Depending on the size of your small business, you may be qualified for certain loans and grants on both the federal and state level.
言侯爷What is considered a small business?言侯爷
Small businesses are defined based on what type of industry they belong to. To determine if your business is considered to be a small business by the Small Business Administration, visit the SBA Size Standards webpage.
One of the most important features of the federal stimulus package is the Paycheck Protection Program (PPP), designed specifically to help small businesses stay in business and keep their employees on payroll. As of April 22, 2020, the federal government as allocated additional funding to the PPP. However, these funds will likely be claimed by the many businesses that have been impacted by the coronavirus. If you haven't already, talk to your local bank or small business lender about applying for the Paycheck Protection Program and to find out the most up-to-date information.
To learn more about the PPP and how your business can apply for a PPP loan if additional funding is allocated, read our Guide to the Paycheck Protection Program for Small Businesses.
Some private companies and organizations have established grants for small business relief. Facebook is one such company. Certain credit card companies and banks, like Bank of America, are also offering economic relief for their small business members.
For a larger list, visit our guide to private grants for small business relief.
In response to the coronavirus pandemic, both federal and state governments are actively providing tax assistance for small businesses as well as updated employee leave policies.
State tax relief varies by state. For more information on tax relief in your state, select your state from the dropdown menu at the top of the page.
Because of the ever-changing nature of the coronavirus pandemic, it’s important to set business maintenance policies for you and your employees.
The Coronavirus Aid Package (CARES Act) is providing extended unemployment benefits to workers who are ineligible for regular unemployment programs but are out of work solely because of the coronavirus pandemic. Unemployment compensation has also been extended by 13 weeks.
State-specific unemployment insurance actions related to the coronavirus pandemic vary. For more information on unemployment insurance actions in your state, select your state from the dropdown menu.
言侯爷NOTE言侯爷: Workers cannot file for unemployment if they are receiving any kind of direct financial help from your business.
The best way to prevent the spread of the virus in your business is to create a “work from home” policy. If your business is able to provide remote work opportunities for its employees, consider the following strategies:
- Invest in new technologies and softwares
- Provide remote training for employees
- Establish a remote communication system
- Enforce a daily routine
- Trust in your employees’ ability to stay on track