By now we know all the things we need to do to stay safe and flatten the COVID-19 curve.
- Stay home
- Wash your hands
- Stay at least 6 feet away from people
- Work from home
- Limit your trips to the grocery store
Since we’re considered an essential business, we’re still open and able to provide our suite of services, with some extra precautions. Unfortunately, for some of our small business customers, the above precautions means they may need to temporarily close their doors, lay off employees, or close shop indefinitely. We’ve seen an influx of our business customers temporarily suspend our services, which is completely understandable yet very devastating to watch. We’re left with the question “what can we do to help?” We’re here to support our customers — businesses and residents alike — and want to make sure to provide the information and helping hand they need to help them through these uncertain times.
The U.S. Small Business Administration has released several programs to help small businesses financially. If you own a small business, the following resources may be just what you need to help get you, your employees, and your business through this rough patch.
Paycheck Protection Program
The Paycheck Protection Program helps businesses keep their workforce employed via a loan. Interest payments are deferred for 6 months and if you keep your entire workforce employed, the entirety of the loan may be forgiven.
Economic Injury Disaster Loans and Loan Advance
If your business has experienced a loss of revenue due to the COVID-19 pandemic, you may be eligible for an Economic Injury Disaster Loan or a loan advance. Economic Injury Disaster Loans can be up to $2,000,000 while loan advances may be up to $10,000.
SBA Debt Relief
Under this program, the SBA will pay the principal and interest of new 7(a) loan or current 7(a) loan for a period of six months.
SBA Express Bridge Loans
For businesses that already have a business relationship with an SBA Express Lender, they can access up to $25,000 each week with less paperwork and procedures. This is the quickest way to get financial relief.
There are several other programs that provide businesses help. We highly recommend checking out the U.S. Small Business Administration website for updated information. Additionally, the US Chamber of Commerce has created a helpful infographic detailing who is eligible for help.
Help from Us
If you are a customer of ours — business or resident — and are experiencing rough financial times, please let us know. If you need to temporarily suspend service, can’t pay your bill, or something else, we’re all ears. We are lucky to be in a position to help support the people that support us and encourage you to reach out to us so we can come up with a solution based on your situation.
We’ll get through this together. As a community. As friends. As people helping people.
Stay healthy and safe.