Can You Get a Loan Without a Social Security Number

December 23rd, 2021

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What COVID-nineteen Grants Can You Access Without an SSN?

We are in unprecedented times with the coronavirus pandemic, and the The states regime is trying to help people go through information technology economically with COVID-19 grants and other financial aid.

The problem for millions of Americans is that they don't qualify for many, if not all, of these aid programs for one simple reason: they don't have a Social Security Number.

Tin can You Get Financial Relief Without an SSN?

About of the programs that the authorities released as part of the massive $two trillion economic stimulus parcel, known as the CARES Act—including COVID-19 grants and other financial aid—are not bachelor for people without an SSN, including immigrants.

For example:

• The COVID-xix grants and loans that are bachelor through the Small Business concern Administration also crave y'all to be a U.S. denizen and accept an SSN. This includes both the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Plan (PPP).
• The direct stimulus checks —that can exist worth upwards to $ane,200 for each qualifying person—requires you to be a Usa resident and take a Social Security number. Even if yous accept an SSN, y'all are butterfingers from this coin if someone in your household does not.

While some regime officials, such as New York Representative Grace Meng, are proposing changes to this so that millions of immigrants could authorize for relief programs, there is goose egg imminent right now.

If you don't qualify for COVID-19 grants or other assistance from the federal government because you don't have an SSN, don't worry, there are other ways you can back up your business in these tough times.

COVID-19 Relief: ITIN-just Alternatives

Let's also take a wait at some other avenues you may take to back up you during these challenging economical times.

NOTE: We will continuously update this article as new programs are made bachelor, and farther information is released.

State programs

These state programs seem to be ITIN friendly, either they d on't have any mention of SNN in their borrower eligibility nor the required documents or are tailored, specifically for immigrants.

• Alabama, The Birmingham Strong Emergency Loan Fund

This fund offers interest-free loans for 180 days of $10,000 to $25,000, with a 3% to 5% interest charge per unit.

https://bhamstrong.com/smallbusinessresources

• Chicago, Chicago Minor Business Resiliency Fund

You tin can admission a loan of upwards to $l,000. The total will be your 3 months average monthly revenue earlier the COVID-19 outbreak. It has a repayment period of up to 60 months.

https://www.connect2capital.com/partners/chicago-small-business concern-resiliency-fund/terms-and-requirements/

• California, $125 one thousand thousand disaster relief for immigrants in California

California's authorities is offering this disaster relief assist to help undocumented immigrants impacted past the current health crisis. It volition provide a 1-fourth dimension payment of up to $500 per person or $1,000 per household. You can apply for this stimulus starting May 18.

Learn more nearly this relief plan here:

COVID Stimulus for Undocumented Immigrants in California

• California, Angeleno Carte

This prepaid debit card initiative was created by LA's Mayor Eric Garcetti to help all people that crave fiscal aid because of the COVID-xix crisis. If you get one of these cards, you can get from $700 to $ane,500. For your household to exist eligible for one of these cards, you need to:

-Live in the City of Los Angeles

-Your household's total annual income must have fallen below the federal poverty level before the current crisis

-Your household must accept fallen into a more profound economic hardship considering a member lost their job or experienced a bacon reduction of at least l%

You lot can learn more than here: https://hcidla.lacity.org/

• California, Guide for Immigrant Californians

California has created a guide with resources that tin can aid immigrants weather condition the tempest. The guide has information about healthcare, jobs, public charge, food, and housing, amongst others.

You lot tin can visit the site and download a PDF guide here: https://covid19.ca.gov/guide-immigrant-californians/

• California, Aid for Pocket-size Businesses & Workers Displaced by COVID-19

The Governor has created several programs to assist employees and employers afflicted past the electric current crisis.

https://world wide web.gov.ca.gov/2020/04/02/governor-newsom-announces-new-help-for-small-businesses-workers-displaced-by-covid-xix/

• California, Los Angeles City Minor Business Emergency Microloan Plan

This program offers microloans from $v,000 to $twenty,000 with varying interest ranges, from 0% to three%, depending on the term and your type of business.

https://ewddlacity.com/index.php/microloan-program

• California, LA Canton COVID-19 Relief Fund

This $28 one thousand thousand fund for modest businesses and nonprofits impacted by COVID-nineteen seeks to counteract the crisis-related financial hardships. The plan will exist available the week of April 27.

www.lacountyhelpcenter.org

• California, Pocket-sized Business organization Tax Provisions

CDTFA Offers Immediate Interest-Complimentary Payment Plans: Small Businesses May Defer Upwards to $50,000 of Sales and Utilize Taxation Liability for 12 Months https://www.cdtfa.ca.gov/news/20-07.htm

• Maryland, Manufacturing Innovation Grant Application

You can receive COVID-nineteen grants of up to $100,000 directed at the manufacturing industry.

https://onestop.doctor.gov/forms/manufacturing-innovation-grant-application-5e7df8b3140f8000fcc3c1f0

• Minnesota, Small Business organization Emergency Loans

This program offers loans from $2,500 to $35,000 with a term of v years. These loans can be partially forgiven.

https://mn.gov/act/business/financing-business/act-programs/peacetime/

• New York, COVID-19 Small Business concern Remote Legal Clinic

You tin can receive pro bono legal consultations to observe out what is the all-time thing you can practice to weather the storm.

https://www1.nyc.gov/site/sbs/businesses/covid19-business organisation-outreach.page?_ga=two.36816544.160324934.1584653867-1424255699.1584398471

• New York, Syracuse Economical Evolution Corporation Loan Application

You can apply for 0% involvement, 180-day emergency loans.

http://world wide web.syrgov.net/SEDCO_Home.aspx

• North Carolina, NC COVID-19 Rapid Recovery for Small Businesses

Y'all can apply for loans upwardly to $50,000 that can be paid in 48 months with five.5% interest.

https://ncrapidrecovery.org/

• Oregon, Hillsboro Washington County Small Business Economic Assistance Program

The program offers $iii,000 COVID-xix grants and loans from $x,000 to $25,000.

https://www.co.washington.or.us/CAO/business concern-recovery.cfm

• Oregon, Oregon Worker Relief Fund

Brings financiad aid to those who lost their wage and is excluded from the federal safe-internet considering of immigration status.

https://www.workerrelief.org

• Tennessee, COVID-nineteen Small Business Resources

You can find several business concern resource to help you during this crisis.

https://world wide web.tn.gov/ecd/covid-xix-small-business organisation-resources.html

• Virginia, Key Virginia COVID-xix Response Fund

The response fund offers COVID-xix grants from $10,000 to $fifty,000.

https://www.cfrichmond.org/Leadership-Touch on/Central-Virginia-COVID-19-Response-Fund/Grant-FAQs

Relieve Small Business Fund

This is an initiative of the U.S. Chamber of Commerce Foundation that offers short-term relief for small employers. The relief offers $five,000 grants. Their application volition become live April 20, 2020, at 12:00PM PT.
To authorize for this grant, you should employ between 3 and 20 people, be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic.

https://world wide web.savesmallbusiness.com/

Tax credits

If yous don't qualify for COVID-19 grants, you tin still benefit from revenue enhancement credits the federal government is offering to minor business organisation owners. The program allows y'all to defer paying some of your payroll taxes until the end of 2020. It gives you the ability to pause the payments up into two installments—one for the cease of 2022 and the other for the finish of 2022.

If the coronavirus pandemic has directly afflicted your business organization, you may also qualify for a refundable payroll tax credit of 50% for all the wages you pay during the crisis.

While this program won't give you any actress money in your pocket, it will help you keep some of the money that yous already have. Programs similar these are great ways for small business organisation owners to reduce their losses while the coronavirus pandemic is even so affecting their business.

Mortgage relief programs

Some programs that you may authorize for, even if you don't have an SSN, are mortgage, rent, and utility relief programs. Equally function of the CARES Deed, the federal government is making available relief for people who accept a mortgage that is provided by Fannie Mae, Freddie Mac, and Federal Home Loan Banks.

Since y'all can get a mortgage with an ITIN, this means that you may have a loan that qualifies for temporary relief. If you do, contact your lender and talk to them most your options. Yous may be able to delay your monthly payments for a while, and you won't incur any late fees for doing so.

Foreclosures and other legal proceedings will exist suspended during this time.

Rent relief programs

Likewise, if y'all live in a federally-subsidized rental holding, you may qualify for like deferred payments. If you live in a privately-held rental holding—or if your business leases its function space—you should nevertheless contact your landlord to see if they'll provide you with some forgiveness at this fourth dimension. While no police or human activity is preventing them from taking action, if you don't pay your rent, many landlords are doing their all-time to exist agreement.

Utility relief programs

Finally, many public utilities such as electrical and gas companies and even some cyberspace service providers are suspending turn-offs for non-payment during the coronavirus pandemic. If yous are having trouble paying your utility bills at abode or for your business, you should definitely contact your provider(s) to run into what they could practise to help.

Decision

Unfortunately, the millions of people in the Us who don't have a Social Security number won't qualify for the majority of programs every bit office of the federal CARES Human activity. This means that various COVID-19 grants and other financial programs such equally direct payments are non available to ITIN-only applicants.

Just you must remain informed with the latest news related to government relief programs for small businesses. The government programs are literally evolving twenty-four hours past twenty-four hours. The regime is investing in the economy, and nosotros're lobbying difficult to ensure Latino-endemic businesses are non forgotten.

While the major federal programs aren't bachelor to y'all, if you don't have an SSN, there are withal other avenues for y'all to get financial help during these trying times.

You should consider an alternative source of capital. One of the all-time options is a business loan. When evaluating the loan terms, mainly focus on getting a loan with reasonable monthly payments that will extend your runway.

At Camino Financial, we are here for our clients, merely like nosotros are every day. Nosotros live up to our motto of "No Business Left Behind" by providing small business loans that are easy to use to.

If you need to invest in your business, apply for a Camino Financial business organisation loan , and together we volition weather this storm!

Find more than resource in our Content Hub:

COVID-nineteen: Small Business organisation Resources

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Source: https://www.caminofinancial.com/what-covid-19-grants-can-you-access-without-an-ssn/

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