The fourth installment of our National Small Business Town Hall from Inc. and the U.S. Chamber of Commerce took place April 17, and discussed the resources available to businesses in need of funding. Listen to the recording here.

by Marc Millison, Partner at Risk Averse Insurance
It is looking more likely that COVID-19 is going to have a long-term impact on our economy. Businesses are being forced to close their doors which could spell the end for many and be a major setback for most. Sustaining your business through this time is going to require tightening your belt and cutting costs where you can.

As a commercial insurance brokerage, we’ve fielded many calls these last few weeks from clients with a lot of questions about this situation. But they all boiled down to two basic questions:

1. How will my insurance respond to this situation?
2. What can I do to cut costs during this time?

With this in mind, I put together some information which should be helpful for those of you who haven’t had an opportunity to reach out to your broker or haven’t received a clear response.

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.  To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate here.

Struggling to get started? The following questions might help point you in the right direction. Do you need:
• Capital to cover the cost of retaining employees? Then the                         Paycheck Protection Program might be right for you. 
• A quick infusion of a smaller amount of cash to cover you right now? You might want to look into an Emergency Economic Injury Grant. 
​​• To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
• Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners might be your best bet.