The coronavirus pandemic may have closed your small business’s doors, but it doesn’t need to be the end of your enterprise. Whether you run a restaurant, a beauty salon, or a veterinary clinic, there are resources that can help you outlast the pandemic with your business’s bottom line intact. Ready to learn how? These resources have everything you need to get your business through the pandemic in one piece.
COVID-19 Small Business Loans and Grants
The first question on every business owner’s mind is, “How can I get help making it through this crisis?” Luckily, there are a variety of private and government-backed programs designed to support small businesses through the pandemic.
- The CARES Act expanded eligibility for the Economic Injury Disaster Loan program and established $10,000 emergency grants for applicants.
- Outside of the federal government, small businesses can apply for funding from their state, city, and county governments as well as big-name companies like Facebook, Google, GoFundMe, and Verizon.
- Even smaller organizations are getting in on the generosity. ZenBusiness, for example, is offering $1,000 grants to support customers impacted by the pandemic.
Assistance Programs for Employers
There are also programs to help small businesses keep employees on payroll through the crisis. Nonessential businesses that find creative ways to keep staff employed can benefit from programs like these.
- The competitive Paycheck Protection Program is the most well-known form of employer assistance, offering forgivable loans to qualified borrowers.
- Employers can also take advantage of new tax credits for providing paid sick leave to employees affected by COVID-19. Since businesses can deduct the credit from payroll taxes, relief comes quickly to those who qualify.
Tips for Pivoting Your Team to Remote Work
Your physical location may be closed, but there are still ways to keep business moving forward. The first step? Setting up your team for remote work. Here’s how to pull it off.
- Cybersecurity is the top concern when sending employees to work from home. PwC explains how to address the top remote work cybersecurity risks.
- You’ll also need to decide whether to supply devices or ask employees to bring their own. Supplying work-from-home tech brings security benefits, but also costs. Businesses can save money by supplying remote employees with just a laptop rather than a full office setup.
- Finally, your team needs to figure out how to work together from a distance. While tools like Slack make remote communication simple, using these apps effectively requires know-how. Read up on creating Slack channels, curating your company’s newsfeed, and other communication tactics to promote remote team cohesion.
Learn How to Set Up Your Business for Online Sales
Your team can work from home, but cash flow won’t follow unless you have a way to reach customers. For that reason, a web presence has never been more critical for small businesses than it is today. If your company’s online presence is lacking, use these resources to turn it around.
- First, you need a professional-quality online store. If you’re on a tight budget, use e-commerce website builders like Squarespace, Shopify, and Wix to create an attractive, functional website ASAP.