Get Help From the SBA to Keep Your Business Afloat

Get Help From the SBA to Keep Your Business Afloat

The current COVID-19 pandemic is also an economic crisis, with long-lasting impacts felt across all industries. Therefore, businesses must be proactive now, in order to combat and mitigate potential losses.

The Small Business Administration (SBA) may be an avenue for small businesses searching for a helping hand during the pandemic, as they are encouraging small businesses to do their part to keep themselves,  their employees, and customers healthy.

Some available assistance provided by the SBA are as follows:

Economic Injury Disaster Loan Program provides small businesses with capital loans of up to $2 million in order to provide vital economic assistance to help businesses tolerate temporary losses of revenue.

Guidance for Businesses and Employers to help them develop strategies for immediate implementation, and to provide suggestions on how to respond to common issues currently faced by small businesses, including:

  • Capital Access
  • Workforce Capacity
  • Inventory and Supply Chain Shortfalls
  • Facility Remediation and Clean-up Costs
  • Insurance Coverage Issues
  • Marketing

Assistance to Small Businesses in accessing federal resources.

Loan Resources for small businesses to utilize when operating their business, which may offer loan amounts up to $5,000,000.

Export Loans to provide help to small businesses in order to achieve sales through exports and to overcome the challenges associated with trade.

Government Contracting assistance to enable continuity of operations for small businesses with federal contracts.

Small businesses should start preparing, if they have not started already, for the ensuing economic impacts from the COVID-19 outbreak, and ask themselves questions, such as:

  • Do we have a budget to pay employees if the income stream slows, or even stops?
  • Do we have a budget to take precautionary measures, such as performing routine environmental cleaning in the workplace, in order for our employees to safely come into work to perform their employment duties?
  • Do we have a budget to fund remote access for our employees so that they can work from home?

Small businesses should consult counsel for assistance in shuffling through, and potentially choosing the best available financial or other aid program offered by the SBA.

By: Harsh Arora, Partner, at Kelley Kronenberg, who handles business litigation and complex and international corporate transaction matters. He represents multinational businesses as their outside general counsel.  For more information, please visit https://www.kelleykronenberg.com/covid-19/ or contact Harsh Arora, harora@kklaw.com or TEXT, 954-256-0743.

Disclaimer: This article is intended to provide you with general information regarding the impact of a potential or actual coronavirus pandemic. The contents of this article are not intended to provide specific legal advice.

 

RELATED POSTS

How to Handle Emotions When Navigating a Toxic Work Environment

How to Handle Emotions When Navigating a Toxic Work Environment

To get back in charge try a simple exercise and then yourself  three questions When emotions run high due to experiencing a toxic environment at work, the best thing to do is to take a conscious and intentional pause. Pausing might seem passive and highly ineffective,...

The Protection of Consumers’ Online Privacy: A Revolution in Rights

The Protection of Consumers’ Online Privacy: A Revolution in Rights

The seven elements of the Consumer’s “Privacy Rights?” In our last article, we discussed the revolutionary changes in privacy law that have occurred in the last few years stemming from the advent of the European Data Protection Regulation (“GDPR”) and the recent...

The Art of Marketing: The Client Is King 

The Art of Marketing: The Client Is King 

Four key reasons you should always put the client first: The most important principle of any successful marketing and/or sales effort is this: The Client is King. All of the marketing channels, press, events, campaigns, advertisements and posts you’re churning out...

Video Gallery

Polls

Sign Up for the Latin Biz Today Newsletter

PR Newswire

Featured Authors

Money

Talent/HR

Legal

Marketing

Strategy

My Unusual Path to Launch a New Business

My Unusual Path to Launch a New Business

Understanding the value of stepping away from a large corporation to build my Hispanic business This is my entrepreneurial story. Like many Hispanic businesspeople Fortune 500 companies are great to work with until they interfere with your core values. That's the...

Latin Biz Today Salutes Our Veterans

Latin Biz Today Salutes Our Veterans

Many Hispanic veterans played a vital role in protecting democracy and keeping our nation safe Today we honor veterans and active duty military personnel for their sacrifices and contributions to keeping the world safe. Here are several examples of Hispanic veterans...

Fashion

Food

Music

Sports

Innovation

Work, Life & Culture

Culture

Health & Fitness

Travel & Destinations

Personal Blogs

Pin It on Pinterest