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The unprecedented response to the threat of COVID-19 has changed and challenged our lives in so many ways. If you’re a business owner, you are dealing with the added worry of maintaining your business – not to mention minimizing the impact on employees if you have them.
How can small business owners survive the financial impact of the coronavirus?
Entrepreneur provides tips for helping your business survive including:
- Look for business opportunities: Can you change your business model to adapt to the new normal we’re experiencing? For example: Can you digitize any of your products or services? Or sell gift cards if you’re not already?
- Create a three-month financial plan: Are there any opportunities to spread out the next three months’ expenses over a longer period? In addition, examine your business – and personal – finances and determine if there is anything that can be temporarily cut from the budget.
- Tap into the various funding opportunities government and financial institutions are offering: Small business loans, grants, and other programs have been created to help entrepreneurs taking a hit financially due to the coronavirus. More information on some of these programs can be found below.
Here are more actions you can take to safeguard your business, according to the U.S. Chamber of Commerce.
In addition, here are five tips for protecting your business financially during this challenging time from business law firm Brouse McDowell.
Other Resources for Small Business Owners
Financial Help and Other Help for Small Businesses
Here are links to additional resources for loans and grants:
- U.S. Chamber: Federal Small Business Stimulus Aid Programs Guide
- Small Business Administration: COVID-19 Small Business Guidance and Loan Resources
- Facebook Small Business Grants Program
Relief May Come from Your Retirement Account: CARES Act
Along with the stimulus checks that are being sent to many Americans, the CARES Act allows for changes to retirement account rules for 2020. You or your employees may be eligible for hardship distributions, penalty waivers, or other relief as part of the changes.
The legislation includes provisions for financial relief for businesses as well: get more information.
Another Potential Source of Small Business Loans or Other Investments in Your Business: Other People’s Retirement Accounts
It’s possible that people you know with retirement accounts could help provide your business with some financial help. Anyone who has money sitting in a retirement account could potentially help a small business, either with a loan or by investing in a business.
Through a self-directed IRA, it is possible to provide promissory notes or invest in private businesses. Many investors don’t realize there’s a wide variety of options when it comes to investing with a retirement account – in fact, the IRS lists only a handful of investments that aren’t permitted in an IRA.
The investor would need to open an account with a self-directed account custodian such as Equity Trust.
More COVID-19 Resources
Visit our COVID-19 Resource Center for more helpful information about coping with this pandemic.