The Communist China Party Virus: All Jokes Aside Its Time To Take This Seriously

Written by on March 20, 2020

The Communist China Party Virus: All Jokes Aside Its Time To Take This Seriously as the Cancel Everything Movement is Destroying Small Businesses.

 

Where and What small business owners can do and who can help during the coronavirus shutdowns

With government officials across the country ordering restaurants and bars to close except for takeout and delivery, restaurant owners are especially vulnerable.

The Federal government is debating ways to help struggling small businesses including making available $300 billion in small business loans to employers with 500 employees or fewer. In the meantime, here are some suggestions for what to do now if you need immediate financial help.
Small Business Administration loans

The U.S. Small Business Administration (SBA) has increased its funding pool from $20 billion to $50 billion in response to the virus. It is currently offering low-interest disaster loans of up to $2 million for small businesses suffering losses due to the coronavirus. These loans, per the SBA, can be used to pay debts and cover payroll and other bills. You can apply online or by mail once the governor of your state submits a declaration of emergency. You can also reach out directly to your local Small Business Development Center (SBDC) and your SBA district office.

Tax deferrals

Treasury Secretary Steve Mnuchin announced that individuals and many small businesses will have until July 15 to pay the income tax they owe up to $1 million. Take advantage of this window in order to free up some cash to pay other more pressing bills Now may also be the time to talk to your CPA, or other tax professionals, to see if there are other tax credits you can take advantage of or additional things to claim.

Private loans and grants

Some lenders and companies are offering discounted business loans and grants during the coronavirus outbreak. Additionally, check with your business’s bank about your options.

Think proactively

While it’s normal to focus on what is happening right now, especially in light of the constantly changing situation, Strauss says small business owners also need to spend time thinking about how to rebuild once this is all over.

Seek out the expertise of a financial professional to help you plan how much reopening will cost, and start devising a plan for making that a possibility. If you are cash-strapped, Strauss says most communities have free legal resources for small business owners. You can search for those online or call your local SBA office.

Contact the people you rely on

Immediately get in touch with your bank, vendors, and anyone else you rely on or work with regularly. Just be straightforward and be honest.

 

 

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