Most businesses are facing some kind of difficulty or another with the coronavirus pandemic. There are a few different things that every business needs to know about but probably doesn’t. There are a few simple things that could make a significant difference whether or not your business lives or dies because of this issue.
Among the first thing, that businesses should take advantage of is the PPP loan. Which stands for the Paycheck Protection Program. This is a loan that businesses can apply for that will cover expenses for payroll and benefits. The coolest part is that if you can prove that the loan is used for payroll and employee benefits for employees who have not been laid off or furloughed. The loan can be 100% forgiven. This is a huge benefit that you would not be able to get any other way. This can be your business saving grace in a moment of need. There are also many groups offering same or next day personal loans.
Business interruptions insurance may be a poss9ble option if you have significant business losses as a result of shutting down from the pandemic. Ask your insurance broker about this special type of insurance to cover unexpected major events and see what coverage you qualify for. You may not be able to get covered for this emergency, but you will be better prepared for the next time you suffer an economic loss.
There are a number of grants being offered during this time which include the Nav: small business grant contest. Nav is giving grants to small businesses that tell a story of preservation and opportunity in the face of a past or ongoing challenge.
There is also the FedEx #SupportsSmall Grant. FedEx is committing $1 million to help small businesses that are struggling to stay in businesses during the COVID-19 global pandemic.
The U.S. Small Business Administration (SBA) is providing a debt relief initiative. This program will give immediate relief to small businesses with non-disaster SBA loans. Especially 7(a), 504, and microloans. All loan payments will be covered including principal, interest, and fees for up to 6 months or longer.
The SBA is also issuing more SBA Express lender loans which allow small businesses to access up to $25,000 very quickly.
Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be awarded to businesses in more than 30 countries
The American Bankers Association has an extensive list of all coronavirus response programs across the country. You can also check the For
The tax return filing deadline has been extended to July 15, 2020. For the tax payments of up to $10 million, the IRS has extended the deadline for both individuals and businesses to the same date when it would have been April 15 like how it normally is.
Many states have made specific extensions and changes for when and how to file for state and local taxes. Many states have aligned their deadlines with the federal line or extended it further. States may also waive or reduce penalties on late payments.
State and local governments are adding programs daily check the National Governors Association has a list of governor’s websites that are outlining specific programs available locally.
There are a few things that your business needs to do to make it happen even if you can’t get any outside resources.
Make sure that your business has established a remote work option so that things can continue as close to normal as possible, if you can keep as many operations running as possible then you have a much better chance of staying afloat. You need to reduce your travel expenses to absolute zero. Those are expenses that you should be having right now and make a significant difference in the grand scheme of things. It is important to move your sales to an online model and making sales and getting new customers. That is easier for some more than others to just move to an online model, but it is something you are going to have to tackle.
This is a difficult circumstance but we all can make it through with some careful planning and hard work.