The material presented here is for educational purposes only, and is not intended to be used as financial, investment, or legal advice.
3 Resources to Help Small Businesses Bounce Back
In recent months, small business owners have had to become amateur sleuths, researching old and new options to keep their businesses afloat during this sudden halt in economic activity. As we’ve seen in the past few weeks, those options can change daily, with the government announcing new small business loans and programs as quickly as they are approved.
It can all begin to feel a little overwhelming, but for many small business owners having to make decisions on a daily basis, parsing through the information available has never been so important. This is why we’ve gathered all of the current resources available to small business owners into one place, so you can consolidate your research and get the answers you need.
Although new options seem to come available nearly every week, the organizations and programs listed below currently serve as great sources of information to support small business owners.
Small Business Administration
The federal stimulus bills aimed at curbing economic fallout include many options for small businesses through the Small Business Administration. These include cash grants, loans and debt relief options. The SBA has created a resource hub for small business owners to apply for each of these
The Paycheck Protection Program (PPP) loan is also included in the stimulus bill. The PPP is a potentially forgivable, low-interest loan program that helps business owners keep workers on their payroll. The basic criteria is to have no more than 500 employees, have your principal place of business physically in the U.S. and be operational as of February 15, 2020. For more information on the PPP loan and updates, visit our Small Business Assistance Programs and Resources page. (The status of PPP Loans is changing daily, so be sure to check in with the SBA or Desert Financial for up-to-date information.)
Local business organizations have proliferated in recent years as more consumers become aware of the benefits of supporting locally owned businesses.
In Arizona, Local First AZ has spearheaded initiatives to drive online ordering and delivery from local restaurants, and disseminated regular policy updates to business owners. Their resource center features local and national outlets that can help business owners weather the changing times.
A quick search of your city or state small business resources should help you identify if any local-first organizations exist in your area and how they might be able to help.
State and City Support
Cities around the country have increased their efforts to support local businesses, including moratoriums on evictions, low-interest loans and state grants. Exploring what your city has to offer can be a helpful first step. Start at your state or government homepage or look for a community and economic development center.
Because the entire country is dealing with a common problem, resources have proliferated on the local and national levels. Reach out to your financial institution for details on loans or contact Desert Financial. We can help you with any questions you may have.