Small businesses everywhere are struggling with the impact of the pandemic. Where can small business owners find help?
The Federal government has a number of resources to help small businesses get loans or grants to cover the gap.
The SBA is offering loans of up to $2 million for working capital to help small businesses, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations.
Paycheck Protection Program, opens a new window. This SBA program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Opportunity Fund, opens a new window, California's largest nonprofit microlender, is offering loans or grants to small businesses throughout this crisis.
Need some advice on crisis leadership? Skillsoft 24x7 has several articles on business resilience.
Example titles include:
- MIT Sloan Management Review Article on Leading Through COVID-19
- Faster Disaster Recovery: The Business Owner's Guide to Developing a Business Continuity Plan
- Resilient Organizations: How to Survive, Thrive and Create Opportunities Through Crisis and Change