How to Save Your Small Business During the COVID-19 Pandemic

As of July 2020, the coronavirus pandemic has caused the US equities market to lose over $11 trillion. The coronavirus pandemic has impacted businesses resulting in wide-sweeping shutdowns of companies due to government orders worldwide. 

The coronavirus pandemic has left businesses around the world reeling and wondering what recovery could look like, says Brad Nakase of the Nakase Law Firm, a business lawyer and employment lawyer in California. While the NASDAQ and DOW are hovering around 10600 and 26000 respectively as of July 16, 2020, the indexes do not reflect the true state of Americans who have lost their jobs or small businesses that I’ve seen on the ground level, says Nakase who was awarded “Litigator of the Year” in 2020 by the American Institute of Trial Lawyers. 

The effects of the wide-spreading virus on business were different. Some companies were to tackle the situation by shifting to remote work models, while others suffered a significant loss by getting closed completely.

“The future is very uncertain now. We don’t know how much time it will take to eliminate the coronavirus and get things back to normal. But businesses and people who lost their income must take some steps to survive and it will take politicians from both sides of the aisle to arrive at a corona aid relief bill to ameliorate financial hardship for Americans in the trenches, says Brad Nakase.  

Second Coronavirus Aid

As companies are bearing huge losses due to the Covid-19 pandemic situation, you can use business lawyers to apply for Covid-19 assistance with the state and federal government. Congress is negotiating a second coronavirus aid bill estimated at $1.5 trillion, but it may not be enough, says Nakase.  

During this hard time, a business lawyer can advise companies to obtain reliefs like SBA loans, Federal income tax, and much more as the government is offering low-interest federal disaster loans. Many small businesses may apply for Economic Injury Disaster Loan to help their company’s running expenses and keep your business from collapsing. Income tax deferment can help your business reduce the Pandemic’s negative impact and save your business from heavy penalties. 

Second PPP

Many small businesses late to the first Paycheck Protection Program could receive relief

under a second PPP under new legislation recently introduced in Congress. Under the proposed second PPP, or the Prioritized Paycheck Protection Act, business with less than 100 employees may apply for money a second time if they can show the Small Business Administration that their company lost at least half of their revenue because of the coronavirus, according to Brad Nakase. 

As the Pandemic continues unabated, small businesses and millions of unemployed Americans will continue to struggle. At ground level and in the trenches, millions of Americans are urging Congress to support vulnerable small companies through the Pandemic because it will bring millions of Americans back to work and support their families, says Nakase.