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    April 02, 2020

    Small Business Administration Organizes Information Center for COVID-19 Guidance

    Visit their webpage here 

    The SBA has released several articles regarding unique loans to allow businesses to continue to pay employees during the shut down, how to prepare your employees for a potential outbreak, how to teach them correct sanitation procedures, and also how to prepare yourself as a business owner for the possibility of facing supply chain interruptions, changing market demand and more.

    One of the most pressing issues facing businesses who cannot bring in revenue during the shutdown is whether to maintain or lay off their workforce. If you would like to maintain paying your employees, I would suggest looking into the Paycheck Protection Program offered by the SBA. This is program that will allow you to receive funds for payroll, rent, mortgage interest or utilities. The loan may even be forgiven if you keep your employees on the payroll for eight weeks and follow the other guidelines outlined in the program overview. 

    Another option to bridge the gap in revenue during this time of uncertainty is to apply for an Economic Injury Disaster Loan. This program provides small businesses with working capital loans of up to $2 million which can provide vital economic support. 

    Along with being a federal government agency, the SBA has multiple local offices who can help you more directly with your issues. You can find the SBA's Local Assistance Directory here. The closest office to Cumberland is located in Superior, visit their website here for more information. 

    Other useful links for Small Businesses and Community Members: