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How to Reopen Your Business Post-Corona Virus Lockdown

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How to Reopen Your Business Post-Corona Virus Lockdown

Small businesses all over the world have taken a great financial hit due to Coronavirus Lockdown. Especially in America, where small business is the backbone of the economy, it has suffered a lot. Over 500,000 businesses in America have shut down in the last two months, which cost unemployment for over 2 million people. But eventually, the conditions are getting better now. We are on the back curve of Corona Lockdown. There are multiple options to get PPP Loan to reopen their small business.

In the middle of June, the government will begin easing up the lockdown, and life will get back to normal after a few weeks. Now the question remains what about those small businesses which got closed during this lockdown? They need financial help to reopen.

Here in this list, we are going to discuss some ways through which you guys can get financial aid and help your small business to reopen.

1. Apply for PPP Loan

This is a new loan scheme by the US government to aid those small business owners whose businesses suffered in this Corona Pandemic. This PPP loan program has only a 1 % annual interest rate. Right now, this program is in the 2nd phase, where the US government is distributing over 319 billion dollars to those whose businesses suffered, especially in the COVID-19 lockdown.

2. SBA Disaster Loans

This is a type of loan by the SBA (Small business administration) to aid those small businesses which suffer from any natural disaster, including flood, earthquakes, and hurricanes. These SBA disaster loans are designed in such a way that they will not put any extra stress on borrowers to pay off.

3. Personal Term Loans for Business

Now when we talk about personal loans, two types of loans come to our mind. One is secured, and the other one is an unsecured personal loan. In the secured loan, we must put some collateral like real estate or other property to get the loan, but in unsecured loans, no need for collateral.

To reopen your business after lockdown, is another option that you can explore to fund your business. These loans usually have more annual interest rates than others, but you can get them faster than other loans.

4. MCA (Merchandise Cash Advance)

Usually, this type of loan is for when you are going to enhance your business. As the condition suggests, you need the funding immediately to reopen your business after lockdown. MCA is not a bad choice to explore to get some extra funding to support your business.  it will grow your business and sustain cash flows temporarily.

5. 0% Business Line of Credits

Finally, the business line of credits. This is a financing option that you use as your credit card. You apply for a certain amount of money as a loan, and the company creates an account under your name. Then you use the money you require, and your loan gets paid off every sale you make.

So, these are some options that you guys can explore to fund your business after this lockdown. This will provide you with initial aid to reopen your small business again after the coronal Virus lockdown.  To apply for all these options, you can go online at Bitx Funding.

Bitx Funding has a huge number of clients with positive reviews about their services. Here you will get all these funding options on a single platform.

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