Need Money for Your Business?
Business, COVID-19

Okay, so how do you get money to invest in your business (or just keep it running in the current climate)? Right now, the federal government is making money available for businesses affected by COVID-19 in the short- and long-term, but there are other even more valuable sources, too.


EIDL and $10K Grants If you have an existing business that has lost money because of COVID-19, apply for the “Economic Injury Disaster Loans (“EIDL”)” and the “Emergency Economic Advance” to get access to a $10,000 grant pretty quickly.

To access the $10K advance, you’ll first need to apply for an EIDL and request the advance in the process. You won’t have to repay the advance under any circumstance, and you can use it for any business purpose, including paying for employee sick leave, business obligations, and debts, paying for increased production costs caused by current supply chain disruptions. Click here to access the direct link to apply for the EIDL and get the $10,000 advance.

Personal and Business Credit Options: This may be difficult for those of us who’ve always paid our bills on time and hate asking for help. But this is a good time to think about protecting your credit score by asking for credit limit increases on your personal credit cards. If your business has already established great credit, think about whether it makes sense to apply for business credit lines to leverage without impacting your personal credit score.


Your Own Goods And Services:  Providing desirable goods and services to customers who want to pay for them is the best source of long-term money you can possibly have. If you use this time to focus on educating your community, teaching them what they can do themselves and when they need to contact you for help,  you’ll set yourself apart as a go-to business and have the opportunity to pour your heart into the people who need the help your company provides.

Use PPP Money to Invest in Your Team: If you have an existing business that has been affected by COVID-19, you may need a loan to assist you with paying your employees and certain operating expenses.  If that describes you, now is the time to apply for the Paycheck Protection Program (“PPP”) loans. The principal of the PPP loans is forgivable, so long as you use the funds ONLY to cover your payroll costs, commercial rent or mortgage interest, and commercial utilities (including things like the software and subscriptions you use to run your company). We think your best chance for accessing the PPP funds is to apply through the financial institution you currently bank with.  If your bank is not yet ready to accept applications, you can at least understand the documentation you’ll need to gather and the among of money you may qualify for by reviewing the U.S. Small Business Association (“SBA”) sample PPP application, accessible via this link.


As of this writing, the current SBA guidance states that you can apply for the $10,000 EIDL grant AND receive a PPP loan, but your PPP loan amount may be decreased by $10,000 if you receive the grant. Additionally, you CANNOT use EIDL loan funds to pay for the same things as funds you get from the PPP. We think the best move to ensure you meet this requirement is to open separate bank accounts for any money your business acquires through these programs. By doing this you’ll easily be able to provide proof that you used the funds for the right purposes. Otherwise, you’ll be stuck with a 10-year loan with no plan to pay it back.

If you need more information about whether your business qualifies for COVID-19 relief funds and how to apply for them, Thrive Law is offering complimentary consultations to walk you through your options. If you need assistance with other COVID-19 related business and employment matters during this time, we’re deeply discounting our rates to ensure you can access the legal assistance you need right now, regardless of the size of your business. Know that we are in the same boat, rowing in the same direction so that we all make it to the other side of this crisis with the ability to thrive. Contact us at (727) 300-1990 or email us at to schedule a time to get help.