COVID-19 SBA & Government Info & Resources for Small Business:

An overview of the COVID-19 SBA & Government Info & Resources for Small Business. Henry Lopez highlights and summarizes the loans and other programs to help your small business during the coronavirus crises.

Find more details about COVID-19 programs and resources on our COVID-19 Information Page.

Best Sources of COVID-19 Information:

IMPORTANT: As our government agencies release new and sometimes conflicting guidance, it’s important to understand that each business owner must assume the responsibility of interpreting the guidance applicable to their marketplace, state, and individual business circumstances and respond accordingly. The information we are sharing here and on our podcast is just our current understanding of these different assistance programs and we are not experts on this subject. You must consult with your CPA, attorney and other professionals for additional guidance before making any decisions based on the information we are sharing with you.

In this episode, Henry Lopez focuses on these top action items to help your small business business during the cornavirus crises:

Top Action Items:

  • Apply for (online) the SBA Economic Injury Disaster Loan Program (EIDL) and Loan Advance (Grant) NOW: Apply Online Here (See more details below.)
  • If you are still open for business, and you have employees, are you adhering to the Families First Coronavirus Response Act (the initial act signed into law in response to the coronavirus crisis) as it relates to paid sick leave for your employees? (See more details below.)
  • If you have employees, you should seriously consider applying (through your local SBA-approved bank) for the Paycheck Protection Loan (PPL). Find the application form here. (See more details below.)
  • Research and apply (if appropriate) for any State emergency programs for small business owners.

Henry Lopez is a serial entrepreneur and business coach with over 34 years of diverse business experience, including successful careers in information technology, sales, sales training, real estate, and business ownership.

[Learn more about Coaching with Henry Lopez]

Related Episodes:

You can find all previous episode of The How of Business podcast on our Archives page.

2 thoughts on “Episode 304 – COVID-19 Information for Small Business Owners

  1. You may have received and answered this question already…
    It this still a good time to start a business?
    I remember other start up resources always mentioned that starting a business during a recession is a good idea.

    What’s you thought on starting today?

    Thank you!

    • Hi Rodney,

      In my opinion, if you wait for the “perfect” time to start a business then you will probably never do so. Since we can’t accurately predict what might happen in the future, we have to accept that things could happen which are out of our control (like the current COVID-19 crisis) and could negatively impact our business.

      You can certainly argue that starting a business during a recession has its potential advantages. I can think of a few, including: people are looking to save money (can be good or bad depending on your product/service), the competition might be vulnerable and less nimble, resources in general may be cheaper (including real estate, services, and labor), low interest rates (although lending may be harder to qualify for), and you are likely to be smarter about how you spend your start-up capital.

      Of course, right now, I would probably wait on launching until we are at least past the quarantine phase of this crisis, unless your business idea would possibly flourish during the current situation. I would spend the time making whatever adjustments or pivots you think are warranted to your business plan. The biggest question is obviously what the impact will be on the economy. If this crisis pushes us into a recession, then perhaps luxury goods and services might be more challenging to sell?

      I think the creative entrepreneurs right now are thinking about how this crisis uncovers potential new business opportunities. I think people will be sensitive to the possible spread of germs for some time after this, for example, so what product or service (or enhance a current offering) could you offer to appeal to this new heightened sensitivity?

      Since there is no perfect time to start, if you can still start today without significant impact from the current crisis, and your solution still makes sense in light of the uncertain economic future, then I say go for it!

      Thanks for your question, and I wish you the best in your business endeavors!

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