Top Resources to Help a Business Survive COVID-19

JUPITER, FL – April 6, 2020 – Dramatic changes throughout the world have forced businesses across the U.S. to face issues that have never been addressed before. The coronavirus pandemic has disrupted supply chains, changed the scale of demand and even halted some business due to quarantines across the states. This impact will have an influence on business for months to come. There are however several resources to help in this challenging situation:

Federal Relief

The Congress bill will require employers to provide 10 days of paid time off for sick leave. Additionally, employees are compensated for up to two-thirds of their salaries (with a cap) for up to 12 weeks of family leave. Companies with less than 50 employees can also apply for a waiver, but submissions will only be acknowledged based on whether the expense “would jeopardize the viability of the business.” Part time workers would also be included in this bill.

A refundable tax credit may also be available for eligible employers, independent contractors and freelancers. The bill will also support unemployment insurance, providing employees entry to free testing. This is an ever-evolving situation so be sure to follow government updates on bills and entitlements.

Small Business Loans

The Small Business Administration is offering a rapid response economic injury disaster loan. The funds can be used to cover payroll, payables, operating costs of a business and to pay debt. The period on paying back the loan is adjusted on a case by case basis, but it could potentially be up to 30 years. Many states have small non-profits who support businesses, for example Carolina Small Business Development Fund has set up a ‘Business Recovery’ Fund during this crisis.

State Updates

It’s crucial for business owners to check frequently with their states’ websites for updates on their specific industry. For example, on March 31, effective from 11:59 p.m., six Bay Area counties in California—Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara, along with the city of Berkeley most construction was halted due to a constricted, joint shelter-in-place.

Internal Revenue Service

To help all businesses during these testing times the IRS has given an extension in tax filings for 90 days for most taxpayers. Additional tax relief is probable, mainly regarding the tax credits mentioned above. It is therefore essential to check in regularly on the IRS and Treasury Department’s Coronavirus updates, available on their websites.

Business Groups & Chambers of Commerce

Industry leaders and business support groups like, The National Federation of Independent Businesses are pressing President Donald Trump to keep construction as an essential business nationwide. Already, a number of states have halted construction. The U.S. Chamber of Commerce has an impressive guide that offers visuals and messages you can use to communicate with your employees. There are many news sites that are fast to update relevant business information during the coronavirus outbreak for example, Linkedin, has a great news/business area.

Corporate America Is Rising to the Challenge

Some of the big guns are stepping up and helping smaller businesses for example, Facebook is offering $100 million in cash grants and ad credits to help small businesses increase demand. Microsoft, Google, Zoom and Slack are giving out reduced or even free licenses to companies that need their technology for their stay at home workers. There are many more out there, so check your local area for big business support in result of Covid-19.

There are many opportunities of support out there and these are just a few suggestions. Pay attention to the local and international government websites, use these resources to source support funds and be proactive within your industry. A combination of these efforts will help keep you on track and your business will have a better chance to survive and even thrive at such a perplexing time.