YALI RESOURCE CENTER
ARE FEDERAL FUNDING INITIATIVES, LIKE PPP, MAKING A DIFFERENCE FOR SMALL BUSINESSES?
Goldman Sachs surveyed 10,000 small businesses to find out and the results are staggering.
According to the survey, 71% of businesses who applied for the Payroll Protection Program are still waiting on the funding. Yet, 77% of those approved for the program believe their businesses will survive the crisis.
And as for the long term, 93% of business owners say the pandemic will likely change the way they do business, with 68% predicting the need to change their business model entirely. Learn more here.
PREVENTING THE SPREAD OF COVID-19 IN THE WORKPLACE
According to the Occupational Safety and Health Administration (OSHA), most American workers will likely experience low (caution) or medium exposure risk levels at their job or place of employment. Even though the risk is low for most, the CDC outlines key ways to stay healthy and prevent the spread of COVID-19 in the workplace. Read about it here!
FORGIVABLE LOANS DON'T HAVE TO BE PAID BACK - EVER.
You’ve likely heard about the Payroll Protection Program, but did you know this is a loan that doesn’t have to be paid back, ever? According to the terms of the loan, it “will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities”. In fact, as long as you provide documentation that 75% of the funds were used to pay employees, all of the PPP funding your business receives is forgivable and doesn’t have to be paid back! If you haven’t applied for funding for your business yet, we urge you to take advantage of the help that’s meant for you! Click here to learn about qualifications for the forgivable loan and how to apply.
FREE LEGAL ADVICE
Small businesses are being hit hard by COVID-19 and many business owners realize they are now in a fight for the survival of their company. So to help those most impacted by the pandemic, experts and small business advisors have begun providing free consultations and services all across the country. If you’re looking for free legal advice regarding your business and COVID-19, or other counsel and guidance that could help your business survive the pandemic, read about what’s available in this article.
TIPS FOR STAYING AFLOAT DURING COVID-19
In a recent article for Chief Executive, Athan Slotkin points to 7 ways in which business owners can evaluate how they’re doing amidst COVID-19, followed by key actions they can take now to thrive and even grow through the pandemic.
FUNDING SOURCES TO HELP SMALL BUSINESSES
A recent article in Forbes acknowledges that many small businesses that have tried to gain access to grants promised by the US government “have so far encountered roadblocks getting federal assistance, but there are other sources of funding to consider, including grants and emergency loans from states, cities and community organizations.” To learn about these other opportunities aimed to help small businesses, read the article here.
