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Small Business Relief: COVID-19 Resources for Startups

Posted: 27 Mar 2020 08:58 AM PDT

Small businesses are struggling to find relief during the COVID-19 pandemic. According to Forbes, about 30 million small businesses across the United States are in trouble, with half that number blaming the pandemic for revenue decline. As states work to approve emergency funding measures for business owners, many companies are closing their doors and laying off staff. For many, the hope is that this will be a temporary situation rather than permanent.

Meanwhile, we're in the present. Where can small businesses find relief right now? If you're in need of help, this ever-growing list of resources may benefit your business.

SBA disaster assistance

Has your business or nonprofit been severely impacted by COVID-19? The U.S. Small Business Administration (SBA) is working directly with state governors to provide disaster assistance loans to help those companies recover. These loans have low interest rates: the interest rate for small businesses is 3.75%; the interest rate for nonprofits is 2.75%.

These business disaster loans are provided through the SBA's Economic Injury Disaster Loan program, which will offer up to $2 million to small businesses in assistance. Additionally, loans provided to qualifying businesses may be used to pay fixed debts, payroll, accounts payable, and other small business bills. You may apply for a disaster assistance loan through the SBA website.

GoFundMe Small Business Relief Initiative

What happens when you partner GoFundMe, the world's largest social fundraising platform, with Yelp, the company that connects people with great local businesses? You get a partnership that introduces small business owners to the Small Business Relief Initiative, a program to provide microgrants and fundraising tools to qualifying small businesses that have been negatively impacted by COVID-19.

As part of the Small Business Relief Initiative, GoFund, Yelp, and accounting software provider Intuit Quickbooks are all pledging to donate up to $1.5 million in donations to the Small Business Relief Fund. Once that fund has been depleted, GoFundMe will continue to issue $500 in matching grants to qualifying businesses. This will allow small businesses to keep raising funds and inspire members of the community to assist with contributions and make donations.

Amazon's Neighborhood Small Business Relief Fund

Is your small business struggling in the Seattle area? You may be able to find relief in Amazon's $5 million Neighborhood Small Business Relief Fund. This fund was created to provide cash grants for businesses impacted by COVID-19 in and around the Seattle area.

As specified on the fund's home page, eligible businesses include those with fewer than 50 employees or less than $7 million in annual revenue. Other eligible businesses include those with a physical presence  a few blocks away from Amazon’s office buildings, that are open to the general public, and are reliant on foot traffic for customers.

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Facebook Small Business Grants Program

You know what's better than 100 million followers? $100 million in cash grants for small businesses. Facebook's Small Business Grants Program is offering $100 million in cash grants and ad credits for businesses impacted by COVID-19.

At press time, the social media giant was still working out details about the eligibility and application status. However, we do know a few key steps that the program provides businesses:

  • The fund is available in the 30 countries where Facebook operates. The $100 million in cash grants and ad credits will be available for 30,000 eligible small businesses.
  • The program, in addition to helping with rent costs and covering operational expenses, will allow small businesses to connect with even more customers and maintain a strong workforce.
  • Facebook has launched a Business Resource Hub for small businesses and entrepreneurs. Here you'll be able to find even more tools and resources to manage through a crisis like COVID-19.

Federal tax filing deadline extension

Taxes are typically due on April 15th, but not this year. If you're worried that you won't be able to make the cutoff time with your small business, the deadline for federal tax return filing has been extended to July 15, 2020. This is the same extension date for individual and business tax filing for tax payments of up to $10 million.

State emergency relief

In addition to existing disaster and relief programs available in each state, new programs are also being launched.

In California, for example, the city of Sacramento has started a fundraising campaign called Donate4Sacramento. Donors may give to small businesses impacted by COVID-19, or they may direct their donations to the homeless, nonprofits, or families in need.

Check in with your local state to see which programs may be applicable to your small business. I would also recommend keeping an eye peeled to the news as well. New fundraisers and initiatives are being announced on a near-daily basis to provide small business owners with relief during COVID-19.

It may be darkest before the dawn, but daylight will break—and we are coming together as one for our small businesses and communities worldwide.

RELATED: The Best Ways to Finance Cash Flow Emergencies

The post Small Business Relief: COVID-19 Resources for Startups appeared first on AllBusiness.com. Click for more information about Deborah Sweeney. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

5 Ways to Improve Employee Communication During the COVID-19 Crisis

Posted: 27 Mar 2020 08:53 AM PDT

By Andy Bailey

During these extraordinary times, as the world's foremost health experts work to quell the COVID-19 pandemic, it's critical that leaders step up, make the right decisions swiftly, and be ready to pivot on a moment's notice.

Taking care of company team members should be a top priority. Leaders need to take the helm and steer the ship during these unpredictable tides—and ensure their actions are in the best interests of their employees.

COVID-19 is affecting nearly everyone's life in the United States and nations around the world, and for now there's no clear line of sight as to when some semblance of normality will return. Decisive action needs to be taken now, not later, to ease the stress this pandemic is causing and preserve the company culture you've worked so hard to build. Here's how you do it:

1. Put together an enterprise communications team

Bring together leaders from across your company to identify and prioritize issues. The team should include a manager from each major department and region (if applicable), as well as human resources, legal, operations/facilities, finance/accounting, sales and customer service, and marketing/communications.

In larger companies, the senior communications leader should usually head up this effort; in smaller companies, the CEO should lead. The task force should establish strategic imperatives, communication protocols, and a meeting rhythm.

Leaders can't make effective operational changes without the buy-in of team members. Now is not the time to roll out a bunch of new rules and policies without consulting anyone. Bring your ideas to the table first so the task force knows what you are thinking. Then get their feedback and collaboratively determine how to proceed, ensuring any new initiatives are communicated effectively.

2. Educate your people

Your team members are searching for ways to cope with the growing anxiety around the coronavirus. You, as the leader, need to be the voice of reason and hope.

Provide employees with the latest healthcare advice from the Centers for Disease Control and Prevention (CDC) on how they can protect themselves and loved ones. Share updates from federal, local, and state governments on school closings and rules that affect how businesses can operate. Explain what your company is doing to help them, as well as clients and the community.

Communicating nearly every day—at least three times a week—is essential. Send email updates to your employees and make sure information is shared during regularly scheduled meetings. Be open and frequent with communications, even if you have no news to share.

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3. Loosen company policies

Don't let a company manual stand in the way of making the necessary changes to help your team. Most day-care facilities and schools are closed, and it's disrupting the daily lives of employees who have families. Leaders must be empathetic to the changes affecting their team members, which may mean allowing more flexible work schedules.

Yes, that means allowing employees to work from home, but it also may mean working at odd hours. Instead of focusing on specific times, use key performance indicators (KPIs) to track the work and ensure everything is being handled.

4. Safeguard team members

There are many different ways you can take care of the health of your employees. Follow CDC and any federal or local policies and procedures, and limit employee travel. Scale back in-person meetings, both in the office and off-site. Allow team members to work remotely. Have your cleaning crew do more regular deep cleans of your office. Stock up on hand sanitizers and Clorox Wipes. All of these steps will show your team members that you are looking out for their health.

5. Lead by example

I know this should be obvious, but as the leader you need to be front and center on this. You need to engage with team members and show your passion, motivation, and commitment to do everything in your power to help the company. When the team sees your dedication—by participating in strategy sessions, talking/videoconferencing with team members, and publicly recognizing employee achievements—they'll be much more likely to be energized and get on board.

Act now

Nothing—I repeat—nothing will affect your business more than the mental and physical health of your people. As a leader, you can't let this complex and rapidly changing crisis affect your team. You have to act—and do it now so your team is stronger when the pandemic is over.

RELATED: 10 Tips for Conducting Productive Virtual Meetings

Andy Bailey is the founder and CEO of business coaching firm Petra Coach as well as the author of the Amazon bestseller "No Try Only Do: Building a Business on Purpose, Alignment, and Accountability" and a new book "Vitamin B (For Business)." He serves in an advisory role on the Gazelles Council, the leaders of the Scale Up movement. Visit his blog at www.petracoach.com for more business and leadership insight.

The post 5 Ways to Improve Employee Communication During the COVID-19 Crisis appeared first on AllBusiness.com. Click for more information about Petra Coach. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.
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