The economic consequences of the coronavirus pandemic are hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
More than 99% of all American businesses are small businesses, and they employ more than half of the workforce.
According to US government research, natural disasters cause 40% of small businesses to fail, while one in four small businesses will close within a year of the event.
In addition to the immediate public health crisis, economists expect the COVID-19 pandemic to kick off a painful recession that could further impact the survival of small businesses.
The Internal Revenue Service is deferring the tax filing payment deadline for many filers until July 15.
The US Congress passed a $2 trillion stimulus package to stabilize the American economy during the coronavirus crisis. Less than two weeks after launch, all of the $349 billion allocated to small businesses in the CARES Act has been committed.
Continue reading to see a list of emergency-funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
This post was last updated on April 16, 2020.
Subscribe to BI Prime to read these stories about how the federal stimulus package could help your business.Options available to small business owners: How your small business can cash in on the government's $349 billion relief program so you can quickly pay rent, keep staff employed, and restructure your debt
How to know if you qualify: Use this guide to check if your company is a 'small business' so you can qualify for crucial funding ahead of a possible recession
What it's like to apply for loans and grants: 2 entrepreneurs gave us the exact applications they used to get government funding so they can pay rent and keep employees during coronavirus
Which option is best for you: Small business owners can get either forgiveable loans or payroll relief from the $2 trillion coronavirus stimulus bill, but not both. Here's how to decide which is better for you.
Many venture-backed startups won't be eligible for stimulus funding: How to figure out if your startup qualifies for coronavirus relief funding — and what options you have if it doesn't
Use this plan to avoid getting stuck in the chaos: 6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action
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