We are certainly living in unprecedented times. For small businesses across Florida, the coming weeks are going to be critical if they are going to survive this pandemic—small business relief in the form of alternative funding solutions is going to determine who makes it through the rest of the year and who doesn’t. Even essential businesses are having cash flow trouble, to say nothing of those businesses that have had to pivot to online-only operations or shut down completely.
Right now, small businesses need solutions, so we’ve compiled a few different ideas that business owners can explore so they can keep things running. Here are four funding sources for small businesses struggling during the COVID-19 pandemic.
Federal Government Funding
On Friday, March 27, 2020, the President signed the CARES Act into law offering $376 billion in relief to American workers and businesses. For small businesses, these funds are available through the U.S. Small Business Administration’s various loans and programs, including the Paycheck Protection Program, SBA Express Bridge Loan, EIDL Loan Advance, and SBA Debt Relief.
Many of these loans are forgivable if you are able to meet certain stipulations, such as maintaining your workforce.
State Government Funding
Florida is also offering small businesses with 2 to 100 employees up to $50,000 in funding through the Florida Small Business Emergency Bridge Loan Program. The loan charges no interest for up to a year.
If you need small business relief, any of the above loans are great options.
If, for some reason, you do not qualify for a loan or the funding they offer is inadequate, you can also turn to your customer network for help. Many people these days use crowdfunding as a way to pay for anything from college to health care.
As a business owner, you may find the small business relief you’re looking for through sites like GoFundMe, Kickstarter, and Indiegogo. You can use the proceeds you raise on crowdfunding sites for many different expenses, such as rent and mortgage payments, health insurance and paid sick time for employees, and other operational expenses.
Find Money in Your Budget
Even with extra small business relief funding, businesses across the country are having to tighten their budgets, cutting out non-essential expenses as much as possible. Business owners like you are having to make difficult decisions, but by keeping their focus on keeping critical business operations running, they are ensuring that their businesses are going to be here after this is all over.
Our Bankruptcy Attorneys Are Here to Help with Small Business Relief
Things are hard right now. It can be difficult trying to make sense of everything on your own, so if you are struggling to come up with solutions, we are here to help. Whether you need to file for bankruptcy or want to find an alternative, our expert attorneys can offer the insight that you need to keep your small business running during this difficult time. Get in touch with us today for a meeting over the phone or by videoconference.