The Connecticut Department of Economic and Community Development (DECD) has temporarily stopped accepting applications as of March 27 — and it’s unclear if they will resume.

  The Connecticut Recovery Bridge Loan Program offers one-year interest-free loans. You can borrow up to three months of business expenses — up to $75,000. You can also ask for a six-month extension on the term if necessary. This loan requires a personal guarantee, so your credit score will be considered when you apply.

  How do I apply?

  You can talk to a DECD employee to learn about other options available by emailing DECD.COVID19@ct.gov or calling 860-500-2333.

  If the program resumes, you can submit your application along with the following documents to the DECD:

  • Cashflow projections for three months
  • Project financing plan and budget
  • 2019 profit and loss statement or income statement
  • Copy of business owner’s personal credit report
  • Personal financial statements for owners
  • Breakdown of ownership
  • Letter of good standing from the Department of Revenue Services (DRS)
  • Business structure documents
  • Description of economic impact of the coronavirus outbreak on your business

  Who qualifies?

  Your business must meet the following requirements to qualify for this loan:

  • 100 employees or fewer
  • In good standing with DRS and DECD
  • Profitable before March 10, 2020
  • Owner has no payments more than 60 days past due over the last six months
  • Not in the real estate, fire arms, multilevel marketing, cannabis or adult entertainment industry
  • Owner is not a state public employee or elected official

• Delaware

  Delaware launched a Hospitality Emergency Loan Program (HELP) to offer zero-interest loans of up to $10,000 per month. Loans come with a 10-year term, with the option to defer payments for up to nine months. You can use this loan for rent, utilities and other bills — but not payroll.

  How do I apply?

  You can apply by downloading an application on the Delaware government website. Send your completed application to business_finance@delaware.gov along with the following documents:

  • Billing statements for essential expenses that the loan will cover
  • Proof of payment over the past 12 months for essential expenses
  • 2019 financial statements
  • Copy of Delaware business license

  Who qualifies?

  Your business must meet the following requirements to qualify for a loan:

  • Eligible hospitality, personal care, entertainment, tourism or service industry
  • At least one year in business
  • Paid at least 80% of essential expenses on time over past year
  • Not past due on most current bill
  • Annual revenue of $2.5 million or less

• Illinois

  Applications for the Illinois Small Business Emergency Loan Fund are no longer being accepted. You can sign up to receive updates if applications open back up again.

  Businesses can borrow up to $50,000 with the Small Business Emergency Loan Fund. Interest rates are capped at 3% with a term of up to five years. However, funds can only be used for working capital — and at least 50% of loan proceeds must go toward payroll and related expenses.

  How do I apply?

  The application process depends on your business’s location. To get started, contact one of these approved lending partners:

  • North of I-74: Accion is working with businesses north of I-74. You can start your application on the Accion website.
  • South of I-74: Justine Petersen is working with businesses south of I-74. Reach out to Galen Gondolfi at GGondolfi@justinepetersen.org for more information on starting the application process.

  Who qualifies?

  Businesses must meet these requirements to qualify:

  • Annual revenue of $3 million or less
  • 25% decrease in revenue due to COVID-19
  • Located in Illinois
  • Valid Illinois business license

  In addition to these requirements, you must make a commitment to to hire or retain at least 50% of your workforce for six months.

• Indiana

  Applications for the Indiana Rapid Response Loan Fund have closed due to high demand and limited funding available.

  Indiana has created the Rapid Response Loan Fund to help businesses that need small loans of $1,000 to $25,000. Interest rates are set at 3.75%, and there is no minimum credit score.

  How do I apply?

  You can start the application process by completing the initial form.

  Who qualifies?

  Businesses must meet the same requirements as the SBA Economic Injury Disaster Loan to qualify.

• Maine

  Funding for the Main Business Direct Loan program ran out on April 2, 2020. You can still submit an application, but it’s unlikely you’ll receive funding at this time.

  Maine has enacted a Business Direct Loan program that offers up to $50,000 to businesses based in Maine that have been affected by COVID-19. Interest rates are set at the prime rate minus 1%, which is fixed when the loan is finalized. Businesses are required to provide collateral, and there is a 0.5% commitment fee alongside potential closing fees.

  How do I apply?

  You should submit a complete application package to business@FAMEmaine.com.

  Who qualifies?

  Businesses need to meet three criteria to qualify for this loan program:

  • Located in Maine
  • Demonstrate hardship due to COVID-19
  • Exhausted other sources of funding

• Maryland

  Applications for the Maryland COVID-19 Emergency Relief Loan are now closed.

  Maryland is offering COVID-19 Emergency Relief Loans to cover three months of operating expenses, up to $50,000. The loan comes with zero interest for the first year, followed by a 2% interest rate for the remaining three years. Businesses can also defer payments during the interest-free period.

  How do I apply?

  You can apply by filling out an application on the Maryland Department of Commerce website. Generally, it takes between one and two hours to complete. You need to provide the following documents along with your application:

  • Past two years of financial statements
  • Most recent interim financial statement
  • Estimate of lost revenue for next six months

  Who qualifies?

  You must meet the following requirements to qualify for this loan:

  • For-profit business
  • Fewer than 50 employees
  • 575+ personal credit score
  • Established before March 9, 2020

• Massachusetts

  We couldn’t find any information about whether the Massachusetts Small Business Recovery Loan Fund is still available, as of May 26, 2020. Reach out to the Massachusetts Growth Capital Corporation for more information.

  Massachusetts set aside $10 million for the Small Business Recovery Loan Fund to support businesses affected by COVID-19. Loans go up to $75,000 with interest rates fixed at 3% with no payments due for the first six months. After six months are up, your business has 30 more months to pay off the loan.

  It requires a personal guarantee from all business owners with a 20% stake in the company or more — and a lien on your business assets.

  How do I apply?

  You can apply for the Small Business Recovery Loan by downloading an application on the Massachusetts Growth Capital Corporation website — that’s the company administering the loan.

  Fill out the application and email it along with your 2018 personal and business tax returns, 2019 financial statements and year-to-date 2020 financial statements to mgcc@massgcc.com. Use the subject line: 2020 Small Business Recovery Loan Fund.

  Who qualifies?

  You and your business must meet the following requirements for this loan:

  • Massachusetts-based business or nonprofit
  • Under 50 full- or part-time employees
  • Personal credit score of 575 or higher — though there are exceptions
  • No adult entertainment, cannabis, real estate investment, multilevel marketing or firearms businesses
  • No personal or business tax liens, past-due tax liabilities or past bankruptcies
  • For-profit businesses must be profitable as of March 10, 2020
  • No payments more than 60 days past due in the past six months on your personal credit report

• Minnesota

  Because of the high demand for funding, Minnesota’s Department of Employment and Economic Development (DEED) is no longer offering emergency loans for small businesses. However, you can check the DEED website to see if additional loans have become available.

• New Mexico

  New Mexico launched the COVID-19 Business Loan Guarantee Program. It doesn’t offer loans directly, but partners with business lenders to back either $50,000 or 80% of the loan balance, whichever is lower.

  The idea is to make it less of a risk for banks to lend to businesses struggling due to the coronavirus outbreak. If your business defaults, the government will pay the guaranteed portion.

  There are no interest rate caps on these loans, so rates are ultimately up to the lender.

  How do I apply?

  Loans through the COVID-19 Business Loan Guarantee Program are only available through lenders approved by the New Mexico Economic Development Department (NMEDD). Generally, you’ll need to follow these steps:

  1. Reach out to a lender. Research lenders and ask if they’re willing to offer loans through the program. Consider asking your local bank or a lender your business already has a relationship with.
  2. Wait for the lender to apply. The lender can apply to offer funds through the program on the NMEDD website. If approved, the lender and NMEDD will sign a guarantee agreement.
  3. Receive your funds. After the guarantee is in place, the lender sends your business its funds.

  Who qualifies?

  Currently, there are no requirements outside of being a small business based in New Mexico. Lenders may have additional requirements, however.

• North Carolina

  The state of North Carolina developed the NC COVID-19 Rapid Recovery Loan program to help its small businesses. It offers loans up to $50,000 — or two months of current revenue — for businesses affected by the pandemic. Your business won’t pay interest or make any payments for the first six months. After, have a 5.5% interest rate for 48 months. Funds are available on a first-come, first served basis.

  How do I apply?

  Your business can apply by filling out the NC Rapid Recovery application on the Carolina Small Business Development Fund website.

  Who qualifies?

  Your business needs to meet the following criteria to qualify for this loan program:

  • Located in North Carolina
  • Affected by COVID-19
  • At least one employee, including a self-employed owner
  • In operation before March 23, 2020

• Utah

  The Small Business Bridge Loan Program provided $11 million in state funds to support Utah’s 501(c)(3) nonprofit organizations and small businesses. However, applications closed on April 16, 2020 at noon.

  If you submitted an application but haven’t received a response yet, contact the Small Business Bridge Loan Program by calling 801-538-8680 or emailing bridgeloan@utah.gov.

Additional SBA assistance

In addition to loans and grants, the SBA Debt Relief Program will cover the principal, interest and fee payments for six months on all new or current 7(a) loans — including Community Advantage loans — and non-SBA microloans. It’s also automatically deferring all payments on current disaster loans until December 31, 2020, so your business doesn’t need to apply.

The SBA is making resources more widely available by publishing essential information in the 10 most commonly spoken languages in the US, including Mandarin, Cantonese, Japanese and Korean.

Grants available to business owners affected by the coronavirus

Some local governments like San Francisco and companies like Amazon have started offering cash grants to businesses affected by the coronavirus. These tend to be smaller than loans and are limited to businesses in specific geographic areas.

You can find out if grants are available in your area by contacting your local business department and any corporations with headquarters where you operate.

Visit our page on business grants to find funding today

Banks offering coronavirus assistance to businesses

These banks are part of a growing list of lenders that are offering financial assistance to small businesses that have been affected by the coronavirus.

Other banks and lenders may be offering deferment and additional assistance on a case-by-case basis. Contact yours to find out what options are available, or read our page on financial assistance during the coronavirus outbreak.

9 ways to protect your business and employees during the outbreak

Keep your bottom line and employees safe by taking these precautions, as recommended by the Centers for Disease Control and Prevention (CDC):

• Ask employees to stay home. The CDC advises businesses to encourage sick employees to stay home. And allowing all employees to work from home if possible can help prevent spreading COVID-19, the disease caused by the coronavirus.
• Separate sick employees. If an employee shows up with a cough, shortness of breath or a fever, have them work in an area away from other employees, if not sent home right away.
• Invest in cleaning. Have your regular cleaning crew do a deep clean with disinfectant, making sure they wipe down frequently touched surfaces like door handles, desks and keyboards.
• Leave reminders on hygiene. Hang posters reminding employees of CDC-recommended practices, like frequently washing hands for 20 seconds, coughing and sneezing into tissues, and avoiding touching their faces.
• Bend company etiquette rules. Consider holding meetings via video calls instead of in person, encouraging employees to avoid handshakes and loosening up work-from-home policies if at all possible.
• Encourage direct deposit. Ask employees who receive paper pay checks or cash to sign up to have their salary electronically deposited into their bank accounts.
• Hold off on taxes. The IRS extended the 2019 tax deadline to July 15, 2020 to free up cash for small businesses and individuals.
• Learn how to raise money. Invest some time into learning how to crowdfund and fundraise efficiently by using a service like Founder Gym.
• Apply for financing now. Even if you’re not totally sure you’ll need it. You’ll have an easier time getting approved for financing before your business has been affected. Consider taking out a line of credit, which you can draw from as needed to cover expenses.

Bottom line

Look to your local, state and federal government if your business has already been hurt by the coronavirus and needs funds. Continue your search with our guide to business loans.

Frequently asked questions

• Do I have to pay my taxes on time if my business has been affected?

  No — the federal government updated the tax filing deadline to July 15, 2020.

• Can I get unemployment if I lose my job due to the coronavirus?

  Yes, the federal government expanded unemployment benefits to 39 weeks with the signing of the CARES Act. It’s also offering unemployed individuals $600 per week for up to four months, on top of the unemployment benefits offered by your state government.

• Can I qualify for these loans with bad credit?

  It depends on the program. New York City plans on considering business owners’ credit scores when you apply for grants and no-interest loans. But that might not factor into other programs.

Finder.com received a PPP loan in May 2020.