Whether you’re running a small business or managing operations at a large organization, the following resources can help you navigate these challenging and unprecedented economic times.
In response to the COVID-19 pandemic, businesses across the United States are facing reduced hours and staffing, cash flow constraints, or even the closures of physical offices and locations. As businesses feel the impact of COVID-19 on their finances, operations, and staff, the government has provided a number of resources to help navigate these unprecedented economic conditions.
The following resources can help you learn more about managing your finances and operations, supporting your team, and protecting your company against fraud during this time.
Managing Your Business Finances
Government Programs
- Economic Injury Disaster Loan Emergency Advance. The SBA is providing up to $10,000 in economic relief to small businesses that are experiencing temporary difficulties due to the COVID-19 pandemic. Due to high demand, the program is subject to change. This page on the SBA’s website features an overview of the loan advance, eligibility information, and a link to the application.
- SBA Express Bridge Loans. Businesses who currently have a relationship with an SBA Express Lender may be able to access $25,000 quickly through the Express Bridge Loan Pilot Program. This page on the SBA website includes loan terms and information.
- SBA Debt Relief. The SBA is providing debt relief to small business owners during the COVID-19 pandemic. This page on the SBA website provides an overview of the SBA’s debt relief efforts and information about additional debt relief options.
- Main Street Lending Program. The Federal Reserve established the Main Street Lending Program to provide loans to small and medium-sized businesses that were in good financial standing before the COVID-19 outbreak. This page on the Federal Reserve’s website includes details on the program structure, operational status updates, term sheets, and more.
- Coronavirus Tax Relief for Small Business. The Internal Revenue Service (IRS) created a page on its website featuring information about tax relief for businesses during the COVID-19 pandemic. Information includes deadline extensions, employee retention credits, corona-related paid leave, tax credits for small and mid-sized businesses and an FAQ page. Further, the IRS provides a number of online tax resources for small businesses.
- Employee Retention Tax Credit. The IRS and Treasury Department launched the Employee Retention Credit to encourage business owners to keep employees on their payroll. This page on the IRS website includes information on qualifications, credit amounts, and how you can receive your tax credit as a business owner.
- State-Specific Relief. State governments may also provide coronavirus relief for small businesses. The National Governors Association offers a list of governors’ websites so you can check for up-to-date relief information in your state.
- Local assistance. The SBA works with a number of local partners to counsel, train, and mentor small businesses. This tool from the SBA can help small business owners find local assistance and free business counseling to help navigate the COVID-19 crisis.
Financial Guidance
- SBA: Small Business Guidance. The SBA created a resource hub for small business owners seeking financial guidance. The page includes recommended strategies for employers and advice for facing common small business issues like accessing capital, inventory and supply chain shortfalls, insurance coverage issues and more.
- Economic Trends Affecting Your Small Business. This piece breaks down which economic trends and issues are driving global markets and affecting your business.
- Five Small Business Cash Flow Management Tips. During the COVID-19 crisis, many businesses are experiencing cash flow constraints. This article offers five tips for managing cash flow.
- Calculate Your Business Cash Flow. When dealing with cash flow constraints, it may help to get a full picture of your company’s financials. This Regions cash flow calculator can help you take control.
Managing your Operations
- CDC: Interim Guidance for Businesses and Employers. This website created by the Center for Disease Control and Prevention (CDC) offers information on how to prepare the workplace for a COVID-19 outbreak, reduce transmission among employees, and maintain healthy business operations and work environment.
- OSHA: Guidance on Preparing Workplaces for COVID-19. The Occupational Safety and Health Administration (OSHA) posted a PDF guide for business owners during the COVID-19 pandemic. The guide includes information on the disease, steps to take to reduce workers’ risk of exposure, and guidance for workers living abroad or traveling internationally.
- Department of Labor COVID-19 Response. Together, with OSHA, the Department of Labor created a resource page for workers and employers. The page includes news and updates, hazard recognition, OSHA standards, tips for preventing the spread of COVID-19, and prevention resources.
- FEMA: Coronavirus Rumor Control. The Federal Emergency Management Agency (FEMA) created a website to help the public distinguish between rumors and facts regarding the COVID-19 pandemic. Business owners may use this as a resource to help educate staff.
- FEMA: How to Help. For businesses who are able to donate or provide critical supplies to help fight the COVID-19 pandemic, FEMA created a website with information on how to take action.
- Thriving Through Disruption with Business Continuity Planning. This piece explains how business owners can create a business continuity plan designed to help them weather disruption.
Protecting Your Business
- Seven Coronavirus Scams Targeting Your Business. The Federal Trade Commission posted a blog post outlining seven coronavirus scams targeting businesses during the pandemic. The article provides guidance on how to safeguard your company against fraud.
- Online Security Tips for Working from Home. This FTC blog post acknowledges that teleworking policies may present new cybersecurity challenges. The post offers a number of tips to help protect your business devices and information while working remotely.
- FTC Resource Page. The FTC created a resource page featuring the most common coronavirus scams, actions the FTC is taking against criminals, and additional blog posts.
- OIG Fraud Hotline. Report any suspected fraud to the Office of Inspector General’s Hotline online or call 800-767-0385.
- 5 Tips to Keep Your Finances Safe Amidst COVID-19. Knowledge and awareness are powerful defenses against cybercrime. The Regions security team provided five tips to protect you from scams.
- How to Protect Your Business Against Cyber Threats. This article provides tips for protecting your company against a variety of cyber threats. During a time of uncertainty, these tips may help keep your team careful and aware.
While these resources may help business owners navigate these unprecedented times, be sure to stay informed on new programs and offerings as well as changes to existing programs. Take steps to protect your business and your team from the spread of the coronavirus disease.
For more resources, including information about the financial assistance for business owners affected by COVID-19, click here.
