Small Businesses Say Rescue Loans Come With Too Many Strings Attached
The loans can be forgivable - meaning they won't necessarily have to be paid back. But there are conditions on forgiveness.
- 75% of the forgiven amount must be spent on payroll.
- The rest can only be spent on a few categories: rent, mortgage interest or utilities.
Senate Approves $480 Billion Package to Help Small Businesses and Hospitals, Expand Testing
The Senate passed a roughly $480 billion relief package Tuesday that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak along with other priorities like money for hospitals and expanded Covid-19 testing.
- Approximately $484 billion delivered to small business struggling from pandemic.
- $75 billion for hospitals and health care providers.
- Additional $25 billion to facilitate and expand COVID-19 testing.
Can't Afford Rent for Your Small Business Because of COVID-19?
Many small businesses adversely affected by COVID-19 cannot pay rent.
- Take a look through your lease and see if there's anything in there having to do with suspending rent obligations during an emergency.
- If you've gone through your lease and found you're still on the hook for rent, the next step is to try to negotiate with your landlord.
- Apply to the new Paycheck Protection Program.
U.S. Chamber of Commerce Launches Nationwide "Save Small Business" Initiative
Chamber calls on executives and companies to marshal available resources, talent, and unique capabilities to help small businesses in any way they can.
- Supplemental Financial Assistance: The U.S. Chamber of Commerce Foundation is launching the Save Small Business Fund.
- Advocacy: Under the campaign, the U.S. Chamber of Commerce will continue to fight for legislation, executive actions, and other government efforts to help small businesses devastated by the pandemic and economic downturn.
- Resources, Webinars, and Guides: Under the Save Small Business Campaign, the Chamber is accelerating and expanding its efforts to deliver the guidance and expertise small businesses need to survive the crisis and recover following the pandemic.
Economic Impact Payments - Non-Filers: Enter Payment Info Here
IRS just launched a FREE web portal for millions of Americans who are not required to file tax returns to make sure they get their payment as quickly and securely as possible! You are eligible if your are a U.S. citizen or resident alien who:
- Has a valid Social Security number
- Could not be claimed as a dependent of another taxpayer
- Had adjusted gross income under certain limits
COVID-19 Aid to Small Business Owners Trickles Out as SBA Clarifies CARES Act Rules for Sole Proprietors
Yesterday, the SBA issued a guidance on the PPP program that addressed a number of questions sole proprietors have had on the PPP. The new guidance clarifies:
- The maximum amount eligible for forgiveness.
- How to calculate the business owner's compensation if they have no employees.
- How business partners may handle PPP applications.
Families First Coronavirus Response Act: What Small Businesses Need to Know
The recently passed Families First Coronavirus Response Act makes substantial changes to sick leave and FMLA leave for businesses and employees in 2020.
- What is FFCRA?
- Who's eligible?
- Are there exemptions?
Paycheck Protection Program (PPP) Information Sheet
The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
- All loan terms will be the same for everyone.
- You can apply as of April 3, 2020.
- You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
List of Coronavirus Small Business Relief Programs (updated regularly)
Forbes is updating a list of COVID-19 business relief programs.
- Paycheck protection loans.
- Emergency grant of $10K.
- Tax filing deadline extension.
10 Commonly Asked Coronavirus Small Business Loan Questions
Your most commonly asked questions about the SBA loans being offered to small businesses during the COVID-19 pandemic - answered.
- What loans are available to help small businesses during coronavirus?
- How do you get these loans?
- How much can you borrow?
Impact of COVID-19 on Lines of Credit
Banks and lenders have largely adjusted their policies in regard to lines of credit to help small business owners weather this storm.
- Ability to defer repayment on lines of business credit as well as business loans.
- In order to help small business owners with cash flow issues due to COVID-19, some banks are reducing their rates on business lines of credit.
- Several banks are suspending the charging of late fees on business loan payments for term loans and lines of credit.
Coronavirus Stimulus Package Offers Relief for Retirees With RMD Waiver and Penalty-Free 401(k) Withdrawals
There's help for older Americans caught between a falling stock market and low interest rates.
- Required minimum distributions (RMDs) are suspended for 2020.
- Penalty-free withdrawal from your retirement plan.
- Retirement plan loan amount is doubled.
Coronavirus and Forbearance Info for Students, Borrowers, and Parents
To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers can be placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment.
- Does not apply to private loans, only federal loans.
- Loans will stop accruing interest on March 13, 2020, for at least 60 days.
- Read the Q/A for in-depth explanations.
Paypal, Intuit, and Square Approved to Offer Loans to Small Businesses
Fintech companies have been lobbying for weeks to be able to participate in the U.S. government's emergency lending program for small businesses.
- PayPal, Intuit and Square have all been approved to participate in the U.S. Small Business Administration's (SBA) Paycheck Protection Program
- These companies are some of the few non-bank lenders that have been approved to distribute funds.
Annuity.org Covid 19 Financial Guide
Americans are taking necessary precautions for their health and the health of others within their communities, adapting their behaviors in an attempt to flatten the curve. Second only to health concerns are Americans' worries over their individual finances - including job security, health care costs and retirement savings - and fear for the national economy.
Everything you need to know about your $1,200 stimulus check
A breakdown of how the stimulus program works and what to actually expect.
- Do I qualify?
- When will I get my check?
- Will I really get $1,200?
Apple Launches COVID-19 Online Screening Tool
This tool can help you understand what to do next about COVID-19.
- Get an up-to-date rundown of the virus and its symptoms.
- Get current advice on when to be tested and what to expect.
- Learn more about social distancing other ways to protect yourself.
What the $2 Trillion Stimulus Means for You
Learn how the "recovery rebates" will be calculated for each household.
- What are recovery rebates and what will yours be?
- Who is eligible for the stimulus money?
Coronavirus: 8 Things Your Small Business Needs to Do
The top CDC-recommended tips that small business owners can take to mitigate risk, protect employees and support customers during the COVID-19 pandemic.
- Establish a remote work option and give employees flexibility.
- Communicate transparently with your customers.
- Reduce meetings and travel.
9 Things Employers Can Do for Employees During Coronavirus
As the leader of your small business, there are a number of things you can do to comfort your employees.
- Let them work from home.
- Offer paid sick leave.
- Provide unemployment and COBRA information.
- Make sure employees are well informed.
Free Virtual Workouts From Planet Fitness
Each day, Planet Fitness will offer free virtual classes on their Facebook and YouTube pages. This is a great option for staying active while stuck at home.
- View the videos on their Facebook page(https://www.facebook.com/planetfitness)
- View the videos on their YouTube channel(https://www.youtube.com/planetfitness)
What businesses must disclose when a worker is diagnosed with COVID-19
Employment lawyers are fielding a slew of calls from businesses looking for guidance on what to tell colleagues and customers when workers test positive for coronavirus.
- Businesses must disclose enough information to maintain a safe work environment under the federal Occupational Safety and Health Act without sharing employees' health conditions, which must be kept confidential under the federal Americans with Disabilities Act
- Businesses should track down and notify clients who may have been exposed to diagnosed staff
Business Pivot | Creative Ideas
3 Trend Forecasters on the Business World After Coronavirus
Expert prognosticators take a future-forward look at our potential post-COVID-19 new normal: 'At times of crisis, we see innovation flourish.'
- Anything that can digitize will digitize.
- There will not be a return to 'normal' after this.
- Innovation will continue to flourish.
Vistaprint, Facebook, Verizon, More Offer COVID-19 Grants to Small Businesses
Companies such as Vistaprint, Facebook, Verizon, Salesforce and others are offering additional grants that can help keep your small business afloat during the coronavirus crisis.
- The U.S. Chamber of Commerce, in collaboration with Vistaprint and with support from Merck, S&P Global Foundation and Travelers, launched The Save Small Business Fund.
- Vistaprint donated $1 million to the fund.
- The fund hopes to distribute at least 200 grants per week for an undetermined amount of time.
How to Pivot Your Small Business Strategy During the COVID-19 Crisis
How to stay productive, keep your business afloat and add value to your community.
- Online events and other offerings.
- Offer training opportunities to help your team and your company in the long-term.
- Opportunity to engage with your customers on social media and increase your brand awareness with content.
How to Stay Connected With Customers Through COVID-19
Your customers may be on self-quarantine, but that doesn't mean you can't stay connected and continue providing excellent service.
- Communicating with customers about how you're preventing the spread of COVID-19.
- Increasing your social presence.
- Serving your customers through digital channels.
Helping Your Business Through COVID-19
We know this is a difficult time for people everywhere, including small business owners. We want to help. We've gathered some useful resources to help your business navigate these challenging times.
- Keep your customers informed.
- Adjust your advertising.
- Adapt to customer behavior.
- Run your business remotely.
Social Media Vital for Small Business Throughout COVID-19 Pandemic
With rapidly changing market conditions due to COVID-19, communicating with customers via social media has never been more important. Expert Carissa Hill said it was imperative business owners embrace the instantaneous nature of social media to keep stakeholders and clients informed.
- Have a pinned post related to where your business is at during coronavirus.
- Make posts relating to how your business has adapted to the change, such as offering delivery or curbside pickup.
- Ramp up social media as more people stay home and are online.
Ideas for Creating a Sense of Culture Amid Social Distancing
Written by Zoom, a free video messaging platform. Here are some creative and fun ideas to keep remote workers engaged so your team is motivated during the world's largest work-from-home mandate.
- Tips for events, team rendezvous and interactive ways to communicate.
5 Resources to Help Small Businesses Stay Ahead During COVID-19
To get you through this time of uncertainty here a list of resources to assist your small business and help you stay ahead during COVID-19.
- Open up virtual payment options.
- Leverage free virtual services like Zoom.
- Continue to market your business.
- Look into business loans and relief funds.
Small Businesses Adapt Creatively to Coronavirus
With small businesses hit hard by coronavirus-related restrictions, shutdowns and customer unease, here are nine clever ways they are dealing with new business changes.
- Restaurants and bars guide consumers to buy gift cards for future purchases.
- Fitness, wellness and yoga studios are offering virtual classes.
- Bakeries are offering delivery and live streaming.
Businesses Affected by COVID-19: Guidance on Updating Info and Temporary Closures
Google's help center has suggestions for businesses affected by the coronavirus pandemic regarding updates to their business information on Google My Business.
- Change your business hours, if necessary.
- Manage your information.
- Create a post.
How to Help Small Businesses Survive the Coronavirus
These tips can help small businesses stay alive during the coronavirus pandemic.
- Buy gift cards.
- Purchase take-out food options.
- Buy local by shopping online.
IRS Pushes 2020 Tax Filing and Payment Deadline to July 15. Here's What That Means for You.
You have until June 15 to pay taxes.
- Tax returns AND payment due on June 15.
- Anyone who usually files their federal taxes on April 15 qualifies.
- Deadline extension is automatic.
New Emergency Paid Sick Leave and Tax Credits
Employees taking sick leave for COVID-19 are entitled to 100% of their regular wages up to $511/day.
- Business owners can receive tax credits for wages paid to employees while on paid sick leave.
- The credit is applied to social security taxes.
- Employers are required to grant this type of leave starting April 2, 2020.
Be Smart and Safe About Reopening Your Small Business in a Post-Coronavirus World
When you will be able to reopen, of course, depends on a variety of factors: your locale's rules; the impact of the coronavirus in your area and, not insignificantly, the willingness of your customers to head out and into stores and businesses again.
- Focus on safety and cleanliness.
- Try flex-work creativity.
- Keep an eye on the market.
Here's When All 50 States Plan to Reopen After Coronavirus Restrictions
Governors are beginning to announce timelines for relaxing strict measures taken to mitigate the coronavirus.
- Many states are dropping stay-at-home orders beginning May 1.
- Several states have not yet announced an end to restrictions.
Open for Business: Preparing for Life After COVID-19
On April 16, President Trump issued guidelines empowering governors to reopen their states. The guidelines detail a three-stage process that establishes benchmarks for proceeding.
- Navigating the reopening process.
- Plan capital carefully.
COVID-19: Ad Credits for Google Ads Small- and Medium-Size Businesses
Google is giving SMB customers worldwide $340 million in ad credits, which can be used towards future ad spend, until the end of 2020 across our Google Ads platforms.
- Small- and medium-size businesses globally, who have spent with a Google Ads account in ten out of twelve months of 2019, and in January and/or February of this year.
- This is an ad credit for future Google Ads spend. It will not be applied to billed/invoiced past or current Google Ads spend.
- Starting in late May, we will begin rolling out the ad credit in phases.
Attorneys Offer Free Legal Consultations for Contractors
Members of software provider Levelset's attorney network are available to take COVID-19 and recession-related questions.
- Construction attorney network to provide free consultations.
- Covid-19 checklist for contractors.
Visa Foundation Commits $210 Million to Support SMB and COVID-19 Emergency Relief
The Visa Foundation announced a commitment of two programs totaling $210 million to support SMBs.
- The first program of $10 million is aimed for immediate emergency relief to support charitable organizations on the frontlines responding to the crisis.
- The second program is a five-year, strategic $200 million commitment to support SMBs globally with a focus on fostering women's economic advancement.
CVS Health Announces Cost-Sharing and Co-Pay Waivers for COVID-19-Related Treatment for Aetna Members
CVS health is waiving co-pays for inpatient hospital admissions related to COVID-19.
- Aetna, a CVS Health company, will waive member cost-sharing for inpatient admissions at all in-network facilities for treatment of COVID-19 or health complications associated with COVID-19.
- In states like New York and Washington with the strongest prevalence of COVID-19 cases, hospitals no longer need advance approval from Aetna for members requiring hospitalization for COVID-19.
- With increased anxiety over the COVID-19 pandemic, Resources For Living® (RFL), Aetna's employee assistance program, is offering support and resources to individuals and organizations who have been impacted by COVID-19 whether or not they have RFL included as part of their benefits.
Best practices, tools and a self-assessment to help protect your business from interruptions.
- Identify the business activities that are essential for continued operation during a disruption.
- Plan for risks that affect your business.
- Create an easy-to-use resiliency plan tailored to your business, giving you a plan in the event of a disaster.
Find Your State's COVID-19 Employer Resource Website
The COVID-19 pandemic is affecting different parts of the country in different ways. Use this resource to find the latest coronavirus-related guidance issued by your state.
- Select your state to visit the COVD-19 employer resource site specific to your small business.
- Stay up to date with the latest public safety mandates, agency closures and labor legislation.
These Companies Are Hiring Thousands of New Employees During the Coronavirus Pandemic
Many retailers are shut down, but consumers continue to flock to pharmacies, grocery stores and take-out restaurants. Demand for essential goods and food has skyrocketed, and stores are hiring like crazy to keep up.
- Dollar General
- PepsiCo and more
5 Ways to Do Smart & Responsible Marketing During COVID-19
Here, we've assembled our top tips for addressing your marketing approach during a crisis.
- Adjust marketing campaigns and scheduled content timelines.
- Evaluate your imagery and language.
- Don't capitalize on the crisis.
- Be positive, but not ignorant.
- Highlight how your brand can help.
- Remember: the quarantine won't last forever.
U.S. Sex Workers and 'Prurient' Businesses Excluded From COVID-19 Disaster Loans
Sex workers and anyone whose professional activities involve "prurient" products or content are ineligible for COVID-19-related loans for small businesses and the self-employed.
- Applicants that present "live performances of a prurient sexual nature" prohibited.
- They can also reject loan applications from independent workers in industries (like webcamming and porn) that are unquestionably legal across the country.
- They can refuse loans to disfavored businesses, like strip clubs and sex toy shops, despite these perfectly legal businesses being forcibly shut down by state orders just the same as movie theaters, hair salons, and clothing boutiques have been.
Three Easy Ways to Help Your Small Business Survive COVID-19 Coronavirus Pandemic
What is going to make your small business stand out from your competitors who are going to be just as hungry, if not hungrier than you?
- What you can do today to get customers tomorrow.
- Stay engaged with your customers on social media.
- Stay positive and remain an active part of your local community.
Coronavirus Mortgage Bailout: 'There is going to be complete chaos,' says industry CEO.
The Cares Act mandates that all borrowers with government-backed mortgages be allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.
- All borrowers with government-backed mortgages allowed to delay at least 90 days of monthly payments and possibly up to a year's worth.
- Payments would then have to be made at a later time through a payment plan.
- Servicers are granting the payment deferrals to borrowers with no questions asked.
How to Pivot Your Small Business Strategy During the COVID-19 Crisis
As small business owners, we're prepared for a lot of things, whether it's a seasonal shift in sales or an unexpected employee absence we have to step in and cover. But we've never seen anything like the COVID-19 pandemic, leaving us uncertain about how to cope in these strange times.
- Importance of helping over selling.
- Online events and offerings.
- Business planning for future growth.
- Empowering your employees.
How COVID-19 Is Affecting Small Businesses and What You Can Do
Check out the article for some suggestions on how to continue marketing your business and how to adapt to the changes brought on by COVID-19.
- Review your SEO and social media.
- Communicate with your customers to preserve the relationship.
- Stay updated on the COVID-19 situation.
Small Business Grants Program
Facebook will be giving away $100M in cash grants and ad credits to help SMBs.
- $100M in cash grants will be available to 30,000 SMBs.
- Available in 30 countries.
- Will be taking applications in the coming weeks.
Small Business Marketing Tips During the COVID-19 Pandemic
This is a unique opportunity that comes maybe once in a lifetime. Think of it as an opportunity to invest in Google or Facebook when nobody had heard of those companies. Focus on your marketing and existing customers when others aren't.
- Invest in marketing, if you can.
- Reassess and reallocate your marketing budget.
- Change your delivery method.
- Focus on your existing customers.
Reducing Digital Marketing Due to COVID-19? Read This First.
Here's some advice about being hands-on with paid search accounts and mindful of your content during this time of uncertainty.
- Manage your paid search and social media daily.
- Maximize your email communication.
- Keep up your SEO and content marketing.
Coronavirus and the Impact on Businesses So Far
Certain businesses are climbing in search rankings, while others are falling behind.
- Takeout and delivery are seeing a spike, while restaurants and food courts are falling.
- Activities that keep people apart are on the rise, while activities that bring people close together are not.
- Check cashing and payday loans are up, while tax services and mortgage lenders are down.
11 ways marketing can prepare hotels for life after COVID-19
Steps hoteliers can take now to best prepare for business after the coronavirus
- Audit Your Marketing Assets
- Record Videos Today for Social Media Use in the Future
- Interview Customers and Employees
- Plan Webinars or Make a "Frequently Asked Questions" Video
- Improve Your Online Reviews Strategy
Marketing Your Business During Covid-19 and Other Critical Times
So, how exactly do you market your business when the world is stopped and no one is doing anything? It's easy - go to where they are.... digitally.
- Share on social media
- Ramp up email marketing
- Use targeted google and social ads