With the coronavirus pandemic seemingly stabilizing, some people might be wondering if financial help is still available. Many financial resources were made available at the height of the pandemic. Not only were these made available to small businesses, but also to the public. Despite some improvements, some people might still be struggling financially because of the virus. Consider talking to a Chattanooga bankruptcy attorney if your finances are leading to bankruptcy in the state of Tennessee.
FINANCIAL HELP FOR SMALL BUSINESSES
Small businesses were affected all across the United States during the peak of the pandemic. Restaurants, stores, and other businesses were shut down for months at a time. Now that many small businesses are reopening, small business owners are just now finding some relief.
However, not all small businesses are fully recovering. Some small business owners may benefit from some of the small business coronavirus loans that are still available. Some of these loans, like the paycheck protection program, have already ended.
The economic injury disaster loan is still available up until December 31, 2021, for small businesses. This loan is designed for business owners who suffered enough losses from the pandemic that they need financial help to recover. Funds from this loan are used for business operation expenses.
Small businesses may also still be able to use the debt relief program that pays principal and interest for certain loans. These payments only cover six months for the following loans:
- 504 loans
- 7(a) loans
These loans must have been initiated before September 27, 2020, for those who wish to apply. This program was extended beyond six months by the CARES Act but eligibility may depend on different factors. Contact your loan lender to find out.
OTHER FINANCIAL HELP RELATED TO THE CORONAVIRUS
As a small business owner, you have personal expenses too. The extra funds you had to use to keep your business alive during the pandemic may have taken a toll on your personal finances. There are still some coronavirus financial resources for the general public.
Mortgage eviction relief is no longer available, but you may still qualify to postpone mortgage payments. This mortgage forbearance only applies to single-family homeowners.
Those in need of money for groceries might find help in applying for food stamps. With the pandemic, food stamps are more accessible and may offer additional funding for other needs. Internet bills have been discounted through the Emergency Broadband Benefit Program. Eligible people can have $50 taken off broadband bills.
Losing a loved one to the virus can be especially difficult. Not only emotionally, but also financially, especially if your loved one provided a portion of income. Fortunately, financial aid for funerals caused by COVID is available.
BANKRUPTCY ATTORNEY IN CHATTANOOGA, TN
Recovering from the financial aftermath of the pandemic can take time. You can call us today at Tom Bible Law by dialing (423) 690-7712 to speak with one of our lawyers about your financial options. Our legal team of Tennessee bankruptcy lawyers might be able to help you find a bankruptcy solution that fits best with you. You can find us located in the Tennessee cities of Chattanooga and Tullahoma.