As our global community looks to 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.
SBA Relief Options
The SBA has four funding options available to assist small businesses. They include:
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 0.5%
- 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
Need help going digital?
We've found that businesses and customers are increasingly moving towards digital means of communication and interaction as a result of the pandemic.
If your small business needs help transitioning to digital customer experiences and/or wants to try CRM, you can get started with a free trial of Salesforce Essentials. We'll help you make it a fit for your business and, most importantly, your customers.
Click here for a free trial of Salesforce Essentials.
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.
Here are a few extra resources that we’ve found helpful.
- 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.
- Workr Beeing Courses: Workrbeeing is an organization that produces podcasts and courses on how to improve workplace relationships and culture.
- 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.”