By: Harsh Arora, Partner in Kelley Kronenberg’s Fort Lauderdale office focusing his practice on business litigation and handling complex and international corporate transaction matters. He has represented multinational businesses as their outside general counsel.
The current COVID-19 pandemic is on the verge of becoming an economic crisis, if not already, with long-lasting impacts felt across all industries. Therefore, businesses must be proactive now, in order to combat and mitigate potential losses.
The Small Business Administration (SBA) may be an avenue for small businesses searching for a helping hand during the pandemic, as the SBA is encouraging small businesses to do their part to keep their employees, customers, and themselves healthy.
Some available assistance provided by the SBA are as follows:
Assistance to Small Businesses to access federal resources.
Loan Resources for small businesses to utilize when operating their business, which may offer loan amounts up to $5,000,000.
Export Loans to provide help to small businesses in order to achieve sales through exports and to overcome the challenges associated with trade.
Government Contracting assistance to provide assistance with continuity of operations for small businesses with federal contracts.
Small businesses should start preparing, if they have not started already, for the ensuing economic impacts from the COVID-19 outbreak, and ask themselves questions, such as:
Small businesses should consult counsel in order to assist shuffling through, and potentially choosing the best available financial or other assistance program offered by the SBA.
Disclaimer: This article is intended to provide you with general information regarding the impact of a potential or actual coronavirus pandemic. The contents of this article are not intended to provide specific legal advice.
For more information, please contact Harsh Arora, firstname.lastname@example.org or TEXT, 954-256-0743