Being a small business owner during COVID-19 has proven to be a nightmare for many.The pandemic impacted roughly 32% of small businesses in America. And a whopping 75% were either largely or moderately negatively affected by COVID-19.If you're like most, then you're struggling to make ends meet to keep your doors open. So we're going to discuss methods you can use to get funding or financial assistance for your company.Let's get to it.
Chances are, you're already swimming in debt. So the idea of taking out additional loans may not be your top choice.Thankfully, other options include corporate and government grants, which you don't have to pay back. Grant sizes vary based on the program you apply to.For example:
There are many small and large loan options available to small business owners at little to no interest.Here are several options:
Some states are helping its local small business owners by pulling together resources to fund their existence.For instance, you'll find the following programs across the U.S.:
As CV-19 relief bills come to an end, new bills are being introduced to continue offering small business assistance. This includes theletter written to Congress by the Save Small Businesses Coalition and the U.S. Chamber of Commerce.This letter asks Congress to enter into a Phase 4 bill that will offer things like:
If passed, small businesses could apply for loan forgiveness for loans under $150,000 and additional rounds of lending to small companies with at least a 35% reduction in revenue.
Thinking the economic downturn caused by COVID-19 is a one-time-thing is wishful thinking. As a savvy business owner, you need to ensure you take all precautions to prevent the hassles you went through this time around.So it's critical to have a contingency plan for the next crisis. Take what you've learned and apply that to your future plans.For example, setting aside emergency funds is ideal to cover loan costs and employee payrolls during crises. So focus on keeping your debts down and cut back on non-essential spending to save money quicker.Brainstorm with your workers to see if working remotely some or all of the time can help reduce expenses on both ends. In the event you have to cut back your workforce, you can always resort to hiring freelancers. Hopefully, by using these resources and tips, you can get the funding you need to bounce back and continue moving forward.