If there’s one thing I’m thankful for at this moment in history it’s not being a small business owner. The COVID-19 global pandemic is impacting life as we know it in ways we’ve never witnessed before.
Massive furloughs, businesses closing on a temporary or permanent basis, the stock market roller coaster… they all seem like scenes from a 70’s disaster flick, but they’re real.
And really scary.
Small business owners are not immune from this virus and many, unfortunately, may not recover. I’ve talked to some eCommerce store owners who are doing just fine – in fact, their sales are increasing daily as more and more consumers stay home and choose to have items such as food, candy, snacks, etc. shipped. On the other hand, store owners who serve businesses that are now shuttered, like restaurants, private clubs, etc., are wondering how long they are able to survive without orders coming in.
Fortunately for the SMBs who are feeling an impact, the government has opened up several federal programs that are a lifeline in this time of crisis.
Over on the Your Store Wizards blog, I wrote an article called COVID-19 Resources for Small Businesses that offers a look at some of the programs available to small business owners, including:
- Paycheck Protection Program (PPP) that is designed for small businesses, self-employed individuals, and other organizations with less than 500 employees to tap into $349-billion set aside by the federal government for job retention and other expenses.
- Economic Injury Disaster Loans and Loan Advance (EIDL) gives SMBs access to the SBA’s Economic Disaster Loan program, where they can receive working capital loans up to $2-million to help overcome a temporary loss of revenue.
- SBA Express Bridge Loans give businesses that have an existing relationship with an SBA Express Loan lender access to up to $25,000 with less paperwork.
If you’re an online store owner in need of financial assistance, these resources are available to you – so use them!