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Money Monday: Your Business and the Coronavirus. Part 1

As we are all now well aware, the situation around Coronavirus (COVID-19) is fluid and changing by the hour. It’s impacting all of us personally and you probably feel it extra if you are a business owner. There are a lot of decisions to be made to keep you, your employees, and your business safe.

If you are not already familiar with them, take a look at the interim recommendations of the Centers for Disease Control and Prevention (CDC). They emphasize encouraging sick workers to stay home, sending people home if they develop symptoms while at work, emphasizing hand washing and good hygiene, and cleaning your work environment.

As far as government assistance for small businesses goes, the US Small Business Association (SBA) has put some measures in place that will require states to declare economic disaster zones caused by the Coronavirus. Once those areas has been designated, affected businesses can apply for up to $2 million in loans to cover payroll, fixed debts, accounts payable, etc. The interest rate will be 3.75% and terms can extend as long as 30 years. For more details about these Economic Injury Disaster loans, go here. If you want to see if you are already eligible to apply based on the state where you operate, check here.

I’m sure further measures will be forthcoming based on the severity of the situation. We’ll do our best here at Ink Kitchen to bring you up-to-date, accurate information to help us all make it though these trying times.



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