Episode 172: Learn about some of the available options for small businesses to get through the COVID-19 crisis. We’re also talking about resetting finance goals and trying to stick to a grocery budget during the pandemic.
SBA Paycheck Protection Program
The Paycheck Protection Program (PPP) is a forgivable loan, as long as you keep your employees on the payroll for eight weeks and avoid layoffs. You can apply through any participating lender or federal institution.
The SBA is also offering various debt relief programs and express loans. You can find all of those here.
Tips for Surviving the Pandemic
As a small business trying to thrive during this time, consider changing your usual offerings to bridge the gap for generating income:
Use this time to generate leads and create a sales funnel.
Use your social network to make more connections and offer small but useful videos and tidbits relevant to your business.
Reach out and ask customers for help by taking rain checks over refunds or purchasing gift cards for future work.
Look into doorstep delivery and pick-up, creating packages created around staying at home.
Go virtual— host cooking classes, workshops, training classes, etc.
Use downtime to be productive.
Protect your employees and use this time to create loyalty.
Help your community— your customers will remember who helped after the pandemic has passed.
Evaluate and understand your risks.
There are lots of options available to help. We’re in this together. If you have any questions or need advice about handling your finances during this difficult time, don’t hesitate to reach out. We’re here to help! Join our Facebook group to get in on the conversation.
Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.This post may include affiliate links.