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Are you struggling due to the coronavirus? If you are worried about keeping your small business open during the pandemic, use some of the following online resources:
Small Business Administration Loan Options
The Small Business Administration (SBA) is processing loan applications for the COVID-19 relief package signed into law on March 27, 2020. The relief package provides affordable loans to struggling businesses.
While the funds for the loan program were used up within the first few weeks, several major businesses have returned their loans, opening additional funds for small businesses.
The SBA also offers a Paycheck Protection Program and other relief options. If you currently have a lot of business debt or expenses, one of the SBA programs may suit your financial needs.
CDC Guidance for Small Businesses
The Center for Disease Control (CDC) has issued numerous guidelines and recommendations to help stop the spread of coronavirus. The CDC has compiled its recommendations for small businesses and employers, making it easier for you to protect your workers and customers.
The available guidance includes recommended steps for preparing for a COVID-19 outbreak in the workplace. You can also learn how to reduce transmission among employees, such as by encouraging sick employees to stay home.
Check back regularly for the latest updates to the CDC recommendations as the CDC frequently compiles the newest information on coronavirus.
US Chamber of Commerce Coronavirus Response Toolkit
The Coronavirus Response Toolkit from the US Chamber of Commerce includes various resources for businesses during the pandemic.
Most of the website resources are graphics you can print and display in your workplace. This includes signs showcasing the symptoms of COVID-19 and displays encouraging people to practice social distancing.
Along with graphics, you can find recommendations for small businesses. The site includes a preparedness checklist, which includes prioritizing critical operations and suggestions for establishing teleworking policies.
US Department of Labor Coronavirus Resources
The US Department of Labor has comprehensive online resources for business owners. The information covers workplace safety, unemployment insurance flexibilities, and support for dislocated workers.
The information on the website offers guidance for keeping your business operating during the coronavirus pandemic and resources for ensuring that your staff receives adequate compensation and insurance.
If your employees take paid or unpaid time off during the COVID-19 crisis, your tax liabilities may change. This can be a confusing time for determining tax requirements for small businesses. Luckily, the Internal Revenue Service (IRS) has added helpful FAQs and other online resources.
Using IRS resources, you can learn which tax relief options are available. For example, you may qualify for the employee retention credit, a refundable tax credit against various employment taxes. This tax credit helps limit your liability for employment taxes and may ease your financial burden.
Along with these resources, additional online tools and programs continue to help small business owners. Watch for assistance programs and resources geared toward your industry or region.