There will be many resources available to your business. However, by the time they are available, it may be too late if you aren't prepared. You can't rely on the SBA or any other entity to rescue your business. You need a plan.
Funding
- SBA loans and resources: The U.S. Small Business Association has provided guidance to business owners about Covid 19 coronavirus. They will be providing resources to business owners, and making funds more widely available.
- State funding: Thanks to the Commonwealth Financing Authority, more than $60 million will be available for zero-interest loans to small businesses in PA through the Pennsylvania Development Authority (PIDA). More information will be released in the coming days.
- Local funding
- Lines of Credit: If you have a line of credit for your business, you may want to discuss with your banker whether it is wise to make a draw on your line.
Laws
- FMLA and wage laws: Before you make any decisions about your employees, please make sure you understand the FMLA implications, wage and hour implications, and other employment laws.
- Unemployment laws: Make sure you are complying with your own company's policies or handbook. Pennsylvania has provided an update on Unemployment Compensation claims during the pandemic. They have suspended the standard waiting week for Unemployment claims. Employers can also request Relief from Charges so that the new claims don't affect your rates.
Business Operations
- Renters: You may need to have a discussion with your landlord if you foresee an issue with paying your rent.
- Employee Communication: Make sure your employees know what your plan is. Are they still following your mission? The clients we have worked with through this crisis have communicated with their stakeholders (partners, suppliers, employees, clients) in a very careful and measured fashion. Your team needs to understand your vision, and they need to know that you have a plan.
Additional Resources
- The Pennsylvania DCED has a COVID-19 resource site.
- As much as possible, try to make sure your business is following the CDC guidelines.
