Originally, Consolidated Credit planned a normal small business webinar for the month of May. Then, circumstances became anything but normal.
We’ve reworked our usual small business webinar to better reflect changing financial conditions due to COVID-19. Now, you will not only learn about building a better business budget but also about the variety of pandemic relief options open to you.
This infographic shows a few of the topics we’ll cover in the webinar:
Ready to look into some of these COVID-related small business funds? Below are some more details about some of the main government programs and links to help you determine eligibility.
Paycheck protection program (PPP)
This small business loan is meant to help small businesses keep their employees during the coronavirus pandemic. At least three-quarters of it (75%) must be used for payroll.
Find out if you qualify to receive a PPP loan: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Economic injury disaster loan advance
Disaster loans are for small agricultural businesses. Due to COVID-19, this was expanded to more than just the agricultural sector. However, funding was tight, so now it’s back to agriculture only. Businesses can receive up to $10,000, and the loan advance doesn’t have to be repaid.
Check the rules and requirements here: https://www.sba.gov/page/disaster-loan-applications
SBA debt relief
Have a small business loan that isn’t a PPP loan or an economic injury disaster loan? You can still get help. The Small Business Administration could help you pay your loans for six months. The relief is automatic, so talk to your lender if you have questions.
For more about SBA debt relief, read this: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
What is your state doing for small businesses right now?
Each U.S. state has its own plans for helping small business owners get through this crisis. For example, Iowa is giving up to $25,000 in sales and tax deferrals. And it doesn’t stop there. Local governments could provide assistance, too. The city of Hillsboro, Oregon, is giving $5,000 grants specifically for bars and restaurants.
See what states are offering: https://www.uschamber.com/co/small-business-coronavirus
Budgeting and cash-flow problems
This is where our webinar will get into the nitty-gritty of small business finance. Although many of you already understand the importance of an individual budget, we understand that a business budget feels much more complicated. However, maintaining your business budget as if it were your personal one is essential to keep going even through tough times.
When it comes to cash flow, we will teach you little tips and tricks that will keep cash coming in your direction. This could be especially helpful now when funds are finicky.
Sign up below to learn more about coronavirus small business relief and best practices that will help your business thrive during (and after) the pandemic.