The COVID-19 virus has been the focus of news across the U.S. for the past several weeks and across the world even longer. The impact it is having on daily life is profound and will be felt well beyond the initial shock value. One of the biggest sectors of the market this will hit is small businesses. Luckily there are several resources and steps business owners can take to seek out relief during this time and help themselves weather the storm.
Navigating the economic downturn
With many small and local businesses forced to close for the time being in the midst of the COVID-19 spread, there will surely be a strain on their operations as well as revenue. During this period, the Small Business Administration is making funds available to business owners at a low interest rate who apply for up to $2 million in a disaster relief loan. Businesses feeling the economic impact of COVID-19 will need to apply over a three-step process for the loan. Additionally, more relief should be coming soon with the government’s nearly $2 trillion coronavirus economic rescue package.
Aside from government funding and local grants being made available, the closing of physical banks may leave owners in a state of limbo over where their finances stand. Moving to a digital option for small business banking can give owners a snapshot of their financial health on their phone and give them the power to access information when they need it.
Key steps to keep businesses afloat
While many state governments are forcing non-essential workers to stay home, more and more businesses are adopting a work from home and remote working culture for the foreseeable future. While these steps are crucial to help flatten the curve, there come several logistical hurdles businesses must overcome. Everything from video conferencing at home to communicating your closure information to current customers, businesses will find themselves in a new norm. The U.S Chamber of Commerce compiled this social media graphic “tool kit” to share information on COVID-19 to help spread the word and share useful tips for their followers.
While the extent to which it won’t be business-as-usual is uncertain, there is help out there and programs are rapidly evolving to become more accessible to all. Keeping an eye out and applying for business grants at the national level as well as your local municipalities will offer additional sources of aid during the COVID-19 measures underway.
Looking for more information? Check out our comprehensive article on the PPP to help guide your business during this crisis.
Quick Note: This article is provided for informational purposes only, and is not legal, financial, accounting, or tax advice. You should consult appropriate professionals for advice on your specific situation. inDinero assumes no liability for actions taken in reliance upon the information contained herein.