Funding for small businesses changed significantly in the wake of COVID-19. The Small Business Administration helped small businesses stay afloat with the Paycheck Protection Program that provided loans to help struggling businesses keep their workforces employed. However, the loans were only offered to existing business, so those intrepid entrepreneurs who launched businesses during the pandemic did not qualify.
Funding challenges are not new to startups. Many startup business owners must fund their fledgling ventures with their life savings. While this is a practical means to start a business, not everyone has the cash to get their dream off the ground.
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