We’ve been on numerous calls, emails, and tweet threads with our community and the broader community discussing the current options that small businesses have to navigate these tough financial water and how these times are interrupting their plans for international expansion. During COVID-19 we may not know when the economy will fully reopen or resume our international explorations but until then it’s imperative to implore all resources available to weather these times.
What’s going on
On March 27th, 2020 the President signed into law H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security Act (“CARES”) Act. The bill is designed to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic. Included in the bill are several founder-friendly measures including loans, grants, and changes to current policy that will directly impact and hopefully assist you. Below is a quick overview of what these measures could mean for you.
SBA Economic Injury Disaster Loans & Grants (“EIDL”)
Up to $2M loans available to pay for expenses that could have been met had the COVID-19 pandemic not occurred, including:
- Payroll costs including paid sick leave to employees.
- Increased costs due to supply chain interruptions.
- Rent or mortgage payments.
- Obligations that cannot be met due to revenue losses.
- 100% forgivable $10k cash advance within three days of applying.
SBA Paycheck Protection Program (“PPP”)
- Up to $10M loans for businesses with fewer than 500 employees to keep your employees on the payroll.
- Use this handy estimator tool from Joust to find out how much you’re eligible to receive.
- The loan is 100% forgivable if used for qualified expenses incurred in the eight weeks following loan origination.
- Keep in mind applying through multiple lenders may trigger a fraud alert.
- What Coronavirus Could Mean for the Global Economy (Harvard Business Review)
- U.S. Department of Labor Offers Guidance on COVID-19 Wage Related Issues (Benesch)
- Emergency Paid Leave Requirements for Private Employers with Fewer than 500 Employees (Benesch)
- Tips for Leading Remotely (Gallup)
- Boosting Immune Health to Protect Against Coronavirus (Blum Center for Health)
- Coronavirus COVID-19: Facts and Insights (McKinsey & Company)
- Preventing Pandemic Pandemonium: An Employer’s Guide to Practical Strategies (Fox Rothschild)
- How to Effectively Work Remote (Redfin)
- Guidance on Preparing Workplaces for COVID-19 (Osha)
- 5 (Practical) Cs for Leading in a Crisis/Downturn (Scaling Up)
- COVID-19: U.S Business Guide (Medium)
- Business Tips for Navigating this Uncertain Time (Company)
- Google is Allotting Ad Credits for Small and Medium-Sized Companies (Google)
- Coronavirus Emergency Loans: Small Business Guide and Checklist (U.S. Chamber of Commerce)
- Top 100 SBA Lender List (SBA)
- Stroock’s Guide to the CARES Act’s Business Loan Lifeline (Strook)
- Coronavirus (COVID-19): Business Guidance — Pandemic Response Law (Perkins Coie)
- Assistance for Small Businesses (U.S. Department of the Treasury)
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Each program provides a local experience while our travelers to meet with government officials, local businessmen in order to best understand how to do business in the host country, economic outlooks as well as finding investment opportunities all while experiencing the local culture and attractions.