The coronavirus outbreak has created all kinds of new challenges for small businesses. There are smart ways to adapt to the emerging corona economy, but you may still need some relief and assistance to help carry your business through these dark times to a brighter tomorrow.
That's why the Web.com team has put together helpful resources and information for small business owners who may be struggling because of the coronavirus. We want you to continue pursuing your dreams of success during these economic difficulties. Here's where to start.
The Economic Injury Disaster Loan Program
The Small Business Administration (SBA) is one of the best resources for small business owners, and the coronavirus outbreak is no exception. Currently, the SBA is working with governors in designated states to provide assistance through the Economic Injury Disaster Loan Program.
The program is designed to provide small businesses with loans of up to $2 million to help them bridge their losses during coronavirus. Click here to view eligibility and detailed application details. The program is evolving (as an example, the U.S. Chamber of Commerce is asking the federal government to make the loan process easier and faster for loans of $350,000 and less), so be sure to check back regularly on the SBA loans page for updated information.
Facebook's Business Grants Program and Resource Hub
Facebook recently announced a $100 million grant to assist small business owners. They are planning to provide cash grants to more than 30,000 qualified businesses in the coming weeks, and they will be accepting applications soon.
In the meantime, be sure to check out their newly-launched Business Resource Hub. It features helpful resources for small business owners, including details on how you can use Facebook to stay informed and up to date on the latest news about the crisis.
Coronavirus Response Toolkit
The U.S. Chamber of Commerce has compiled a set of CDC resources that could be helpful for your small business. It includes graphics that can be used in emails or in social media. You could also print the graphics and post them in a physical location. For custom materials, use their interactive Coronavirus Prevention Flyer Builder.
Covid-19 Policy Tracker
Policy changes at the local and state level can be dizzying to keep track of. The MultiState Covid-19 Policy Tracker provides up-to-date details on policy changes and response activity from state and local governments. It also offers contact details for health departments, copies of emergency declarations and maps illustrating coronavirus-related legislative activity.
Google's Remote Work Hub
Google has assembled an extensive number of videos explaining how to work remotely along with resources to help you do so effectively. Topics covered include videoconferencing, remote collaboration, scheduling and managing remote meetings and more.
The Families First Coronavirus Response Act was signed into law on 3/19/2020. It establishes a program to provide paid sick leave to workers taking unpaid leave because of the outbreak, expands unemployment benefits and provides grants to states for processing and paying claims, among many other changes.
The largest phase of the federal coronavirus relief effort thus far is a $2 trillion-plus stimulus package that includes direct cash payments to Americans within eligible income brackets (based on your 2019 return or your 2018 return if you have not filed: $75,000 for single adults and $112,500 for adults filing as heads of households) and $370 billion in loans for small businesses. Portions of loans used to pay payroll costs for up to eight weeks will be forgiven as long as the employees were retained during the loan period. The loan money must be used within that eight-week period to avoid repayment.
Here for You Throughout the Crisis
At Web.com, our goal is to help small business owners and entrepreneurs find success. We'll continue to provide up-to-date information on the coronavirus outbreak, so be sure to check back often on the Web.com blog. Take advantage of the resources available to you and stay alert for legislative updates and new opportunities. Stay resilient, stay positive and keep your customers engaged and informed. You can do this.