What Resources Are Available For My Business Right Now During COVID-19 Times?
Is your business feeling some pressure from change right now? Whether you’re an online retailer, family-owned business or a solo entrepreneur, these are changing times, and with changing times, a pivot in business strategy may be required to maintain a healthy business and plan for the future.
As sheltering in place continues, the good news is some smaller cities are starting to see relief. Others in more densely populated areas are seeing some progress as well as we continue to “flatten the curve”. Either way, this is a time for businesses to pivot and adapt to a digital environment to ensure success. The time is now as Forbes recently reported close to 30 million small businesses across the United States have been affected due to COVID-19.
So what does this mean for your business? The good news is there are a number of resources available to help during this time. And as your advisors here at adQuadrant, we’ve pulled together 4 strategies that will help ease the burden and get you through these changing times.
In times of uncertainty, typical consumer patterns may shift but we believe that this guidance can help you to stay motivated, informed, and build success for your future!
SBA Debt Relief
Due to the COVD-19 pandemic, the U.S. Small Business Administration (SBA) is providing a financial reprieve. As part of their relief efforts to help small businesses, the SBA will automatically pay the principal, interest, and fees of current, and microloans for six months. They will also pay the principal, interest, and fees for new microloans issued before September 27th, 2020. Finally, for current SBA Serviced Disaster loans that were in ‘regular serving’ status on March 1st, 2020, the SBA is providing automatic deferments through December 31, 2020.
Find out more here.
SBA Express Bridge Loans
The SBA is also offering an Express Loan Pilot Program that will enable small businesses who currently have a business relationship with an Express Lender to access up to $25,000 quickly. This program provides vital economic support to small businesses overcoming temporary loss of revenue and can be a term loan or used to bridge the gap of applying for a direct SBA loan.
If your small business has an urgent need for cash while awaiting a loan decision or disbursement on an Economic Injury Disaster Loan, you may qualify for an SBA Express Disaster Bridge Loan. The terms of this loan include getting up to $25,000, for a quick turnaround, and will be repaid in full or in part by proceeds from the in-process EIDL loan.
Learn more here.
Facebook Small Business Grants Program
Over at Facebook, they’re making their helping businesses stay on track. Facebook is offering $100 million total in cash grants AND ad credits to help small businesses during this difficult time. This program can help keep your workforce going strong, cover operational expenses, and help your business to connect with new customers.
Your small business is eligible for the Facebook Small Business Grants Program if you have between 2 and 50 employees, have been in business for over a year, have experienced disruptions due to COVID-19, and you’re in or near a location where Facebook operates. Up to 30,000 small businesses in more than 30 countries are eligible to receive this grant, and YOU might be one of them.
Check out the Facebook grants program here.
Google ad Credits
Earlier this year, Google announced a $340 million initiative to Small and Medium size businesses to roll out free ad credits for Google advertising. This initiative is set to launch in May and important updates regarding eligibility, requirements, and the rollout period have just been announced.
Your small business could be eligible if you have used a Google Ads account in 10 out of the 12 months of 2019 and in January or February of 2020. Eligible businesses are those who have advertised directly or with a partner and adhere to Google’s advertising standards.
For each eligible account, a single ad credit will be given. The ad credit amount will depend on the customer, their previous Google Ads spend, and the country and currency their business and Google Ads account is set up in. The ad credit will become available in late May and will begin rolling out in phases. The ad credit can be used throughout the year but must be used before the 31st of December, 2020. Eligible customers will be alerted and will see the ad credit in their Google Ads account. Read more here.
As this initiative rolls out, if you are managing your own Google Ads account, we recommend keeping an eye on your account and watch for any notifications indicating the receipt of your ad credit as of next month.
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adQ is Here to Support your Business
We are your advisors in choosing the best strategy for your Google, Facebook and other media channels.
In addition to helping your business stay relevant and attract new customers, we can also help you grow during COVID-19 and beyond.
Book a complimentary business consultation today to help stay ahead of your competition and build future success for your business.