There are many resources available to create paths to solutions. Here are a few that every small business should be considering.
1. Utilize small business aid.
In early March 2020, the US government authorized $7 billion in disaster relief loans for small businesses affected by COVID-19.
This program aims to enable businesses that are operating in states with emergency declarations to borrow up to $2 million, repaying the balance over a 30-year period. The Senate has also approved a $480 billion relief plan that includes aid for small businesses.
The federal Paycheck Protection Program is another loan designed to mitigate the economic impact on companies with 500 employees or less. This two-year advance has an interest rate of 1% and gives businesses the option to borrow up to $10 million to continue paying their employees during the pandemic.
These drastic, yet necessary, measures are available to keep small businesses operational…
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