With the growth of the coronavirus pandemic, small business owners all over the nation are struggling to stay afloat and keep their businesses running. The markets are everchanging, and there are numerous things to know about how COVID-19 will continue to affect your business, so you will want to read the following.

1.Your Strategy Will Need Adjustments

As you know, most businesses in America are working from home, only allowing pick up and take out, or closed completely during this time. As this abrupt change has become stressful and a nuisance for most, the best thing you can do is stay positive and work on adjusting your strategies to meet the needs of your business and your clients and/or customers.

2.The $2 Trillion Coronavirus Stimulus Package

Last week, the CARES Act was signed. What this means is that a $350 billion federal program for small businesses was signed into action. Called the Paycheck Protection Program, this program was written and signed to aid those small businesses that are struggling. The purpose of this part of the stimulus package is to make sure small businesses continue to pay their employees with loan forgiveness. You can read more about it here.

3.Paycheck Protection Program

For those with employees earning less than $100,000 annually, these small business loans are forgivable. Now, you are probably wondering when you will receive your money from this program. The answer is: over the next few weeks. You will first need to apply by calling your bank or finding SBA-approved lenders in your area through SBA’s online Lender Match tool. For all of the details on how to apply and what criteria need to be met, visit this link. Help is on the way, and we are here to explain all that the CARES Act entails to you if you need further assistance.

4.Social Distancing Extended

As a business owner, you are likely staying up to date with the latest news. Recently, the President extended social distancing guidelines until the end of April to reduce the spread of the virus amongst the United States population. While this announcement was not necessarily a shock, we understand that it is still hard to accept as a business owner. Continue to push through and put your business out there—we will turn around from this!

If you or a loved one needs advice or help planning for their small business during this time, do not hesitate to give us a call. We are here to work with you and provide strategies and guidance during these uncertain times. Email us at matthew.greene@lpl.com or give us a call at (985) 237-4033 and let’s talk about your small business’ financial future

To read our weekly Market Commentary with the latest updates on the markets and current state of the economy, visit the Articles page on our website!