Small Business Help During Covid – The coronavirus pandemic has created an existential crisis for America’s small, local businesses, which are the backbone of the nation’s economy. They create the most jobs in the country, cultivate new innovations and shape the personalities of our communities. Unlike most national retail chains, they tailor their products and services to the needs of their communities. And a much larger percentage of dollars spent on local businesses — versus chain stores — stays in the community, generating economic activity that supports schools, parks, first responders and other vital community services.
Most small businesses don’t have the credit and capital to deal with the coronavirus pandemic. And the average average business only has enough cash to stay open for 27 days. For restaurants, it’s only 16 days; for stores just 19. Being closed for weeks – or months – due to the COVID-19 pandemic will be devastating for hundreds of thousands of small businesses. Governments, foundations and nonprofits are doing everything they can to help small businesses stay afloat during this crisis, but everyone can help. Here are some things you can do.
Small Business Help During Covid
Buy from local, independent businesses. You can help the small businesses you love stay in business by purchasing their products and services. In fact, many small businesses now operate online and over the phone. And when you buy locally, you not only support community businesses, but you get your products faster than ordering from an online megastore. So give them a call!
Dinuba Covid 19 Small Business Assistance Program
Buy gift cards. You can use them as soon as the business reopens. In the meantime, give the company the revenue it desperately needs to stay afloat.
Buy something extra. If you buy a gift card, you may also be able to get one as a birthday present for a friend.
Make the order. Restaurants across the country have moved quickly to make it easier for customers to order takeout and have it picked up or delivered. Many other small businesses also offer takeout.
To be flexible. Many small businesses are trying new ways to meet their customers’ needs and remain solvent. Whether it’s an online class at your favorite yoga studio or video shopping over the phone at your favorite bookstore, give them a try.
Covid 19 Small Business Resource Hub
Donate your ticket. If you have a ticket to a show that has been canceled due to the pandemic, donate it to the arts organization instead of asking for a refund.
Leave a review. Now is a great time to leave positive reviews of your favorite local businesses on Yelp, Google, Facebook, and other social networks. Not only can it help drive traffic to these businesses, but business owners and employees would probably appreciate the emotional support right now.
Don’t forget the farmers. Farmers’ markets across the country have been closed due to the pandemic, but farmers still have crops and food available. Check your local farmer’s market website for information on how to support farmers and how to purchase their produce until the market reopens.
Many retail and restaurant workers live paycheck to paycheck. Not even working for a week or two can put them in serious financial jeopardy.
Support Small Businesses During The Covid 19 Outbreak
Better advice than you usually do. If you patronize a service company whose employees rely on tips, leave a larger tip than usual.
Contribute to charities and community foundations that support employees. Industry associations quickly gathered to help workers who struggled to make ends meet during this crisis. For example, the Restaurant Workers Community Foundation has created an emergency fund for restaurant workers, most of whom rely on tips and are particularly hard hit by the coronavirus pandemic. In addition, a rapidly growing number of local and state organizations are raising emergency relief funds for certain types of workers, such as the Boston Center for the Arts’ COVID-19 Artist Relief Fund.
Encourage your local or regional community foundation or community service organization to provide emergency assistance to displaced workers. If your town or city has a community foundation, call or email them and suggest they set up an emergency fund for workers marginalized by the coronavirus pandemic. Volunteer organizations such as the Rotary Club, Lion’s Club of Kiwanis and religious organizations may also be able to help.
Some communities have organized crowdfunding campaigns to help local small businesses, especially small businesses most vulnerable to a sudden, sharp downturn. In some communities, crowdfunding campaigns target specific businesses. In others, it targets all local businesses as a group. If one of your favorite local businesses is struggling, ask if they have a crowdfunding website and contribute.
Business Resources (covid 19)
Congress, state legislatures, and city and county councils are exploring programs and policies to keep small businesses afloat. The biggest need for local, independent businesses right now is cash flow. Ask local, state and federal lawmakers to act quickly to grant small business grants; low or no interest loans with deferred repayment; eviction moratoria and back payments; deferral of property tax; and financial aid and medical aid for small business personnel. Dozens of cities and towns moved quickly to create emergency grant programs for small businesses to help them pay payroll and cover expenses such as rent and utilities. Encourage your congregation or congregation to do the same. Some examples can be found here.
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Kennedy Smith is a senior researcher for the Independent Business Initiative at the Institute for Local Self-Reliance. Her work focuses on analyzing the factors threatening independent businesses and developing policies and programmatic tools communities can use to address these issues and build prosperous and equitable local economies. June 11, 2020 (Brunswick, ME) — Small businesses are the heart of the Maine economy. In 2019, companies were defined by the U.S. Small Business Administration (SBA) classified as “small” (fewer than 500 employees) accounted for 99% of all Maine businesses and employed more than half of the state’s workforce[i]. When the COVID-19 pandemic forced many small businesses to close their doors due to health concerns and government guidelines, the impact was felt immediately.
As Maine’s largest CDFI, Coastal Enterprises, Inc. (CEI) has changed overnight to address the pressing challenges faced by our lending and business advisory clients.
Support Local Businesses During Covid 19
Days after Maine’s first case of COVID-19, CEI developed an online library of best practices and resources for small businesses at the state and federal level. We’ve also launched a series of webinars to guide existing and new customers through the maze of federal, state, and local regulations and utilities.
In the first two months of the pandemic, CEI business advisors delivered more than 2,000 one-on-one coaching sessions to small business owners — nearly double the number they deliver in a typical year. The CEI lending team worked closely with borrowers and adjusted more than 50% of the loans in our portfolio.
Some immediate loan relief was provided through a federal SBA microloan program, which represents 72 loans in CEI’s portfolio. However, CEI staff soon realized that the program was not meeting the needs of many other borrowers. They set to work raising money to fill the gap for those businesses.
Small farms are an important part of Maine’s local food system in our rural state, but farms were not eligible for many of the federal COVID assistance programs when they were introduced. A $100,000 grant from the Henry P. Kendall Foundation enabled CEI to provide three months of debt relief, covering principal and interest payments for all of the farms in our portfolio.
Ways To Help Small Businesses Affected By Coronavirus Right Now
Subsidy funds eased the initial financial burden, giving farmers the flexibility they needed to move from models that relied heavily on sales to restaurants and institutions (many of which were currently closed) to a more direct-to-the-market approach. consumer model that it suddenly happened. increase in demand. Flying Goat Farm in New Gloucester, Maine, with limited orders from longtime restaurant and catering customers, is testing a home delivery service for milk and dairy products and is partnering with another local farm to provide other staples such as bread, eggs and soap. They are also investigating the possibilities of building a small farmer’s stall on site. In the words of Flying Goat owners Devin Shepard and Cara Sammons-Shepard, “If we can transfer the money from this loan (CEI) for a short period of time, that [pivot] timeline will speed up and make it more likely that our farm will can restore cash flow faster.”
Another subgroup of business owners who cannot access federal aid are CEI loan borrowers with fees for service, all of whom have immigrated to Maine from countries outside the US. These entrepreneurs are forbidden by their religious practices from paying interest. CEI solves this problem by offering a sharia-compliant product for a fee. To match what is being offered to SBA microloan borrowers, CEI raised funds from local banks, businesses and nonprofits to cover six months of principal and interest payments for microloan borrowers with a service fee.
Most recently, following customer feedback that existing tools don’t cover the key
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