COVID-19 Resources for Small Businesses

A Message to Our Customers

Now more than ever, small businesses are the backbone of our nation’s economy. That’s why here at Fora Financial, we want to offer support as your business recovers from the COVID-19 pandemic. Whether your business is in the process of reopening, is struggling to make ends meet, or is in a state that remains shut down, we’re here to help!

In addition, we want you to know that Fora Financial remains open and available to assist you. If you have any questions or concerns regarding your account, please don’t hesitate to contact us at [email protected].

What Can My Business Do During This Time:

Stay Up to Date on the Latest News:

As you likely know, the COVID-19 crisis is continuing to unfold. The WHO, CDC, and government officials are updating the public as news breaks, so it’s pertinent that you stay informed as a business owner.

In many states, non-essential businesses were required to close and are now in the process of reopening. In many cases, there are capacity and safety measures in place. If unsure, please visit your state governor’s website for more information.

Contact Your Customers:

If your business is able to reopen, make sure that your customers know your hours, capacity, and the measures you’re taking to keep them safe. Ensure that they know how you can provide them with your products or services by emailing them, posting updates on your social media channels, and maintaining your website.

Focus on Generating Revenue :

The COVID-19 pandemic has caused economic stress for businesses across many industries.

If your business’s typical operations have been affected by COVID-19, you can still generate sales by offering discounted gift cards for future purchases, selling items online, and offering virtual consultations when possible.

In addition, if you’ve been able to reopen your business, ensure that you have ample working capital available. This will enable you to invest in your business and hopefully return to normal operations.

The CARES Act

To support small businesses affected by COVID-19, The U.S. Senate Committee on Small Business & Entrepreneurship has passed The Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Through the CARES Act, the SBA will facilitate financing and resources to ensure that business owners can survive these trying times.

Below, we’ll review the main financing programs included in the CARES Act.

Economic Injury Disaster Loan (EIDL):

If your business is in a declared disaster area due to COVID-19, you can pursue an Economic Injury Disaster Loan from the SBA. This loan can be used for fixed debts, payroll, accounts payable, rent, utilities, and other bills.

Paycheck Protection Program:

If your business experiences economic hardships between February 15^th and June 30^th, you may qualify for the PPP. This federally guaranteed option will provide loans to businesses maintaining payroll costs during the COVID-19 crisis. The maximum term for this loan is 10 years, and the maximum loan size is $10 million. To apply, please contact an official SBA 7(a) lender.

To learn more about The CARES Act and how applying for these financing options could help your business, check out our guide to The CARES Act.

Have An Account with Us And Have Questions?

Useful Articles About COVID-19:

We’ll include additional resources as they become available, so check back often:

COVID-19 Small Business Resources: America’s Small Business Development Center (CBDC) compiled this resource list for business owners affected by COVID-19.
4 Simple Steps for SMBs to Support Remote Workers (In a Hurry, if Necessary): Because of social distancing, it’s encouraged that people work from home if possible. Luckily, SmallBizClub created this helpful guide to setting up a remote workforce quickly.
Resources for Small Business Aid Amidst the COVID-19 Crisis: This list from StartupNation includes free resources, discounts, and financial options for businesses affected by COVID-19.