Take Action: Small Business Resources
The rapidly developing COVID-19 pandemic means it’s hard to know where to act and what to do as a business to get through these times. So we took a look at what COVID-19 business actions other companies are enacting in response to the ongoing situation and pulled together key learnings for you and your business.
QUESTIONS ABOUT LOAN DEFERMENT OPTIONS:
If you haven’t yet, we encourage you to communicate with your bankers and ask what assistance options you may have in the coming weeks and months. Since guidance is changing day to day, it’s a good idea to check back from time to time.
Many banks offer deferment and forbearance to business loan customers having trouble making payments. Search for your bank on the American Bankers Association’s ongoing A-Z list of coronavirus response programs, and check Forbes’ list of banks offering relief as well.
SMALL BUSINESS EMERGENCY LOANS GUIDES AND CHECKLIST FROM U.S. CHAMBER OF COMMERCE:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Here are the questions you may be asking— and what you need to know.
Have you covered all your bases? Check out this Crisis Response Plan template and read an example business response summary as well as SBA guidance on preparing for emergencies or pausing your business.
LaunchTN has also compiled this useful guide to Tennessee online events for business planning – they start this week – and resources for businesses dealing with COVID19 impacts.
EMPLOYER, EMPLOYEE, AND JOB IMPACTS:
Want to know what resources may be available for your employees and what actions large companies are taking? See this extensive summary.
If you’re a food and beverage industry employer that has had to let go employees, see this listing of temporary or permanent positions in the industry.
This comprehensive guidebook from a leading job search provider rounds up advice for employers, employees and jobs impacted by COVID19. And, this article addresses what qualifies as paid leave under the new coronavirus law.
TRANSITIONING TO REMOTE WORK:
Can you use a refresher on how to host events and webinars now that meetings have moved online?