In light of growing economic concerns over the COVID-19 outbreak, our team at AutoCenter Sales would like to discuss a few valuable pieces of information for small business owners. We understand this health crisis has presented a challenging and stressful situation for automotive business operators across the nation. If your small business has been significantly impacted by the Coronavirus pandemic, here’s what you need to know.
Economic Injury Disaster Loan Program
Along with the governors of each state, the Small Business Administration is working to provide low-interest loans to businesses who’ve suffered significant impacts due to the outbreak. Under the Economic Injury Disaster Loan Program, eligible small businesses may qualify to receive working capital loans of up to $2 million. These loans are designed to offset temporary revenue losses due to the Coronavirus pandemic. You can find additional information about the SBA’s disaster assistance loans here.
Small Business Administration Resources
The SBA provides a number of resources for small business owners who are experiencing difficulties during the Coronavirus health crisis. Currently, the association is working to assist owners with federal resource access, as well as the implementation of individual preparedness plans, per the CDC’s Interim Guidance for Businesses and Employers. The SBA’s operational assistance resources include:
● Access to Capital. Qualifying small businesses may be eligible for any one of a number of loans, including the 7(a) program, Express loan program, Community Advantage loan program, 504 loan program, and the microloan program. Visit sba.gov to learn more about your loan options or to connect with a lender.
● Export Assistance. For small businesses that drive sales through exports, the SBA provides export loans to assist with trade-related challenges such as COVID-19. Options include the Export Express loan program, the Export Working Capital loan program, and the International Trade loan program.
● Local Assistance. The SBA works with local partners in each state to mentor, counsel, and train small business owners. If you’re facing a business challenge and need guidance on your next steps, visit the Local Assistance Directory to find your local SBA office.
Operating Guidelines for Employers
To mitigate the spread of Coronavirus, the CDC urges small business owners with employees to adhere to the following guidelines:
● If your business is not already closed, encourage ill staff members to stay home
● Actively maintain separation between sick and healthy employees
● Review CDC-recommended hand hygiene practices and respiratory etiquette with all staff members
● Engage in thorough environmental cleaning practices
● If employees have sick family members at home, encourage them to immediately notify supervisory staff and perform a personal risk assessment
● If a staff member becomes ill, immediately notify all employees of their potential exposure to the virus while maintaining confidentiality per ADA requirements
● Encourage employees who may have been exposed to Coronavirus to conduct a personal risk assessment
Has Your Automotive Business Been Impacted by Coronavirus? AutoCenter Sales is Here to Help
In these uncertain times, AutoCenter Sales is committed to the health and safety of our employees and clients. We understand the difficulties associated with this unprecedented economic downturn and are here to discuss your options should you need us. If you’d like to learn more about how we can help you with the process of selling your automotive business, give our team a call at 1-800-874-5793. You can also connect with us online, and we’ll be in touch as soon as possible.