In unprecedented times, everything is changing from moment to moment. Gov. DeSantis first decreed a shutdown of South Florida, only to take that shutdown statewide the next day. Businesses that thought they might be able to stay open have seen their income plummet and then stop, customers slowed to a trickle or disappeared completely, and in the middle of this many businesses are trying to repurpose and repackage their services and products. Only essential businesses can stay open, but even essential businesses are going to have cash flow problems in this kind of atmosphere.
The Small Business Administration has numerous resources for small businesses to help them stay afloat in a difficult time as we face challenges that none have experienced in our lifetimes. I will break down the COVID-19 small business relief offerings down here, with links in each entry that will direct you to the appropriate page. While small businesses are eligible, certain nonprofit organizations, veterans’ organizations, tribal businesses, and the self-employed/independent contractors may also apply for COVID-19 small business relief.
Even with COVID-19 small business relief, there may be other measures you need to take in order to remain afloat. We are not talking about having a cash cushion or maintaining one’s financial health, we are talking about extreme measures to come out the other side of this crisis intact. Here is a quick thumb guide to increasing cash flow in the short term. Determine your absolute expenses – the “must” expenses – and what you need to simply make ends meet.
Finally, look at ways you can retool and revise. If you are in retail, you may be able to ship from your location even if your doors are not open. Sometimes it only takes adding a service to become an essential business. Think creatively and figure out what you can do in the face of so many things that you can no longer do.
COVID-19 small business relief is just one small step on our road out of the crisis. While most current stay at home orders run to the end of April, it may be much longer before we are anywhere near our now fondly-remembered normal. We are now speaking in terms of life and death and must all do our part to slow the spread of the virus so that our hospitals are not overwhelmed, and our scientists have enough time to find effective therapies and vaccines. We must all think of our neighbors, coworkers, customers, family, and employees and how to protect them from this terrible disease. We must more than ever be a community.
At Van Horn Law Group, we know that life doesn’t stop for a crisis or even two or three of them. That is why we are offering our free initial consultations by telephone and videoconferencing. We are essential to the people who need us the most, and we understand that. We will be here for you when the going gets tough, and we will see you out on the other side. Whether you need to renegotiate debt, file for personal or business bankruptcy, or simply get sound advice on how to move forward, we invite you to get in touch with us so that we can help.
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