Managing Your Business Through the Pandemic
As Idaho begins the “Stay At Home” order to combat the spread of COVID-19, many small businesses will be affected.
In order to help, I have put together a list of websites to help navigate the burden. I will add to the list as I find more. If you know of a resource that is not listed please let me know!
- The Small Business Administration (SBA) has made a disaster declaration for the state of Idaho. Businesses can now apply directly for Economic Injury Disaster Loans (EIDL) for up to $2 million. https://disasterloan.sba.gov/ela/
- Facebook is putting together a "Small Business Grants Program". This is a $100M in cash grants and ad credits to help. You can sign up for updates here. https://www.facebook.com/business/boost/grants
- The Office of the Governor has compiled a comprehensive list of resources and important Covid-19 updates. https://gov.idaho.gov/pressrelease/
- Some communities have suspended service disconnections for nonpayment although regular billing will continue for all customers. They have also made some operational changes in response to Covid-19.
- I have found that many of my software/service providers are providing anywhere from 20% discounts to 90 days of free service to help their customers. Reach out to your providers and see if they are doing anything at this time!
- Families First Coronavirus Response Act: This is effective April 1st and will provide 2 weeks pay to employees that meet certain criteria as well as additional FMLA support that will be funded through a tax credit. https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
- FFCRA FAQ's https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
- FFCRA poster employers are required to put up https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf
- Coronavirus Aid, Relief, and Economic Security Act(still being voted on): This will provide a loan up to 2.5x an average monthly payroll to help pay payroll, interest payments, rent, employee benefits. Any funds used for approved spending in the 8 weeks following approval will be forgiven any remaining balance will be amortized at <4% for 10 years. If your business has a reduction in workforce the benefit will be reduced. https://www.congress.gov/bill/116th-congress/senate-bill/3548
If you find yourself with an extra 30 min. listen to this podcast about Leading through Chaos. Ben has some good tips on what to focus on during these times. https://www.youtube.com/watch?v=C2NsXvPHtgc
Post a Comment