Alternatives to PPP loans—if you weren’t eligible

The Paycheck Protection Program can be a lifeline for businesses that qualify, but it’s not the only program available for business owners struggling during the coronavirus pandemic.

Those who don’t meet PPP requirements may be eligible for grants and other financing, including state and local grants and other loan programs supported by the Small Business Administration.

The Small Business Administration has several lending programs available to struggling businesses. Loans backed by the SBA tend to have lower interest rates and more favorable terms than loans from private lenders, but borrowers still need to meet minimum credit standards and may need to put down collateral.

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