INFORMATION AND RESOURCES FOR SMALL BUSINESS DURING COVID-19
As our global community looks to contain and combat COVID-19 (or what’s commonly referred to as the Coronavirus), businesses must take every precaution to ensure the safety of both their employees and their customers. The outbreak and response leave many small business owners feeling stressed and anxious; as the impact continues to widen, we’ve compiled the resources below to help.
THE SBA PAYCHECK PROTECTION PROGRAM
The Small Business Administration (SBA) and the U.S. Treasury Department have created a $349 billion dollar Paycheck Protection Program. This gives small businesses access to capital during the economic downturn caused by COVID-19 pandemic.
According to the SBA, the goal of the program is to position lenders as a single point-of-contact for small businesses. That means the application, loan processing, and disbursement of funds can all be administered at a community level.
Main features include:
- Eight weeks of payroll
- Interest rate of 1%
- Loan maturity of 2 years
- First payment is deferred for 6 months
- 100% guarantee by SBA
- No collateral or personal guarantees
- No borrower or lender fees payable to SBA
More information can be found on our dedicated COVID-19 page. You can also download a sample form to better understand the application.
These resources are intended to help everyone stay informed about a situation that changes frequently — we’ll be updating the information and links as they become available.
Below are a few government resources, media sources, and data trackers that offer the latest information about the Coronavirus (also referred to as COVID-19 or SARS-CoV-2).
- CDC Coronavirus Resources (CDC): The latest news and resources, directly from the Center for Disease Control and Prevention (CDC).
- CDC Guidance for Businesses and Employers (CDC): “The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available.”
- Coronavirus Resources (U.S. Department of Labor): More helpful information on workplace safety, plus information on wages, unemployment insurance flexibility, worker support information, and more.
- Q&A on Coronavirus (WHO): A thorough question-and-answer page from the World Health Organization (WHO).
- Coronavirus: Workplace Tips for Employees (U.S. Chamber of Commerce): General workplace health and safety information.
- Coronavirus Response Toolkit (U.S. Chamber of Commerce): Examples of key messaging and social media graphics for businesses to use during the COVID-19 pandemic.
Resources for Small Businesses
These are resources and articles with information we’ve found helpful about how the Coronavirus affects small businesses and how those companies can prepare.
- Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (SBA): Guidance from the Small Business Administration on how small businesses can keep their customers, employees, and communities healthy.
- Disaster Loan Assistance (SBA): The Small Business Administration (SBA) also offers emergency financial aid to small businesses that suffer during natural disasters and other disruptive events. SBA emergency loans are now available to businesses impacted by the Coronavirus.
- Open for Business: The Open for Business hub lists technology companies that are helping small businesses optimize for remote work during the Coronavirus outbreak.
- Coronavirus Small Business Guide (U.S. Chamber of Commerce): A collection of coronavirus-focused articles and resources for small businesses.
- List Of Coronavirus (COVID-19) Small Business Relief Programs (Forbes)
- While at Home: Small Business Resources: A collection of resources, relief funds, and tool recommendations for small business owners.
Additional Business Perspectives
Here are a few extra articles we’ve found helpful. These offer Coronavirus news and information for the general business population.
- How to Prepare for the Coronavirus (NYT): Coronavirus cases continued to be confirmed in the United States. By following some basic steps, you can help reduce your risk, and do your part to protect others, if your community is affected.
- 8 Questions Employers Should Ask About Coronavirus (HBR): “This epidemic is a wake-up call for companies to carefully review the strategies, policies, and procedures they have in place to protect employees, customers, and operations in this and future epidemics. Here are eight questions that companies should ask as they prepare for — and respond to — the spread of the virus.”
- COVID-19 (Coronavirus) Data Resource Hub: Tableau has launched a free resource page that includes relevant data visualizations about the spread of COVID-19 and the public health response.
- Lead Your Business Through the Coronavirus Crisis (HBR): “Based on our ongoing analysis and support for our clients around the world, we have distilled the following 12 lessons for responding to unfolding events, communicating, and extracting and applying learnings.”