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The coronavirus pandemic has thrust the world into a very challenging and unprecedented economic period. Most businesses, especially small businesses have been negatively impacted and millions are in peril. Every small business owner is justified in their concern for the next few months.
Nonetheless, it is important to remember that we are dealing with a global pandemic like no living person has ever experienced, which has caused an economic crisis, the abruptness of which no living person has ever seen.
Indeed, these are unprecedented circumstances, and small businesses should allow the government to blend their significant financial resources with our organic financial strength to help businesses deal with this emergency period.
Specifically, this includes cash infusion for essentially every small business, from employers to independent contractors to the gig economy folks, who will receive the emergency funds being allocated.
Here is an update on what is available and what you should do right now, today.
Do this first
Go to Canada.ca or SBA.gov and look for the click associated with the Coronavirus Business Assistance Plan. See if you are admissible and sign up for the emergency cash that may be available to you.
Do this next
Contact your banker and begin the process.
Apparently, the bank will be paid interest and some fees, ultimately covered by the government, not you. Your bankers will most likely tell you to go to their website and complete the enrollment form and to provide specific required documentation to them. You will then be asked to sign a loan document.
Be thorough with the forms and then be patient, because unprecedented actions beget bumpy execution. Your bank is being deluged with requests for these funds.
One last word
For decades I have encouraged small business owners to do business with a community bank. In good times and bad times, community banks are always a small business’s best friend.
Believe in yourself: Surviving is winning!
This, too, will pass.
Michel Ouellette / Joseph Michael Dennis, is a former attorney, a Trial Scientist, a Crisis & Reputation Management Expert, a Public Affairs & Corporate Communications Specialist, a Warrior for Common Sense and Free Speech.
JMD Systemics is here to help.