COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. Here are our suggestions:
In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans.
With the impact of the COVID-19 crisis affecting people all over the country, the Internal Revenue Service and the Treasury Department have said that the monies promised to Americans will begin being distributed within the next three weeks, providing a lifeline to those whose financial lives have been upended by the pandemic.
With much of the country in self-isolation, perhaps you’ve got time to read the entire H.R. 748 Coronavirus Aid, Relief and Economic Security Act or CARES Act. If you’d prefer, here is a summary of many of the key provisions we’d be happy to discuss with you in person (virtually), depending on which ones apply to you. Questions?