Today, for the final part of triaging the finances, let’s look at financial assistance. Can you (or have you already) apply for an SBA disaster loan? There may be funds available to keep your team members working (and possibly cover their health insurance) and are forgiven if you haven’t laid them off. Here’s a few links that may help:
Also, have you checked for emergency financial assistance at the state level? Have you checked with your state government’s website or even your state’s Small Business Development Center for guidance?
These programs have different requirements, and you’ll need to provide financial information to qualify and, in some instances, a personal guarantee from individuals owning a certain percentage or more of the company. It sounds as if it could take up to two to three weeks to get the loan as well, so it’s not the quickest of turnarounds. As with any loan that has to be paid back, if your business is already barely getting by, how prudent is it now to go into more debt?
From some of the horror stories out there, it doesn’t sound like it may be the easiest or quickest process to navigate, but if you’re going to pursue this type of assistance, I hope you have the mindset to stick with it.
Again, that’s it for now – see you next week! Be sure to leave comments. I encourage it – even if you disagree. While every effort has been made to provide valuable, useful information in this post, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.