The COVID-19 Small Business Resource Guide: We’ve compiled everything you need to know so you can focus on forging ahead
By Jamie Hancock
March 25, 2020
We probably don’t need to tell you that small businesses are getting hit the hardest as the Coronavirus puts life on hold. We know that you may be struggling to separate fact from fiction and feeling overwhelmed by the prospect of keeping yourself afloat. So we’re here to help share a few resources that we hope will help you navigate this crazy time.
Small business owners respond to coronavirus
If you’re wondering how your organization is going to overcome the financial hardships resulting from coronavirus, you’re not alone. Millions of small businesses across the U.S. are already feeling the impact.
Survey of 1,500+ Goldman Sachs 10,000 Small Businesses participants:
51% say their business will only be able to continue to operate for 0-3 months
96% say they have already been impacted by the outbreak
75% say their business has been impacted by fewer sales
53% say their employees don't have the ability to telecommute
13% are confident about their contingency plans to maintain
Challenges are clearly ahead for all of us. But we’re #InItTogether—and at LeagueApps we’re here to help. Keep reading for a compilation of helpful guides, and don’t forget to join us on Thursday, March 26th at 2 PM EST for our NextUp Town Hall: Finance Management During the COVID-19 Crisis. Click here to register.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Source: The U.S. Small Business Administration (SBA)
The U.S. Small Business Administration (SBA) is a cabinet-level federal agency that’s fully dedicated to small business and provides counseling, capital, and contracting expertise. As of March 23rd, small business owners in all U.S. states are eligible to apply for a low-interest loan due to Coronavirus (COVID-19). In addition, the SBA has developed Lender Match, a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours. Visit the Coronavirus (COVID-19): Small Business Guidance & Loan Resources page to learn more about their Economic Injury Disaster Loan Program, Guidance for Businesses and Employers, SBA Products and Resources, Government Contracting, and Local Assistance.
Small Business Resilience Toolkit
This toolkit provides a framework for small businesses that may not have the time or resources to create an extensive plan to recover from business interruptions. It can help you:
- Identify the business activities that are essential for continued operation during a disruption
- Plan for risks that affect your business
- Create an easy-to-use resiliency plan tailored to your business, giving you a plan in the event of a disaster
Facebook also announced a Small Business Grants Program providing $100M in cash grants and ad credits to help during this challenging time.
Small Business Relief Tracker: Funding, Grants And Resources For Business Owners Grappling With Coronavirus
Forbes first published this article on March 20th, which lists all of the government agencies, private companies, and nonprofit organizations that are extending support to business owners in an effort to help them find financial relief. In addition to actions taken by the federal government and state/local governments, many companies are getting involved, such as Amazon, Facebook, Fattmerchant, James Beard Foundation, JPMorgan, Opportunity Fund, The Restaurant Workers’ Community Foundation, and Yelp. Forbes is adding to the list as the situation develops, so be sure to check back for updates.
Here’s exactly what banks are offering to do to help Americans affected by coronavirus
This article isn’t specifically aimed toward small businesses, but it might be helpful to share with members of your organization, including parents and coaches. Many major banks and financial companies are offering programs, such as fee waivers and payment deferrals, to accommodate those impacted by the coronavirus. CNBC says that if your bank or financial institution is not listed, you should still reach out directly to ask about what assistance it can provide. They are also updating the list as they receive more information, so make sure to check back.
Intuit Quickbooks Resources and Tips
Source: Intuit Quickbooks
Intuit Quickbooks, an accounting software company, teamed up with GoFundMe to develop a Small Business Relief Initiative. In addition to organizing a fundraising campaign, you’ll find resources and tips about what you can do to address the coronavirus pandemic, including:
- Financial preparedness tips
- Workplace prevention tips
- Suggestions for hosting events
- Best practices for remote work
- Boosting employee morale
- Guidance for protecting your business and employees during the pandemic
COVID-19 Resources for Business Booklet
Source: America’s SBDC
America’s SBDC is the association that represents America’s nationwide network of Small Business Development Centers (SBDCs). This booklet of business resources was developed by the California SBDC for California small businesses, but it contains information that is useful for businesses throughout the U.S., including:
- A deeper dive into the Economic Injury Disaster Loan process and requirements
- Frequently asked questions regarding Employment Development Department topics for business owners and employees
- Typical coverage under business interruption insurance
What the Family First coronavirus relief bill means for small-business owners and self-employed people
Coronavirus Small Business Guide
Source: U.S. Chamber of Commerce
Coronavirus pushes back tax day: How to get an extension to July 15
Congress’ $2 trillion coronavirus stimulus package, visualized
Source: USA Today
Live Facebook Session: The PlanningShop
Source: Small Business Expert and USA Today columnist Rhonda Abrams
Click here to watch the live session (airs every day at 1 PM EST)
Webinar Series: Managing Your Cash Flow During the Coronavirus Crisis
Finally, don’t forget to stay positive. Although you’re likely focused on, and worried about, the present—and rightfully so—it’s important not to lose sight of the future. Think about how your business will rebound—and what that will look like. Remember that the steps you take now can ultimately position your organization for success once you resume regular programming.
As we continue to navigate these uncertain times, we hope you’ll continue the conversation online by joining our Industry Groups on Slack and LinkedIn. No one understands what you’re going through better than other leaders in the sports community. Now is the time to come together and fight for our organizations, their members, and most importantly, kids everywhere who are missing organized sports.