Small businesses have been bearing the brunt of COVID-19 related hardship since the pandemic hit. Small businesses make up 44% of all businesses in the U.S. economy, and account for two thirds of new employment creation (put in another light: 35.7 million employees risk job loss due to the impact COVID is having on small business). It’s never been a more important time to consider the important role of small business in our economy and protect them at all costs. Local small business is integral to the culture of a community, provides resources and experiences, and affects the landscape of an area.
Hatch has covered extensively what’s available for small businesses as far as the PPP loans and other options to help small businesses stay financially afloat, but there are some realities to face when it comes to small business development right now, and some things small business owners can do to make sure they survive. In fact, depending on the kind of business you’re in, a recession can be a great time to start a business.
Since there is little that can actually be controlled at this time, running profit and loss projections can help small businesses reckon with what their realities are. But never fear, there are options available to help your business survive the pandemic, and evolve. Once the stress eating and panicking has begun, remember that you have options:
Alternate funding resources have never been more crucial, so be sure to take advantage of them!
Improving your online presence is a must, and a lot of small businesses have been skimping on it to prioritize traditional advertising like newspapers and local print advertising. But running an online shop, building out your restaurant take-out options, or developing driveby services not only serves your customers, but grounds your personal relationship with them. Most of your customers would rather be in your shop or restaurant or office, and are bummed they can’t be. Building a strong online strategy is a better way to connect, and also create an accessible system for disabled or elderly customers who won’t be leaving the house for a while. This also means collaborating with other small businesses in your area. Encouraging customers to invest in local business and cross-promote things can increase your visibility and build better community.
Regardless of your state's restrictions, here are some of the most common recommendations applying to all states, from the US Chamber of Commerce:
The realities that small business owners are facing at the moment can be quite nerve-racking. When you consider past events like the Great Depression and Great Recession, small businesses were hit the hardest, contributing to the greatest profit losses and job losses.
However appreciation for small businesses continues to runs deep, and their contribution to society is greater than economic. Young small businesses (under five years old) are a main engine for job creation and overall expansion and growth. Since the shelter-in-place started, communities have prioritized shopping small and sought out how to help small businesses persist and thrive. Now’s never been a better time to begin an online presence and email correspondence with your customer base to remind them that you’re in business and there for them.
At Hatch, we offer small business owners something that no other lending company does: a fresh start and the benefit of the doubt. We extend a line of credit (up to $5,000) to business owners who are just starting out, without requiring a previous business history or a great credit score. Click here to learn more about applying for your Hatch Card today!
There are a lot of qualifications for how much your business might be able to receive in PPP loans, and even more for how much could be forgiven. We have created a handy calculator to help you easily estimate what you can expect on both fronts.Read more…
The Paycheck Protection Program “PPP” has not been without its share of issues. However, it is still a great program with favorable loan terms for small businesses that are affected by the coronavirus pandemic and want to take out a 1% interest rate loan. Our COO has written responses to some frequently asked questions to help clear things up.Read more…
The PPP application itself is a standard form, and all applications ultimately are sent to the SBA for approval. But where is the best place to submit your application, and what do you need?Read more…
Small business (SMB) owners are among the hardest hit by the Covid-19 crisis. Here at Hatch, we are committed to serving you now more than ever with the information you need to stay afloat.Read more…
COVID-19 (Coronavirus disease 2019) has created a challenging environment for everyone, but especially for small businesses. All of us at Hatch understand that you may be facing difficult times ahead, and we want to be here for you.Read more…
The Paycheck Protection Program (PPP) has been an attractive relief program for small businesses affected by the COVID-19 pandemic for lots of reasons, but mainly due to the fact that PPP loans are forgivable. Recently, the U.S. government has passed additional legislation to simplify the process and expand access to forgiveness to small businesses. Here’s what you need to know about the recent changes.Read more…