Small businesses contribute significantly to the economy. In fact, 90% of businesses in the United States are small businesses. However, due to their nature, these companies often have smaller profit margins and may not have enough finances to get through a severe economic downturn. You can help small businesses by choosing these instead of national companies for all your services. For instance, if you need help with your water supply, contact us at Plumbing Concepts. However, you can also help educate small business owners you know about the resources available to them during this COVID-19 outbreak.
Small Business Resources
The Small Business Administration (SBA) loans often help small enterprises to get started, but they can also help in times of crisis. The CARES (Coronavirus Aid, Relief, and Economic Security) Act includes portions to allow small business owners to take out loans up to 250% of their total payroll to avoid having to layoff workers during stay-at-home orders.
If you take out one of these Payroll Protection Program (PPP) loans, as long as you use it to rehire recently laid-off workers and to keep the workers you currently have paid, you can get forgiveness for the entire loan amount. Even if you do not have the whole loan forgiven, you still have six months of deferred payments.
Additionally, if you have any SBA loans that are not through the PPP, you can get debt relief for them under the CARES Act. This debt relief program lets the SBA cover your loan payments for up to six months, while your business gets back on its feet.
Pass It Along
The above loans are just some ways the federal government is helping those who own or operate small businesses. However, you are also a part of that equation. Keep giving business to any small businesses that remain open during this time.
Essential services will still need patronage to stay open. You can help by keeping the phone numbers of locally-owned restaurants on hand for calling in meals for delivery.
Post our number for Plumbing Concepts in an easily accessible place for if you have a plumbing emergency or issue. You can reach us at (951) 520-8590 any time of the night or day.
Putting money into small businesses helps the owners continue to hire local people and put money into your neighborhood’s economy. Through helping each other out with resources and patronage, small businesses and those who use them can make it through this difficult era of history.
