Need cash? COVID episode - financial relief for small businesses (Legal Road Map® Podcast S5E133)

This episode was recorded April 1, 2020.

If you’re a small business owner, you may feel like you’ve been dealing with the effects of the COVID-19 pandemic for months already. You may have had to lay off employees, temporarily close your business, and more. Times are leaner and cash is oxygen for your business.

So what do you do when it comes time to pay your rent, your employees or yourself? Because you can’t pay these with a credit card.

Autumn explains all the options that may be available to small business owners to make sure they can get the cash they need to survive the current Coronavirus economic crisis.

In this episode, we’ll cover:

  • The importance of figuring out how much cash you need to run your business (and why this includes looking at your personal finances, too)
  • Why now is the time to make sure your books are in order
  • What free money may be available to you under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
  • How unemployment benefits have changed (hint: benefits may be available to you when they previously were not - i.e., independent contractors, freelancers, self-employed, etc.)
  • What you need to know about paid sick or family leave, as an employee and as an employer
  • Why you’ll want to make a phone call to your mortgage company, landlord, bank, student loan servicer, and credit card company (please don’t just stop paying your bills!)
  • What you need to know about small business loans - including SBA Economic Injury Disaster Loans (EIDL), Small Business Interruption Loans (SBIL) and the forgivable Payroll Protection Program loans, (PPP) - Autumn explains the alphabet soup!

BONUS: The new AWB Firm website launched recently, and while we had a big celebration planned, it just didn’t feel right to move forward with it given the current state of the world. BUT, we also know that a lot of business owners are dealing with refund requests, event cancellations, and more. If you’ve discovered that your contract isn’t quite doing what you need it to (i.e., protecting you and your business), check out our new contract template shop. 

Resources:

AWB Firm COVID-19 / Coronavirus resources page, including step-by-step guide: www.awbfirm.com/covid19 

NY Times Coronavirus stimulus package article: https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

This podcast is information, not legal advice specific to your situation.

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