As the burden of debt continue pilling up due to the damage that the coronavirus continues to leave behind, many businesses are operating at a loss. Some are even on the brink of insolvency. As such, most of these businesses are looking for ways to remain afloat even as the burden of fixed charges keeps weighing them down even after closure of operations. Most of those facing the most significant challenge are the small businesses.

President Donald Trump is working on a plan that will see Small Business Administration being used to help the federal government in its response to the impacts of the coronavirus. This, of course, is done in collaboration with Capitol Hill. The aim of these efforts is to cushion small businesses by providing them as much as $50 billion in loans that will see them remain afloat during the economic meltdown caused by COVID-19 pandemic. This action will not only help businesses but will also benefit employees of these enterprises amid imminent layoffs courtesy of the virtual shutdown due to the widespread pandemic in the entire country. The layoffs have led Washington into adopting strict measures, including one of the largest stimulus packages in history at the backdrop of the economic crisis that is leading the country into recession.

In the midst of the US version of the COVID-19 pandemic, the US government is offering loans to small businesses so they can pay their employees whether the business is in operation or closed down due to virus exposure concerns. The terms are extremely simple, requiring only the basic information about the business, number of employees, and average monthly payroll expense for 2019. View the information sheet below and follow the link if you want to apply. Applications for businesses open on Friday April 3 while contractors and freelancers can apply begining Friday April 10, 2020. The first paragraph is headed "Fully Forgiven" and seems like it may be the most interesting part of the offering.