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The COVID-19 pandemic has changed this country’s economic marketplace in ways we can’t yet imagine. If you own a small business, are a contractor or gig worker or are self-employed, you may be riding this unexpected wave, not quite knowing where your business is going to land.
Despite all the uncertainty swirling around out there right now, you can take hold of the situation and make sure your business keeps its head above water. Here are some smart steps to make now that will also pay off after this crisis has passed.
Cutting costs and shoring up your budget
Small businesses can live and die by their budgets in the best of times, but when the going gets tough, a solid financial plan is vital. Here are some tactics for cutting costs and getting the benefits you deserve.
Apply for Economic Injury Disaster Assistance
The U.S. Small Business Administration offers Economic Injury Disaster Loans (EIDL) to small businesses facing a number of hardships, including COVID 19.
The Small Business Administration has comprehensive information about this loan program.
The low-interest COVID assistance loans are available to small businesses, nonprofits, and agricultural businesses with fewer than 500 employees. They’re designed to help with working capital as well as normal operating costs, such as rent, utilities, and continuing health care benefits.
State and communities across the United States are offering additional assistance programs for small businesses affected by the pandemic, so it’s worth checking to see what may be available.