The U.S. Small Business Administration (SBA) and the Department of the Treasury announced that they have initiated a mobilization effort of banks and other lending institutions to provide small businesses with the capital they need to address the impact of the COVID-19 pandemic.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was recently passed by Congress and signed into law by the President, establishes a new $349 billion Paycheck Protection Program. The new program will provide loans to help small businesses with their payroll and other business operating expenses.

Under this program, businesses will be able to go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. Loans will be available without collateral requirements, personal guarantees or SBA fees, with a 100% guarantee from SBA. All loan payments will be deferred for six months.

SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Loans will be available retroactively from February 15, 2020, so that employers can rehire their recently laid-off employees through June 30, 2020.

The program is expected to be up and running by April 3rd. For further details about the program, read the SBA press release here.

The U.S. Senate Committee on Small Business & Entrepreneurship has published The Small Business Owner’s Guide to the CARES Act — a guide to the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was recently passed by Congress and signed into law by the President.

The new law is intended to help business owners with the challenges they face as a result of the COVID-19 pandemic, and it creates numerous new resources for small businesses and other employers.

The Senate Committee’s guide provides information about major programs and initiatives in the new law, which will soon be available from the U.S. Small Business Administration (SBA), as well as several new tax provisions.

The Guide covers programs and initiatives such as:

• The Paycheck Protection Program, which provides capital to cover the cost of retaining employees;

• The Emergency Economic Injury Grant, which provides a quick infusion of a smaller amount of cash to cover immediate business needs, and Economic Injury Disaster Loans; (more…)

By Susan Guillory –

Rita Mitchell, Certified Counselor at the University of Southern Mississippi SBDC, compiled a great list of 11 ways retailers can combat coronavirus fears, the closures, and the financial decline those fears are causing.

Here are her suggestions.

1. Have VISIBLE and TOTAL hygiene discipline. Mitchell suggests placing anti-bacterial pumps throughout a store. Also, posting photos online and on your website of “deep cleaning” activities can show customers your commitment to keeping them healthy while shopping.

2. She also recommends posting a kind and intimate email, Facebook post, Instagram post, and in-store posted statement about your commitment to the care and services your business will provide during this emergency.

3. To drum up business from people who are staying away from shopping in stores, she recommends making an open offer to deliver or ship a client’s order, and then include a fun surprise. (P.S. Your client will want delivery and shipping to be at no charge.) (more…)