Resources for Small Businesses During COVID-19

If you are a business owner, you are most likely noticing the effects that coronavirus (COVID-19) has had on your business and your clients/customers. The crisis has affected businesses, workers, and families all over the world. It’s important to know that you are not alone during this unprecedented time. There are resources out there that may help get your business back on track and ready to continue growing as things return to normal. We’ve gathered some resources that small businesses may find useful below: 

Coronavirus Funding Options 

The U.S. Small Business Administration (SBA), is providing relief options as part of the recent CARES Act Stimulus Package that was approved by the US Government at the end of March 2020. The SBA is offering multiple funding options for those seeking relief. There are several new temporary programs to address the COVID-19 outbreak. This includes the Paycheck Protection Program, EIDL Loan Advance, SBA Express Bridge Loans, and SBA Debt Relief

For more information regarding the CARES Act SBA Loan under the Paycheck Protection Program, read our blog. You can also find a CARES Act SBA Loan Calculator here

Guidance for Businesses and Employers

The Centers for Disease Control and Prevention (CDC) offers the most reliable, up-to-date information on COVID-19. The CDC shares an interim guidance for businesses and employers that may help prevent workplace exposure to acute respiratory illnesses in non-healthcare settings, including coronavirus. It provides updated cleaning and disinfection guidance, best practices for social distancing, and strategies and recommendations that can be implemented now to respond to COVID-19. This resource is also updated by the CDC with additional information as it becomes available. 

Recent Insights for Businesses

BDO, who provides assurance, accounting, tax, and advisory services, is closely monitoring this rapidly evolving situation and is offering guidance to help you and your business during this time of uncertainty. They offer articles, webinars, and other resources to help businesses understand the recent impacts of COVID-19. You can access all of BDO’s resources here

We are an Orange County CPA firm based in Irvine that is committed to providing quality tax and accounting services along with sound financial direction to clients throughout Orange County, California. We offer business development consulting, audit, tax preparation, IRS Audit, retirement planning, business roundtables, estate planning, QuickBooks consulting, Interim Chief Financial Officers, and a full range of traditional public accounting services. If you would like to learn more about how we can help you and your business during this difficult time, reach out to our team. For more information on other tax and accounting topics, check out our blog.