Help for Your Business During the Coronavirus Outbreak
A current list of resources and assistance available for your small business during COVID-19.
This resource list will be updated regularly as more information becomes available.
The novel coronavirus is now widespread across the US, and it’s clear that the outcome of this pandemic is far from certain. With major closures and social distancing measures currently in place, each of our lives has been affected. Many small businesses are feeling the effects both personally and professionally.
As individuals and organizations, we have to be prepared to respond to COVID-19 on two levels:
1. to the facts we currently have available about the virus and its spread, and
2. to the fears and concerns of our employees, our customers, our loved ones, and society at large
We know a number of businesses have already been impacted by the outbreak. We send our thoughts to those who are having a particularly difficult time weathering this storm. If the outbreak continues for an extended period of time, many other companies will also experience significant difficulties.
We want to share the following resources with you.
Please review the Crews Consulting Group COVID-19 Response Playbook for a blueprint to help your business plan during this challenging time.
Government Guidance
Families First Coronavirus Response Act.
The bill passed previously passed by the House passed the Senate on 3/18 and was signed into law late that evening. The bill contains provisions that requires business to provide employees sick leave and family and medical leave if needed. Tax credits will offset these costs. Here's what's in the bill. The full text is here.
Tax Deferrals.
Individuals and corporations will be able to defer their tax filings and payments until July 15th. Individuals will be able to defer up to $1M in taxes; corporations will be able to defer up to $10M. Deferrals are interest- and penalty-free. Note that previously, only payments were deferred, but as of 3/20, deferrals apply to filings as well.
Updates to Unemployment Claims (MA).
A number of changes have been made regarding unemployment claims in Massachusetts. Employees may receive benefits if they have been quarantined or have to care for a family member. The one-week waiting period has been waived, businesses have a grace period before filing their quarterly reports, and employees at companies that have shut down but expect to reopen within 4 weeks are eligible for unemployment benefits. More information on the DUA website.
Disaster Loan Assistance through the Small Business Administration.
Small businesses that have been affected by the coronavirus should apply for disaster relief through the Small Business Administration (SBA). At the time of this email, assistance is currently available to Massachusetts, New Hampshire, Maine, Connecticut, Rhode Island, New York, Washington, Oregon, Idaho, and California.
Massachusetts COVID-19 Loan Fund.
A $10M loan fund is now available to MA small businesses. Businesses may receive up to $75,000. Application and additional information available on the website.
Small Business Guidance, Including Employer Obligations.
The SBA website contains a lot of new guidance around employer obligations, employee benefits, and best practices for dealing with COVID-19. It also includes resources for loan, government contracting, and local assistance. Another good resource for employer obligations is this newsletter.
New Government Stimulus Package.
The $2+ trillion package offers substantial aid to small businesses. Greg D'Agostino at Tenax Strategies has graciously shared his summary of the stimulus package. Tenax has also shared additional resources for small businesses in Massachusetts.
Additional Information on Government Assistance. Information on the CARES Act ($2+ trillion stimulus package), SBA Disaster Loans, PPP (Paycheck Protection Program), and more.
Free Support from our Community
SWOT Analysis.
Our Implementers at Crews Consulting Group are offering free SWOT (Strengths/Weaknesses/Opportunities/Threats) analyses to companies in need. Please reach out to eric@crewsconsultinggroup.com for more information.
Consultative Outplacement; Executive Resume Review & Transition Coaching.
Tom Pimm at Hub Recruiting is offering free support to individuals who may need to transition out of their current role due to fallout from the coronavirus outbreak. Please reach out to tom@hubrecruiting.com for more information.
Free Cashflow/Liquidity Planning.
Ryan Villanueva, co-founder of Best Delegate and President of EO Boston, is offering cashflow/liquidity planning sessions. He worked on liquidity risk management during the 2008 financial crisis and can help companies develop a “liquidity playbook.” Please reach out to ryan@bestdelegate.com for more information.
Consultations on Obtaining Government Assistance.
Greg D'Agostino at Tenax Strategies is offering free assessments for businesses who will be seeking government assistance during and after the coronavirus outbreak. Tenax Strategy's core business is helping organizations interface with local, state, and federal government. Please reach out to greg@tenaxstrategies.com for more information.
Wealth Planning Second Opinion.
Derek Mohamed at Mohamed-Merola Wealth Management is offering CCG clients complimentary second opinions and stress tests on their wealth management plans. This is a financially uncertain and emotionally charged environment. If you're not confident in your current wealth management strategy, please reach out to derek.mohamed@ml.com for more information.
Acquisition Exploration Session.
Matt Rudnick at Main Sheet is offering exploration calls for clients who might be thinking about acquisitions during this time. We recognize this is an offering for a specific subset of business-owners, but some individuals might find opportunity in the current market to see if competitors would consider a sale. Please reach out to matt@mainsheetllc.com for more information.
*All assistance offered by our community is done in the spirit of our most important Core Value: Help First. Accepting an offer of help from a provider does not in any way obligate you to use their paid services--nor will they ask you to do so.
Additional Information/Resources
White Paper: Modeling and Managing the Financial Impact of COVID-19 on Your Business. This is a guide created by our friend Calvin Wilder and his team at Smartbooks. It focuses on helping companies model and manage through potentially large sales declines until economic activity recovers to a normal level.
Crews Consulting Group Posts
Maximize Government Assistance for Your Business
Mental Health Wellness Tips for Quarantine
Values, Leadership, and Your Company's Why Have Never Been More Important
If Your Business is Boxed In, Think Outside the Box
Fight, Flight, or Freeze: Your Options for Responding to Crisis.
Articles from Fellow EOS Implementers.
An EOS Company's Guide to Surviving Coronavirus. By Ken DeWitt.
Coronavirus: Is it an Issue? (Yes). By Victoria Cabot.
Asks from Our Community
Donations of Protective Gear for Hospitals.
Dr. Laura Rock at Beth Israel Deaconess Medical Center is asking for donations of any protective gear you may have—gloves, masks, goggles, face shields—to alleviate a critical shortage in our community. If you have any items that may help front line medical workers protect themselves, please reach out to lrock@bidmc.harvard.edu to arrange a pickup/dropoff.
Software Development and Platform Implementation.
Sean Sweeney is Director of Sales at web design agency iFactory. Much of his development team has been sidelined due to the coronavirus outbreak, and they have significantly reduced their rates in the current environment. If you've been considering a new website, app, or other digital platform and are currently in a position to do so, please reach out to sean@ifactory.com for more information.
We are also hoping that this fledgling community can start to share with one another during this difficult time. Our team of Implementers is here to support you. We want to offer as much coaching as we can to companies in need, so please don’t hesitate to contact us with your concerns. If you know of a business that’s struggling, please connect us to them. We are happy to help them for free.
How else can we help you? What else can this community offer? Could you please respond and let us know:
- What is your #1 need right now?
- What resources or assistance might you have to offer your fellow entrepreneurs?
Our team will facilitate these requests and offers of help as much as possible in the coming days and weeks. We will use our resource network to the fullest extent possible in support of this community.
Wishing you the best. Please stay healthy and safe.
