COVID-19 Resources for Small Businesses

The RingCentral team

It’s no secret that this spring has been an unexpected time of struggle for most small businesses across the United States. 

As of May 5, according to the United States Chamber of Commerce, 22% of US small businesses say that they are two months or less from closing permanently. And only 50% of business owners feel their business is in good health, down seven points from last month.

The repercussions of the COVID-19 situation are going to be felt by small businesses for a long time. But if there’s a glimmer of hope in this time of struggle and stress, it’s that there are more support options than ever for small businesses hoping to keep their doors open.

From government programs to private grants and educational resources, we’ve assembled some of the best resources to help American small businesses during this unprecedented time. We believe in American small businesses and hope that we can all come out of the COVID-19 crisis stronger than ever.

In this post, we’ll cover:

Federal economic relief

As a business owner, financial relief is probably your first priority right now. The federal government has been conscious of the impact that widespread stay-at-home orders have had on small businesses, so they’re providing some options to help you keep your business afloat.

Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL)

The Small Business Administration is offering two options for economic relief if your business has been impacted by COVID-19: PPP and EIDL

Stimulus checks

When you’re caught up in keeping your business afloat, it can be hard to remember that you might also qualify for a stimulus payment as an individual. Don’t forget—it’s quick and easy cash if you can get it!

Tax information 

At this point, you probably know that the filing and payment deadline for your taxes has been delayed from April 15 to July 15 (though there’s talk that it may be delayed even further). 

Special offers from banks

The federal government isn’t the only one shaking up the normal hard-and-fast rules this year—believe it or not, you bank may be relaxing on the rules a bit this year to help you out. 

Local economic relief

Many state governments are offering additional stimulus to keep local economies running strong. If you are a freelancer or consultant and you are unable to work due to COVID-19, you may even qualify for unemployment right now, depending on where you live.

Private grants

State and federal government grants and loans aren’t the only option if what you really need right now is an infusion of cash for your business. There are a few private companies offering grants to the small businesses that keep them running.

Freebies and special offers

It’s not quite as nice as extra cash coming in, but you might be able to save a little money right now. Many software companies are offering extended free trials or special offers to support your business as you shift to remote work and focus on digital marketing.

Working from home and digital marketing

According to the US Chamber of Commerce, one in five businesses have switched to having at least some employees teleworking, and 17% have transitioned their retail presence to virtual or digital configurations. If your business is new to working from home and focusing on digital marketing, here are some resources that may be able to help.

Community support:

Whether you’re looking to support the other small businesses in your community, or you want to give your regular customers an option for helping you stay afloat through the COVID-19 situation, here are some resources for community support.

Stay safe and sane—and keep your business afloat—during COVID-19

No matter what kind of small business you run, there’s no doubt that all of us have been impacted in a big way during the COVID-19 crisis. We hope we’ve provided some resources that help you find the relief you need, be it financial or otherwise.

For now, we’re looking forward together and hoping you can all come out of this situation with healthy, sustainable businesses.

Related Content

10 min

The RingCentral team

Guides

5 min

The RingCentral team

Financials

20 min

The RingCentral team

GUIDES

Register for The Small Business School Challenge

Join our 48-hour virtual workshop on October 15–17, 2020.

Applications accepted until September 25th.