The PPP loan reached an end in May 2022. It had a limited lifetime, and while the coronavirus pandemic is not over yet and cases still float, the program has been ceased.
Business term loans are not new, but they make a solid alternative to the PPP. Basically, they can give you quick and easy access to money – pick the right lender, and you may have the funds in your account within a few days only.
A business credit card works like a regular credit card, only used for business purposes. Basically, you get some credit that you can spend if you need money. You no longer need to apply for the loan if you have the credit.
The merchant cash advice is a fairly good option. You get some money today but end up trading your upcoming profits. This option is more suitable for businesses with a poor credit history.
A business line of credit is a convenient option. You can get one even if you do not necessarily need it – basically, you have the opportunity to get a financial backup plan should any unexpected situations arise.
Invoice factoring is suitable for businesses whose income depends on invoices getting paid on time. Unfortunately, many companies fail to do it, so they usually take weeks or even months. This issue can easily affect the cash flow.