COVID Relief Loans for Small Businesses: What You Need to Know

When COVID-19 hit, small businesses were among the hardest hit—facing supply chain disruptions, mandatory closures, reduced customer demand, and mounting financial strain. In response, a wave of relief programs emerged to help entrepreneurs stay afloat during the crisis. From federal funding to local grants and private lending support, COVID relief loans became a vital lifeline for countless small businesses across the country.

Although the peak of the pandemic has passed, many business owners are still managing its economic aftershocks. Here’s what small business owners need to know about COVID relief loans—what they were, where they stand now, and what options may still be available today.

What Were COVID Relief Loans?

COVID relief loans were designed to provide quick, accessible funding to help small businesses cover essential costs—payroll, rent, utilities, inventory, and debt payments—during a time when revenue was severely impacted. The most well-known programs included:

1. Paycheck Protection Program (PPP)

Offered forgivable loans to cover payroll and operating expenses. As long as businesses met requirements (like keeping employees on payroll), they didn’t have to repay the full amount.

2. Economic Injury Disaster Loans (EIDL)

Provided low-interest loans and advances to businesses suffering revenue losses. Unlike PPP, EIDL loans were not forgivable but offered long repayment terms and favorable rates.

3. State and Local Relief Grants

Many state governments and municipalities launched their own grant programs to help keep local businesses afloat, often prioritizing those in hardest-hit industries like hospitality, retail, and entertainment.

Are COVID Relief Loans Still Available?

While many of the original programs like PPP and EIDL have ended or are no longer accepting new applications, some relief funds may still be accessible:

• Loan forgiveness for past PPP recipients is still ongoing through the SBA. If you received a PPP loan and haven’t applied for forgiveness, you still may be eligible.
• EIDL repayment has begun, but there are hardship options available if your business is still struggling.
• State and local relief programs may still offer support, especially through community development financial institutions (CDFIs), nonprofit lenders, or special grant initiatives.
• Some private lenders and alternative finance companies have created their own COVID relief-style loans or flexible business funding programs.

What to Do If You Still Need Help

If your business is still facing challenges due to the economic impact of COVID-19, don’t assume help is completely off the table. Here’s what you can do:

• Contact your original PPP or EIDL lender for updates on repayment, forgiveness, or hardship assistance.
• Check with your state’s economic development agency or local Small Business Development Center (SBDC) for current grant or relief opportunities.
• Look into alternative financing that offers flexibility for businesses still rebuilding. Many lenders now offer low-interest working capital loans with lenient qualification requirements designed for post-COVID recovery.
• Consider commercial vehicle financing if transportation plays a vital role in your operations. Whether you need a box truck, van, or work vehicle to keep your business moving, there are specialized loan options available—even for first-time buyers or startups. Replacing or upgrading a commercial vehicle can make a big impact on productivity, especially if your business scaled back its fleet during the pandemic.

The Role of Trusted Lenders in Ongoing Relief

Whether you’re recovering from COVID-related losses or simply trying to regain momentum, having a reliable lending partner can make all the difference. Trusted lenders understand the challenges small businesses have faced and continue to create solutions that reflect today’s economic realities. Look for lenders that offer:

• Streamlined applications
• Flexible terms and repayment options
• Fast funding
• Experience working with small and minority-owned businesses

Even if traditional government programs have expired, access to capital shouldn’t be out of reach.

COVID-19 changed the small business landscape forever. While emergency relief programs helped thousands survive the storm, the recovery process is ongoing—and the need for capital hasn’t disappeared. If you’re still navigating the aftereffects, you’re not alone. Resources are still out there, and with the right support and funding strategy, your business can not only recover—but thrive.

Need help finding financing that fits your recovery plan? Whether it’s working capital, equipment funding, or business expansion, there are options designed to meet you where you are—and help you move forward.

Need Financing? Contact TrueCore Capital Today
Whether you’re recovering from pandemic setbacks, expanding your fleet, or launching a new business, TrueCore Capital makes getting funded simple and stress-free. With fast approvals, flexible terms, and a team that truly understands small business needs, TrueCore Capital is ready to help you secure the financing you need to move forward with confidence. Apply today and take the next step toward growing your business.