Resources To Navigate Your Business During COVID-19 Outbreak
There is an overwhelming amount of information regarding COVID-19, we have curated the most important and relevant information about navigating these uncharted waters from a business perspective. You’ll find resources on financial planning, working remotely, and leading during a crisis.
We will continue to update these resources found here with new developments and related programs.
As always, we are here to serve and offer any guidance you need concerning your business and business continuity as it relates to IT. Our vendors understand the struggle we all face and have enabled us to provide remote access and computer backup at no charge until June 30, 2020 (certain restrictions apply). As other vendors offer their products at no charge we will make them available to our clients and the Business community.
United we will overcome the challenges ahead. Wishing you and your employees good health.
CEO & Founder
Demystifying CARES Act:
Under the CARES Act, the loans can be for as much as 2.5 times payroll or $10 million, whichever is less. Payments can be deferred by up to a year, and businesses will be able to apply for forgiveness of the loan (or a portion of it), based on the amount used during the eight weeks following loan approval. Forbes.com
U.S. Small Business Administration (SBA):
Apply for a loan as soon as it is available. After they determine if you qualify, you will receive funds in 2-3 weeks. Apply even if you think you won’t need it. You can always say NO. Applicants are encouraged to apply online for a disaster loan. If you do not have access to a computer or smartphone, please call us at 1‐800‐659‐2955 for assistance. https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
- Beverage Business Builders have created a resource. Click here for more information.
- Payroll Protection Program – An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
- Economic Injury Disaster Loans and Loan Advance – The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- SBA Express Bridge Loans – allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.
- U.S. Department of Health & Human Services – President Trump is providing support to healthcare providers fighting the COVID-19 pandemic through the bipartisan CARES Act and the Paycheck Protection Program and Health Care Enhancement Act that provide $175 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. This funding supports healthcare-related expenses or lost revenue attributable to COVID-19 and ensures uninsured Americans can get testing and treatment for COVID-19.
Private Covid-19 Grant Opportunities
- Hello Alice – Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis.
- Verizon Small Business Recovery Fund – Local Initiatives Support Corporation will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of Covid-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital
Families First Coronavirus Response Act (FFCRA or Act)
- Requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020.
The Los Angeles County Economic Development Corporation:
The Los Angeles County Economic Development Corporation (LAEDC) has developed this online Coronavirus Response and Recovery Resource Guide to help for-profit and non-profit employers of every size, as well as their employees in LA County, survive and recover from the increasingly devastating economic impacts of the necessary government restrictions imposed to slow the transmission of COVID-19.
Los Angeles City Small Business Emergency Microloan Program
- In light of the sweeping impact the COVID-19 pandemic is having on our small business community, the City of Los Angeles has responded swiftly and decisively to support our local, community businesses. The newly established Small Business Emergency Microloan Program now provides financing needed to strengthen small business enterprises in this time of acute need that have been affected by the COVID-19 outbreak. Read More…
If your business is located in another city or state please look at this list compiled by
The Fed has temporarily lifted Wells Fargo’s asset cap
The Fed said it is easing restrictions on Wells Fargo because of the “extraordinary disruptions from the coronavirus,” noting that the change would not apply to any of the bank’s other lending activities. Read more…
Upcoming Business Webinars to Attend:
These are great upcoming webinars that are sure to be of great benefit to your operations in the short and long term.
- Crowell & Moring has a multidisciplinary working group to help clients navigate the rapidly evolving business, legal and operational challenges associated with the COVID-19 outbreak.
- Small Business Majority has created a resource of relevant tips, resources and information on new funding opportunities and policy developments their website and through online presentations.
- Coping with COVID — 10-minute overview of Forms Needed to Apply for Disaster Assistance
- Coping with COVID: Emergency cash flow resources and opportunities
- Coping with COVID: Prepping to apply for Emergency SBA Economic Injury Loans
- Restaurants ~ Responding to COVID 19
90 Day Financial Planning:
- Meet with your CPA and/or Controller/Accountant and create a financial plan for the next 90 days. Re-evaluate this plan every 1-2 weeks to see if you need to adjust.
- Stress test your cash!
- Consider adding an expense line item called COVID-19and dump off all expenses in there including your staff and personal time spent dealing with a crisis – this 30 second video by Ron Lovett, author of Outrageous Empowerment, will explain why it will make it easier to apply for government assistance if and when it comes available. https://www.linkedin.com/posts/ron-lovett_outrageousempowerment-activity-6646137020743761920-N9Uo
Stabilizing Your Business: Improvise, Adapt, Overcome.
- With constant changes brought on by the pandemic of COVID-19, your business may be presented with cash flow challenges and opportunities you may have never faced before. To respond to these changes, look no further than a motto with which you are familiar: Improvise, Adapt, Overcome. The slogan used by the United States Marine Corps outlines steps you can take to combat the challenges you are facing as you make decisions that will be key to the survival of your business. Read details on this strategy here: https://www.cricpa.com/stabilizing-your-business/
- Financial Crisis Management Templates from My CPA and Author, Greg Crabtree. Will you have the capital needed to get back to pre-Covid19 profitability levels (or better)? Resource here: https://simplenumbers.me/crisismgmt/
Keeping The Office Safe:
- The following interim guidance may help prevent workplace exposures to COVID-19, in non-healthcare settings. https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html
Keeping Personnel Safe When Going To A Client Site
If you need to deploy onsite service personnel, you need to have protocols in place.
Top 6 Best Practices For Businesses Amid COVID-19
- Prioritize Issues of Greatest Urgency
- Triple Your Communication
- Work from Home
- Use Video Conferencing
- Manage Your Cash
- Look for Opportunities to Do Something Extraordinary
REMOTE COLLABORATION TOOLS:
- ZoomVideo Conferencing: zoom.us
- WebEx Video Conferencing: webex.com
- SlackInstant Messaging: slack.com
- Microsoft Teams for Instant Messaging and Video Conferencing: https://products.office.com/en-us/microsoft-teams/group-chat-software
This tool is included in your Microsoft Office 365 Licensing the Business Essentials, Business Premium, E1, and E3 levels.
Free Microsoft TEAMS Training
Bigger Brains has moved their Teams training over to YouTube as a resource for companies who need to learn collaboration in a hurry. https://getbiggerbrains.com/coronavirus-help-free-microsoft-teams-training/
REMOTE ACCESS TOOLS:
Chrome Remote Desktop https://remotedesktop.google.com/
SANS Security Awareness Work-from-Home Deployment Kit – FREE
The SANS Institute put out a free deployment toolkit/security awareness for working from home.
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