As our nation heals from the COVID-19 pandemic, you may be wondering what you can do to help your business recover. Most businesses have suffered, whether they stayed or were forced to close. In this article, we will look at some things you can do to get the healing process started.
Contact Your Company’s Insurer
You might want to review your policies first. Generally, though, it is best to notify insurers of potential claims as soon as possible. Failing to do so sometimes can jeopardize your financial recovery.
If your insurance company refuses to provide coverage, contact your business lawyer immediately to discuss legal remedies.
Tap into Disaster Recovery Loans and Grants
The Small Business Administration (SBA) currently has several programs aimed at providing relief to small businesses:
- Paycheck Protection Program loans offer up to $10 million for eligible businesses;
- Economic Injury Disaster Loans offer up to $2 million to nonprofits and small businesses;
- Emergency grants of up to $10,000 to be used for business and employee-related expenses.
Some of the loans may be forgiven if used for payroll and certain other expenses. Otherwise, companies will pay back the low-interest loans over time as you help your business recover.
The SBA maintains a Coronavirus Relief page on its site that provides more information about these programs.
Communicate to Customers to Help Your Business Recover
Depending on the type of business you operate, you may need to stay in touch with your clients and customers. It’s especially important to let them know:
- Whether you are open or not;
- That office hours have changed;
- That deliveries may be delayed; and
- When you will reopen.
Customers that are unsure of your ability to provide goods and services may defect to more communicative competitors.
Make a Plan – and a Backup Plan
Assess your current situation and consider how you want your business to operate in the future. How can you get from Point A to Point B? Put together a comprehensive plan. You may also want to have a Plan B since the business world may take time to get back on its feet.
Helping Your Business Recover from COVID-19 Is a Priority
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.