Businesses have taken a hit during the pandemic, but with small business loans it is possible for a business to recover from the impacts of COVID-19 even without federal relief.
Many small businesses had to shut for weeks or months. If your business was not deemed essential, you likely had to lay off employees and shut your doors for a long period of time. While your employees might benefit from unemployment checks, how can you save your business?
Small Business Loans can save your business
Fortunately, small business loans are fairly easy to get right now, as banks are showing compassion and understanding towards businesses that have had to temporarily close. Using a small business loan can be the key to your business surviving the pandemic.
Stop the Bleeding
Your business probably has expenses that you cannot keep up with if you were forced to close your doors due to the pandemic. With a small business loan, you can pay rent, pay your insurances, and contribute to the unemployment payouts of your employees. Overall, you can also keep supplies stocked, and create a plan for the future. Ideally, you will be able to be fully staffed, stocked, and ready to go at the first opportunity to re-open your doors.
While you might not be able to physically work, and this might completely shut down a business with tangible services like a hair salon, you might be able to remain open virtually and at least get a little income remotely. Look into ways that you can stay open even if just for a small percentage of time. Any income is better than no income. You might find that telework can help your business.
You might also be able to remain partially open if part of your business can be deemed essential. For example, if you own a Physical Therapy office, you probably cannot work on patients that are in for routine maintenance for problems like arthritis. However, something like post-op surgery patients, you might be able to be open once a week. Again, any income is better than no income. Read the fine print and see if any part of your business can be deemed “essential.”
Look at Online Schooling
If you are forced to close your doors, take advantage of this time off to learn a new skill. This could help position your business to be stronger than before the pandemic, and you might be able to increase your income in the future, which will help pay back the loan and recover from the pandemic. For example, many universities are offering certifications online. Look into studying online, making yourself more marketable in the future.
How to best use your Small Business Loan
After you have stopped the bleeding and learned how you will survive the pandemic, think about how you can use the loan to position yourself for the future. Maybe you never had the time to update supplies in your business. Take the time, and the loan, and refresh everything your company offers. You might be able to charge a higher rate for your services, which will help you pay back loans faster in the future.
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