9 Positive Updates on the COVID-19 Outbreak
It’s time to give our social media feeds and news resources a break on the anxiety-inducing doom and gloom stories on the latest COVID-19 outbreaks.
Here are nine ways we can find the silver lining and keep our spirits up in a time of difficulty.
1. Emergency Funding is Available for Small Businesses
The U.S. Small Business Administration’s Economic Injury Disaster Loan Program is now offering federally-backed low-interest working capital loans up to $2 million for small businesses and non-profits facing a temporary loss of revenue.
The Fed also announced that they will be rolling out a Main Street Business Lending Program soon to help complement the SBA programs.
2. Food Delivery Apps Waiving Fees
Food delivery apps are making it less expensive for consumers to support their local restaurants by waiving fees on delivery orders. Many third-party apps are waiving fees for thousands of independently owned restaurants and new businesses signing up during this pandemic.
3. Largest Hospitality Payments Processor Waives Fees
- Online ordering fees
- Gift card fees
- SkyTab monthly service fee
- SkyTab monthly data fee
- SkyTab hardware cost
SkyTab, initially slated as a pay-at-the-table and delivery point of sale device, is helping restaurants efficiently make the transition from tableside to curbside. SkyTab is an all-in-one POS solution that allows restaurants to facilitate orders and accept payments for curbside and takeout, or at-the-door delivery with 4G-enabled mobile devices. With the device, you can accept contactless (NFC) payments, making it the preferred ‘no contact’ payment method.
4. Deferment of Sales Tax Collection
Many states and localities are changing their sales tax collection policies and waiving late fees, interest, and penalties. Although the fine print may vary from one state to another, this move gives businesses a little more breathing room.
5. Tax Deadline Extended
President Donald Trump recently announced that companies and individuals suffering adverse effects of COVID-19 could defer their tax payment until July 15th. The IRS would also waive interest payments or other penalties for missing the deadline. Pushing the dreaded April deadline back will keep more money in the pockets of small business owners and their families.
6. The CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law, delivering a historic $2 trillion stimulus package. A key component of the CARES Act for small businesses is the Paycheck Protection Program (PPP). This program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
Complete details on the PPP, including a list of participating lenders, are available on the U.S. Small Business Administration’s website here.
7. Unemployment Compensation
Many family members, friends, and neighbors are losing their jobs at a harrowing rate due to the toll COVID-19 is taking on our country. During these hard times, numerous states are expanding unemployment benefits and expediting funding to those impacted by the coronavirus pandemic.
8. New Job Opportunities Keep the Economy Fluid
Despite the rise of unemployment in some of the hardest-hit industries, other sectors are finding themselves in a hiring frenzy. Grocery stores and delivery services, e-commerce giants, and warehouse retailers are aggressively hiring amid the pandemic. When one door closes, another opens, and that’s what keeps our economy moving forward.
9. Bounce Back Better Than Ever
As the days turn into weeks and we experience the peaks and valleys of our new reality, it’s important to always remember the ancient adage, “this too shall pass.” And when it does, we will all be ready to embrace it.