online business loans

What Are My Loan Options Now That the PPP Loan Program has Ended?

As the PPP (Paycheck Protection Program) has come to an end, you aren’t the only one wondering what to do. Small businesses everywhere are beginning to wonder if this will be the end for them. 

The program was launched in 2020 to help businesses through the economic onslaught caused by the Covid-19 pandemic. Despite a few other options being available for small business owners, the overall outlook is grim. Some options don’t work in your favor, and others are extremely limited.

Fortunately, there are still a few loan options like online business loans that you can turn to.

Government Loans

There are still other government funds and loan programs that you can look into. One of the first places you should check is the SBA. 

Although the SBA is becoming more stringent, there are still a few programs that your small business could be eligible for. The sooner you find them and apply, the better off you’ll be. 

One available option is the Economic Injury Disaster Loan program. Offering up to $150,000 in aid and up to $10,000 in emergency funds, it could be a viable option. Take note, though, that the program has faced several delays and rules changes, making it difficult for applicants.

Another government program available to small businesses is the 7(a) Program. Its main use is working capital and business debt refinancing. You can even take advantage of the 504 loan program on commercial real estate and heavy equipment purchases.

For businesses in search of a more significant loan, the Federal Reserve has a program known as the Main Street Landing Program. With a minimum loan of $250,000, it’s aimed more for small to mid-sized businesses.

There are also NIH grants offered to small businesses focused on developing and researching biomedical technology related to Covid-19.

Other Loan Options

Despite the large percentage of small businesses that expect to need additional financial support, most lending facilities have tightened their credit or focused on other programs like the PPP. 

Businesses that know they’ll need larger funds in the next 12 months can consider talking to their banks. From here, you can either take out a loan or get a line of credit. As a line of credit is more flexible, it’s recommended that small businesses choose this option over a loan.

It’s important that you remain wary about accruing more debt. Businesses that have been struggling for a while or even before the pandemic should be especially careful. 

For interested businesses, revenue-based financing is another available option. In this case, the bank will provide the money upfront so that your business can provide a specific product, be it a service or a good. When your business takes back off, you’ll pay the bank.

While revenue-based financing can be good for some businesses, it can be difficult if your business doesn’t rebound successfully. 

The last loan option you should consider is going through a credit card company. As the loan interest is often high and you can’t guarantee when you’ll be able to pay it back, this is not the best option. It can lead to higher payments and higher debt quite quickly. 

Online Business Loans

Online business loans tend to give small businesses quick access to cash flow issues, inventory, or other business-related expenses. Most online business loans offered by are based on your revenue, and you only require 3 bank statements for verification. You can expect minimal paperwork as compared to traditional loans that require a lot more paperwork and longer processing times.


While the end of the PPP loan program is devastating for many small businesses, it doesn’t have to mean the end. There are other options, even if they are less favorable or more limited. No matter what loan you end up applying for, it’s essential to keep track of the debt you take out for your business. 

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