Tips and Resources for Small Businesses Owners Impacted by COVID-19
Many small business owners are facing uncertain times due to the COVID-19 outbreak in the U.S. The mandatory closure of all dining and entertainment locations is forcing small businesses to spotlight new services and adapt on the fly.in order to stay afloat amidst this crisis.
Infinity Insurance, a Kemper company, is committed to helping small business owners find ways to operate and fight through this incredibly tough situation. The following article provides a short list of important considerations that many small business owners are thinking about and acting upon right now to try to alleviate some of the crippling impact COVID-19 is having on their operations and the economy as a whole.
1. Adapt and expand on the controllable aspects of your business
Provide take-out services to your customers while the closure is in place. You can also reach out to your customers through your website, e-newsletter and/or social media. Stay in touch with them and offer gift cards to encourage them to visit your business once the crisis is over.
Our Knowledge Center has several articles to help you reframe the nature of your business:
2. Request a loan for your business
The US Government recently approved a $350 billion loan program for small businesses as part of its CARES Act. In some cases, the loan could be converted to grants helping business owners survive through this Coronavirus outbreak by not having to pay the loan back.
These loans will be issued by private banks and, according to the Small Business Administration (SBA), they will be distributed by a network of 800 lenders across the country.
The SBA’s website offers valuable information relating to the CARES Act program:
The U.S. Chamber of Commerce is also providing resources to help your small business survive the coronavirus outbreak.
3. Research deductions when filing your taxes
The tax deadline has been pushed back to July 15, 2020, allowing taxpayers more time to get their taxes in order. This extension also applies for small business owners. In addition, be sure and check out our article on 7 Tax Deductions for Small Business Owners to assist you with your deductions.
4. Get involved with your local business & economic development organizations
After the crisis is over, reach out to your local business & economic development organizations in order to connect with other business leaders and professionals in your community. This can be a great way to find a group of people committed to learning, leadership and professional development providing you with a support network of like-minded, driven individuals to bounce questions off of. Who knows, you could even discover new and lasting partnerships and collaboration opportunities to grow your business by making connections with other group members. It is very possible that you will find another business owner in one of these groups who offer a product or service that compliments your own.
The materials available in the Knowledge Center are for informational purposes only and not for the purpose of providing legal advice. You should contact legal counsel to obtain advice with respect to any particular issue or problem. Use of this website or any of the links contained within the website do not create representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.