By Kisha Velazquez
Updated on July 24, 2020 • 4 min read
This page is your one-stop business resource guide to conquering COVID-19. We hear your concerns on how to continue to serve your customers, protect your staff, and regain revenue amid disruptions in the supply chain, city-wide shutdowns, and changes in consumer behavior. In response, we created this living outline of links from reputable sources on how to secure relief funds, virtually run your business, and stay positive during the global pandemic. We're grateful for the opportunity to support your business as we overcome these challenging times together. Feel free to share additional resources you find in the form at the end, and we'll update the page.
Table Of Contents
The SBA is offering temporary, low-interest funding options through federal disaster loans (EIDL), Express Bridge Loans, and Debt Relief to small businesses suffering economically due to COVID-19. The EIDL offers up to $2 million in assistance, with interest rates of 3.75% and repayment terms up to 30 years. The response for economic relief also varies by city and state, so the best thing to do is check with your local governor's office for the latest on state-specific assistance. On June 5th, the president signed the Payroll Protection Plan Flexibilty Act (PPPFA) passed by Congress.
On August 10, 2020, the SBA will start accepting lender forgiveness submissions through the PPP Forgiveness Platform.
Any employer, regardless of size, is eligible for the credit during the calendar year 2020 if the business:
The credit also applies to tax-exempt organizations if the operation of the organization is fully or partially suspended due to the circumstances described in (1) above.
If you do qualify for this credit and you did not take the PPP loan, you can receive a payroll credit of up to $5,000 per employee. You must prove that your business has been adversely affected to qualify for this credit.
During the COVID-19 outbreak, your business will likely face some unique financial challenges. Below, you'll find a list of tools to help you cut costs, forecast cash, and make the most of the situation. Having an unclouded outlook on your finances during this crisis will be vital to helping you make the best decisions possible.
The CDC and Chamber of Commerce offer companies guidance on preventing workplace exposure. Consider how interactions with your customers, team, and community will be affected. Below are work-from-home tools and tips to keep communication open.
Staying positive while facing uncertainty is crucial during a crisis. You have the influence to set the tone of calm and direction for your team and customers. Start by investing time in your physical and mental health so you have the energy and clarity to conquer any problem thrown your way, including a global pandemic.
What tools or resources do you find useful for keeping your business resilient amid COVID-19? Please submit your link, and we'll update the page.