- The COVID-19 pandemic is hitting small businesses particularly onerous as prospects apply social distancing, states enact pressured closures, and occasions get canceled.
- More than 99% of all businesses are small businesses, and pure disasters trigger 40% of small businesses to fail.
- Here is an inventory of emergency funding assets accessible proper now from private and non-private sources for small businesses struggling financial disruption as a consequence of the coronavirus.
- Visit Business Insider’s homepage for extra tales.
The financial penalties of the coronavirus pandemic are hitting small businesses particularly onerous as prospects apply social distancing, states enact pressured closures, and occasions get canceled.
More than 99% of all American businesses are small businesses, and so they make use of greater than half of the workforce.
According to US authorities analysis, pure disasters trigger 40% of small businesses to fail, whereas one in 4 small businesses will shut inside a 12 months of the occasion.
In addition to the fast public well being disaster, economists count on the COVID-19 pandemic to kick off a painful recession that might additional influence the survival of small businesses.
The Internal Revenue Service is deferring the tax submitting cost deadline for many filers till July 15.
After the preliminary $349 billion allotted to small businesses in the CARES Act was used up, Congress added one other $320 billion to the Payroll Protection Program forgivable mortgage program.
Continue studying to see an inventory of emergency-funding assets accessible proper now from private and non-private sources for small businesses struggling financial disruption as a consequence of the coronavirus.
This submit was final up to date on May 6, 2020.
Subscribe to BI Prime to learn these tales about how the federal stimulus bundle may assist your corporation.
Options accessible to small enterprise homeowners: How your small enterprise can money in on the authorities’s $349 billion reduction program so you may rapidly pay lease, maintain workers employed, and restructure your debt
How to know when you qualify: Use this information to verify if your organization is a ‘small enterprise’ so you may qualify for essential funding forward of a potential recession
What it is like to use for loans and grants: 2 entrepreneurs gave us the actual functions they used to get authorities funding to allow them to pay lease and maintain workers throughout coronavirus
Which possibility is greatest for you: Small enterprise homeowners can get both forgivable loans or payroll reduction from the $2 trillion coronavirus stimulus invoice, however not each. Here’s the right way to resolve which is best for you.
Many venture-backed startups will not be eligible for stimulus funding: How to determine in case your startup qualifies for coronavirus reduction funding — and what choices you’ve gotten if it does not
Use this plan to keep away from getting caught in the chaos: 6 steps entrepreneurs ought to take proper now to maintain their enterprise open and keep financially safe as a substitute of ready for the authorities to take motion