Small Business and Covid19

It's hard to believe that we are experiencing a"pandemic'. I mean, two months ago, I would have pondered what that word even means! The emotions, preparation and isolation have been a brand new experience. Initially, my personal response was to enter my cocoon and just wait it out. Now that I'm past that initial response, I've decided to take a new approach. I'm looking for the positives in this experience. What can I do to reduce the spread? How can I help others?

As far as reducing the spread, social distancing is the name of the game! I am blessed to have the option to work from home. This is a blessing since my 15 year old is home for the next 3+ weeks. Hand washing, spraying down surfaces and washing clothes daily are just the norm. I encourage each of you to take this serious and follow the guidelines set forth on the cdc website ( www.cdc.gov ).

Today, I was brainstorming on how I can help my clients during these unknown times. I know how scary it is to wonder if you can keep the doors open for the next month, two or three. I mean, cashflow is the name of the game. So how can you fill the gap when customer visits and profits are down?

The Small Business Association has declared Arkansas (and many other states) disaster areas due to COVID19. Your small business can apply for a loan with a 3.75% interest rate to ensure you have the cashflow to weather this storm. Their website (www.sba.gov) has a ton of information that you can review. You will need to submit specific documents when you apply: Business financial statements, personal financial statements, income projections, etc.

There is also a Payroll Protection Loan that you can apply for with your local bank. This loan is intended to keep folks on payroll, so a portion of this loan could be FORGIVEN. Any portion of the loan used to maintain current salaries for the 8 week period after loan origination, can be forgiven. This includes payroll costs, rent, mortgage interest and utilities. There are specific limits on these loans so you will need to provide specific financial information to apply.

If you do not have these documents up-to-date, or would just like someone to walk you through the steps, we can help. We will make sure you have your financial data in order so you can apply as quickly as possible. We are here to help so you can continue to focus on what you do best - running your business!

If you need assistance with your SBA or PP loan process, feel free to contact me directly: jo@whinitiatives.com . Hang in there, my friends. This too shall pass!