Small Business Resources To Consider During COVID-19
Updated: Apr 30, 2020
With the United States experiencing unprecedented strains to all small businesses, the government has implemented new ways for small businesses to access financial resources to help keep them safe. This list will be updated as more information is uncovered and found. By no means is this a full list of all resources available to small businesses. We encourage any small business to also see if there are specific local resources offered as well. Your cities' Chamber of Commerce and Business Development office may be able to direct you to those local resources.
The Cares Act was recently signed into law by the President. It was created to amend the Small Business Act. The Cares Act was designed to help small businesses with less than 500 employees. For more information on the updates, please refer to this article written by the Tax Foundation. The Cares Act was designed to: expand unemployment insurance for workers, provide 350 billion for the Paycheck Protection Program, provide a tax payer stimulus check, create tax breaks for small businesses, provide up to 454 billion in emergency lending to businesses, states, and cities, and more.
SMALL BUSINESS ADMINISTRATION
The SBA's (Small Business Administration) Economic Injury Disaster Loans could be a good option for many small businesses befallen to this pandemic. Their low-interest loans are open to both for profit companies and not-for-profit organizations. To find out more, visit the SBA Website. Many communities across the Nation have a local SBA office, to find yours so you can reach out and discuss your options, find that office here.
RESOURCES FOR PEOPLE WITH DISABILITIES
WINTAC (Workforce Innovation Technical Assistance Center) has compiled many resources and links for those needing more information about what is available in response to COVID-19. There is a wide ranging list of information for both individuals and those that own a small business. Their website is accessible but the downloadable information may not always be. If you have any trouble with a document, they ask that you reach out to the original publisher of the document.
IN DEPARTMENT OF WORKFORCE DEVELOPMENT
The Indiana DWD (Department of Workforce Development) has put together a resource page for Hoosiers to get up-to-date information. There are many great resources to look over like Frequently Asked Questions for both individuals looking to claim and for employers and a link to a recorded Facebook Live event with helpful information.
INDIANA SMALL BUSINESS DEVELOPMENT CENTER
The ISBDC has created a specific page for Hoosier small businesses to find resources. Visit their COVID-19 response page for more information.
ARC OF INDIANA
Your state will undoubtedly be listing their resources as more and more of them are brought to the attention of its citizens. Here in Indiana, The ARC has compiled a nice list for Hoosier residents to use as updates are made.
PROPERTY MANAGEMENT/LEASING AGENT
During these times, there are many companies working with businesses so they are able to recover once things begin to open back up. If you have not already done so, talk with the property management company where you are leasing space. See if they are putting in provisions, pausing rent payments, or offering some other type of relief for tenants during the quarantine. A number of large companies including utilities are offering relief. If you are paying rent to a smaller company or even an individual, you may have better luck working out a deal by calling and having a conversation now. Remember, everyone is trying to figure out the best way for their business to make it through this, there is incentive for everyone to help each other.
BE WELL INDIANA
Managing mental health is essential for the well-being of Hoosiers across our state and communities around the world. Whether you and your loved ones are hunkering down at home or taking precautions while continuing to perform essential work, there are many unique challenges you may be facing during the Coronavirus epidemic. You may feel differently than you normally do. You may be wondering if you’re “okay.” You may even already be living with mental health issues that have been aggravated by the COVID-19 crisis. For more information CLICK HERE.
If you know of a resource that we should be including on this page, please send the information and link to Tom.Schriner@portalsllc.org