Tips to Help Your Small Business Survive the Coronavirus (COVID-19) Financial Hardships
The Coronavirus is causing financial hardships for businesses across the U.S. and especially here in San Diego, California. Here are five tips that can help you navigate this difficult situation, successfully. #COVID_19, #COVID19
The Coronavirus outbreak has global health consequences, and it has put many small businesses at an economic crisis. If your small business is struggling financially due to the Coronavirus, here are some resources that can help you stay afloat.
The Coronavirus response toolkit
The U.S. Chamber of Commerce put together this toolkit to help small businesses and citizens alike understand how to navigate through the Coronavirus. This toolkit helps employers ensure they are keeping their customers and employees safe, prepared, and provides a checklist to help figure out what to prioritize and a plan of communication for your employees.
Disaster assistance loans from the SBA
The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the Coronavirus. These are low-interest loans and are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. These loans can be used to pay off outstanding debts, payroll and any other bills they are unable to pay.
However, small businesses that have access to credit are not eligible. Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%. Be aware of your options and the eligibility requirements now.
The SBA’s Office of Disaster Assistance will coordinate with state governors that submit relief requests. Once a state or territory is approved, these affected businesses will receive more information. You can find a regularly updated list of states where disaster assistance is being offered here.
Even if your state is not yet offering disaster assistance you can begin to prepare to apply by looking over the information required. You can get that information here.