As the coronavirus (COVID-19) pandemic continues, small businesses are taking the brunt of the economic hit, with some owners losing thousands – and even hundreds of thousands – of dollars a month in revenue.
Thankfully, the government and other organizations are quickly pulling together resources to help small businesses find relief.
In addition to those provided in our last blog, below are additional opportunities for small businesses to leverage in a highly uncertain time.
Our Surviving Coronavirus resource center offers guidance to help small businesses prepare and keep their employees and safe during this pandemic.
We update our information daily, so check back frequently for the latest resources and opportunities for your small business.
The Small Business Administration (SBA)
The Small Business Administration (SBA) is offering disaster loans up to $2 million for qualifying small businesses that can be used to pay fixed debts, payroll, accounts payable or other bills that can’t be paid due to the disaster’s impact, according to Administrator Jovita Carranza. Take a look at The Three Step Process and be sure you have your required documentation ready to go. Specifically, an updated personal financial statement (SBA Form 413) that might take some to prepare.
SCORE is “the nation’s largest network of volunteer, expert business mentors” – and while in-person events are currently on hold, the organization is offering online support for small business owners.
In addition to remote mentoring, SCORE offers a helpful list of guidance for businesses struggling during the coronavirus shutdown.
Several helpful guides are listed below:
- CBS News recommends customers “shop local” online, purchase gift cards and order out to keep their local small businesses afloat. Include these ideas into organic and paid social campaigns to encourage your customers to interact with your business during social distancing.
- WTOP’s tips for small businesses include “providing a digital offering” – for example, offering videos of workouts in lieu of classes.
- CNBC offers three tips for using a business credit card during the COVID-19 pandemic, including opting for flexible spending and relying on assistance to make informed purchasing decisions.
- Forbes suggests small businesses rely on digital tools like organic social media and low-cost social media marketing to reduce expenditures.
SmartCompany offers tax tips for small business owners.