There are 2 major loan programs currently being offered by the SBA to help small businesses and nonprofit organizations minimize the economic impacts caused by the current Coronavirus pandemic. This post will cover the Economic Injury Disaster Relief loans and the extension of the 7(a) loan program under the CARES Act.
TLDR: If you are considering borrowing funding to cover payroll costs, mortgage or rent obligations, or utility payments for your business or nonprofit, or if you are an independent contractor or sole proprietor, consider waiting for your bank to start providing 7(a) lending. Otherwise, turn to the Economic Injury Disaster Relief loans.
As a small business owner or non-profit director, you probably already had a lot on your to do list before Coronavirus became a global pandemic. As we all adjust to the rapid changes in our daily lives and businesses, it’s important to not panic and make well-informed decisions regarding the day to day operations of your organization. This is especially important if you manage employees who may be impacted by the announcement of an extended spring break for schools throughout the state.
Time and Attendance: Sick Leave and/or PTO as a Small Business
Even before Coronavirus broke, many small business owners found it difficult to offer sick leave or paid time off. It’s difficult to pay someone to not work when you are sacrificing your own pay to build a business. And it can be burdensome to ask a small team to pick up the slack when someone is out. But in times like this, when lives are at stake, it’s important to prioritize health and safety: