COVID-19 Resources for Small Businesses | Fora Financial
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COVID-19 Resources for Small Businesses

A comprehensive guide to navigating COVID-19 as a Business Owner

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A Message to Our Customers

We continue to monitor the rapidly evolving impact of COVID-19 on our country, our company, and small businesses. As events continue to unfold, we remain committed to serving the small business community with alternative funding solutions, support, and insights.

As we navigate this uncertain time together, 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 probably know, the ongoing COVID-19 crisis is changing every day. 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 have been required to close until further notice, so be sure to watch for updates on this as well. If unsure, please visit your state governor’s website for more information.

Keep in Touch with Your Customers:

During this time, your customers are probably just as stressed about the COVID-19 virus as you are. Be available to them, and make sure they know that you’re there to help when/if possible. Even if your business isn’t operational due to COVID-19, you can contact your customers via email, post business updates on your social media channels, or offer relevant tips on your website.

Generate Sales If Possible:

The COVID-19 situation has caused economic stress for businesses across many industries. If your business has 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.

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 15th and June 30th, 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, Click Here.

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Useful Articles About COVID-19:

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