As we push through the challenges presented by this crisis, many organizations have stepped forward to provide assistance when it is most needed. These may be worth looking into in an effort to plan ahead for the coming weeks and months.
Small Business Administration
The U.S. Small Business Administration is offering low-interest federal disaster loans to provide working capital for small businesses that are being substantially injured by the coronavirus pandemic. Approved loans can be up to $2 million, with interest rates of 3.75 percent and repayment plans of up to 30 years.
If you have been impacted, please consider applying with SBA today.
Congress has passed, and the president has signed into law, the Families First Coronavirus Act which guarantees free coronavirus testing, establishes paid leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. This act could provide substantial support for your families and staff.
For all of the details of this bill, click on the link to congress.gov.
National Retail Federation
The National Retail Federation recognizes that the health and safety of customers and workers is retailers’ top priority. NRF is closely monitoring the situation around the COVID-19 pandemic, coordinating with government agencies, health experts and retailers as the situation continues to evolve. NRF is addressing the supply chain implications as well as developments related to the spread of the virus globally and domestically.
Click on the attached link to stay on top of ongoing information from the NRF.
Facebook is working to keep people safe and informed about the recent outbreak of COVID-19. As members of the communities you serve, businesses like yours may also be experiencing unexpected challenges, and they are committed to providing as much support as possible. They are offering $100M in cash grants and ad credits to help during this challenging time.
To see how Facebook is helping retailers to manage through and build resilience during this trying time, visit the Facebook Business Resource Hub.
Just last week, the Internal Revenue Service announced that the Federal Income Tax deadline would be extended to July 15, 2020. Now, in a similar move to alleviate some of the financial stress, loan providers, including Fannie Mae, Freddie Mac and Bank of America have announced mortgage forbearance and assistance opportunities for their customers. While this may or may not directly affect your business, it could certainly help your family and employees.
One Final Note
Be sure to check with your financial institution to see if there are any programs that could assist you and your business during this period. Also, consider checking with your local government for potential assistance.
Stay strong and persevere. PHD will continue to provide you with helpful information in an effort to give you the support that you need.