Is your small business in big trouble? Help could be just a call or click away.

Well, here we are guys. Schools, restaurants, bars, gyms, movie theaters and more are closed. Travel is banned. Grocery store shelves are empty. Most of us are sitting at home, obsessively perusing repetitive news feeds, asking ourselves in our best Amy Poehler or Seth Meyer voice, “Really?!!” Today I heard that there are experts predicting that life may not return to “normal” until the Fall. What we do know is that for some of our neighbors, friends and loved ones, this disruptive and deadly illness will mean that some lives never return to normal. Kindness, patience and support is what we need more than ever right now.

Just for a moment, let’s focus on the business side of things. Every small business is at risk right now. In order to survive this crisis, small businesses everywhere must consider any and all options available to them. If you own a small business, here are some ways to get through this:

• If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area (This does include Los Angeles and Ventura County) you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):

• • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

For additional information:

Call the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov

• The LAEDC ( https://laedc.org/coronavirus ) offers valuable resources and programs:   Employers can receive 60-day extensions for payroll tax – For more information email the LAEDC at covid19response@LAEDC.org

• The Small Business Finance Center (SBFC) partners with Financial Development Corporations to provide loan guarantees and direct loans for small businesses that experience capital access barriers. The Pacific Coast Regional Small Business Development Corporation (www.pcrcorp.org) offers such a loan program. For additional information or assistance regarding PCR’s loan programs, please call (866) 301-9989

We Californians know how to handle a crisis. Sure, there might be some sarcasm involved, a few eye rolls here and there and even a hair toss or two but you know what – WE GET THINGS DONE!! I very much believe that our community is completely capable and willing to support our most vulnerable citizens and businesses in times of need. So please – take a moment to order takeout from your local restaurant, buy a gift card from a small corner shop, offer up a potential swap of services with a local tradesman or simply reach out to say, “I see you and I am thinking about you.” Our small businesses are the lifelines of our communities and they and their families need us now. Let’s get this done!

If you have questions or concerns and don’t know where to start, Cowe Consulting may be able to help. Feel free to contact us.