Many businesses are already not operating because of coronavirus, or are at a reduced capacity. That means that some employees will be losing income and the business is limited in how it can reach out to customers – even if work-from-home is an option. Getting financial help for employees or to keep your business operating may soon be available.
Help From the Government
A bill is currently in waiting to be presented to the Senate – it has already passed the House – that will provide some help to businesses. Being that the U.S. economy is suffering from the spread of coronavirus across the nation and the required closure of many businesses, many businesses and people will need help soon.
President Trump is looking to provide a $1.2 trillion stimulus package to help both the economy and those people that became unemployed because of coronavirus. The bill is still being discussed on the Hill but Treasury Secretary Steve Mnuchin is hoping to provide checks above $1,000 to people in need within two weeks – and there may be a second round.
Several needs are intended to be met by the provision of this cash. The first need is the provision of direct payments or tax cuts, which will be $550 billion. Small businesses will receive $300 billion in assistance. The airline industry will be able to get up to $100 billion to provide relief for their struggling business.
The final part of the bill is designated to be given directly to Americans in need. It will involve $250 billion. This money will be given to people in need who are not working because of coronavirus.
Small Business Loans and Grants
Small businesses will also be able to get help from the Small Business Administration (SBA) to help keep their business open. They are providing Economic Injury Disaster Loans that can fund small businesses up to $2 million to sustain them during a loss of income from coronavirus.
Delay on Taxes Due
Tax forms will still be due on April 15th, the IRS says. The break that they are giving is that payments for taxes due will not need to be paid for 90 days.
Free Coronavirus Testing
Another plan soon to be completed grants free testing to people who may have the virus. This will help prevent the spread of the virus and enable them to get paid sick leave if they do not have health benefits from their employer.
Businesses are apt to have less loss if they teach their employees how to avoid COVID-19. Putting into practice the safety procedures recommended by the CDC will help keep your employees healthy, enabling them to require less downtime and help your business to stay in operation.
Some states and cities are also offering economic help for small businesses. The rules for obtaining help will vary by city or state. In some cases, there may be free money, but most of the time, it will be as a loan.
Help from Facebook
Facebook has also announced that it will be providing $100 million in small grants to companies impacted by coronavirus. They will also provide ad credits. Their goal is to help as many as 30,000 companies in 30 countries that use have been affected by the virus.
Economic help for small businesses may also be available in other forms – or soon will be. Stay alert to the news on this subject since no one knows how long it will have an impact on American business.