{"id":2056,"date":"2020-04-09T10:42:27","date_gmt":"2020-04-09T17:42:27","guid":{"rendered":"https:\/\/blog.morganchaney.com\/?p=2056"},"modified":"2025-11-04T09:56:56","modified_gmt":"2025-11-04T16:56:56","slug":"small-business-guide-to-covid-19","status":"publish","type":"post","link":"https:\/\/www.morganchaney.com\/blog\/small-business-guide-to-covid-19\/","title":{"rendered":"Small Business Guide to COVID-19"},"content":{"rendered":"
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The pandemic outbreak of COVID-19 across the world has caused huge economic effects in many industries. Among some of the hardest hit industries at this time are traditional brick and mortar retailers. Businesses that have relied on in-store sales up until this point are being suddenly forced to close their doors for an undetermined amount of time. <\/p>\n\n\n\n

For those who already have e-commerce set up, this may not be a huge change to your business other than ensuring that your essential employees are practicing social distancing and strict cleaning procedures. For businesses who are not used to e-commerce sales, this is navigating through uncharted territory and can be scary. Either way, retailers are expected to see a loss in sales due to economic factors and rising unemployment. <\/p>\n\n\n\n

Don’t panic, there are still ways to continue to generate revenue and promote customer engagement even if your brick and mortar location is closed. This is a time to connect with your local communities and give back to those who need help. <\/p>\n\n\n\n

This brings us to our most important and time-sensitive suggestion:<\/strong><\/p>\n\n\n\n

Utilize Government Grants<\/strong><\/h2>\n\n\n\n

Within the CARES act passed in the United States on March 27, 2020, there are several funding options that small businesses can take advantage of. One of these options is a Paycheck Protection loan that can cover your costs of payroll, rent, utilities and\/or mortgage interest. This loan may be forgiven if it is correctly used according to the government guidelines.<\/p>\n\n\n\n

If you need cash to pay your employees and operating costs, this loan is something you should research ASAP!<\/strong> Applications are already being accepted, so do not wait to talk to your bank (these loans will be given through private banks). <\/p>\n\n\n\n

This program is available to businesses with less than 500 employees, select businesses with less than 1500 employees, and 501c(3) non-profit organizations with less than 500 workers. These loans may also be available to self-employed and freelance workers. The loans max out at $10 million per business with an interest rate of no more than 4%. No payments or interest will be collected for at least six months. For more information visit: www.sba.gov\/coronavirus<\/a><\/p>\n\n\n\n

Another important aspect of the CARES Act for small businesses is that it expands eligibility for the SBA\u2019s Economic Injury Disaster Loans (EIDLs). In early March, the SBA\u2019s disaster loan program was extended to all small businesses affected by COVID-19, but the CARES Act opens this program up further and makes it easier to apply. (Source).<\/a><\/p>\n\n\n\n

If your small business is struggling to pay its employees and rent\/utilities, utilize as much of this program as you can. We all want our local businesses to survive this period of distress, and the government help that is being offered can improve the chances of that happening. <\/p>\n\n\n\n

Charge up Your E-Commerce<\/strong><\/h2>\n\n\n\n

For businesses who don\u2019t yet have an e-commerce system set up, there are a few website platforms that can make it easy and fast. To start, you must have a registered domain name (website address) and you should purchase an SSL certificate for your website to show that it is secure. Platforms like Shopify, Wix, and Squarespace, all offer intuitive and easy ways to build a website and webstore. You\u2019ll probably want to use a basic template that you can customize to your liking. <\/p>\n\n\n\n

To get your online store ready you will need:<\/p>\n\n\n\n