As a result of the Coronavirus (COVID-19) pandemic, the Federal government, along with most State and many local governments are taking unprecedented steps to help small and medium sized businesses weather this global health crisis. Many of these programs offer money, some to be delivered quickly and some to be forgiven, to help businesses pay immediate needs:
- Mortgage, rent or lease payments
- Supplies and other business essential items
Here is a link to the Small Business Administration (SBA) website for Small Business Guidance & Loan Resources.
The number one concern of most small business owners, law firms included, is money. Money to pay employees, money to pay lease agreements, money to pay vendors, money to keep the lights on. Getting money quickly can mean the difference between survival and bankruptcy. The Federal Government has put together several funding programs to not only help you with your immediate needs, but to help bridge the gap between today and the inevitable end of this crisis. Here is a link to the SBA’s Coronavirus Relief Options.
There are several loan and grant programs available to employers to help them cope with the new way of doing business. The two of greatest interest are:
- Economic Injury Disaster Loan Emergency Advance (EIDL)
- Paycheck Protection Program (PPP)
The SBA is also offering access to assistance related to running or managing your business during these difficult times. This assistance extends to providing help completing the necessary forms and applications associated with any COVID-19 relief. You may need to complete different forms for each program you apply for, so it you may need to talk with someone who understands each of these programs and understands the requirements of each. Here is the link to the SBA’s Local Assistance page.
The US Chamber of Commerce has put together a guide to help small businesses during this difficult time.
You may be wondering, as a business owner, how to effectively manage your firm and your staff during this pandemic. The CDC has put together a list of policies and procedures to help with this. Here is a link to the CDC’s Guide to Help Businesses and Employers Respond to Coronavirus.
There have been many articles written about these programs in attempt to spread the word and, more importantly, to help business owners better understand their options and how to apply for much needed capital. Here are a few:
55 Federal, State and Non-Profit Relief Efforts and Funds to Help You Through the Coronavirus Pandemic – Entrepreneur
How Small Businesses Can Get Coronavirus Relief Through The CARES Act – Forbes
How to get a small business loan under the $349 billion aid bill – Washington Post
List of Banks Offering Relief To Customers Affected By Coronavirus (COVID-19) – Forbes