Updated – 1 April 2020
The President signed into law the $2 trillion dollar CARES Bill to support business, small business and more. These funds, in large part, will be released through the SBA. The bill provides a variety of funding options for small business owners. It’s a bit complicated but with a bit of reading and consideration.
If Covid19 has hurt your business, you should understand what’s available to you and apply.
My friend Kedma Ough has put together a very good about 30 minute video. I’ve listened to the entire video.
When times are good and all is going well, we want the government out of our lives. The government should be a “hidden” and minimal part of our day to day lives. Something we, in the public, shouldn’t have to see, but know it’s working behind the scenes. In times of national disaster, it is only the federal government (plus state and local governments) that can humanly help us. At this time there’s corona virus small business help from the government and brands. You have to look for it and find it.
Surely, in our local communities it’s neighbors helping neighbors, friends helping friends and families helping families.
The SBA is the lead government agency providing financial assistance to small business owners. They’re working in coordination with the US Treasury, Department of Labor and Larry Kudlow, Director of the United States Economic Council to give a massive amount of assistance to business owners.
There are two types of loans you might consider, if and only if you need it.
Economic Injury Disaster Loans – this is for businesses that have been several impacted by the Corona Virus. I would assume there will be a high bar, as it should be, to apply for this loan. For these loans you’ll have one year of deferment to start to repay these loans.
The other loan is a more traditional loan from the SBA and you’ll have 6 months of deferment to start to pay these loans.
It’s expected that the government might in fact forgive these loans in one way or another.
As you’re looking to see how your business can get assistance, do online research and talk to your financial expert about unemployment insurance flexibility, overtime rules, payroll tax, paid leave and more.
What’s also very, very challenging for companies is their need to lay off workers due to lower demand.
These workers should be encouraged to also research the options available to them.
Be upfront with your employees, treat them as well as you can and be mindful that have families who depend on them.
Right now many of us are in survival mode. But this time of crisis will pass and it’s the decisions we make today that will be an important part of rebuilding our businesses.
Thry Foundation offers $2,500 to $15,000 in grants to small business
Facebook’s $100 million grant for up to 30,000 businesses is one example of this.
Google donates $800+ million to help small businesses and health organizations. Grants through small business focused organizations and Google Adwords credit directly to existing customers and more.
Amazon is contributing $5 million to help local Seattle businesses.
Zoho, are also offering free access to their products and services to their customers, estimated to help 20,000 business owners.
Zapier – $1 million to help their customers, in 3 month credit to use Zapier
Ring Central – Teachers and healthcare providers get Ring Central’s telephone services for free.
Fiverr – their SMBHelp guide doesn’t offer money but nice site of resources
Shopify – 90 day free use and more; include $200 million in financing
Yelp – offering a variety of discounts and free options for existing and new customers to use Yelp to market their businesses.
Ask your vendors what they’re doing to give assistance to their customers, this is the time to get a great deal, to HELP your business stay afloat and survive and thrive.