Covid-19 has taken the world by storm, and entire nations have been subjected to steep economic trouble because of this pandemic. This crisis has put businesses through an overwhelming amount of strain, and some companies were brought to the breaking point. Yet, despite the economic and financial disruption that has occurred, many businesses have been fighting to remain alive by taking advantage of various government programs and resources. The following are some of the ways a struggling business can obtain help during the ongoing Covid crisis.
One way businesses can obtain help to survive the current pandemic is through running a successful crowd funding campaign. Acquiring funds through crowd funding efforts can often be much easier than waiting around for government programs to qualify small businesses and to then pay out the funds weeks or even months later. This is because private individuals are able to donate directly to companies on crowd funding websites, and the money is received by a small company almost immediately.
Another way businesses are finding help is through IRS tax extensions. Both individuals and businesses can take advantage of a longer than usual period to file annual taxes. This extension gives businesses another 90-days to pay their accumulated tax fees. Businesses can delay paying tax fees up to 10-million-dollars over this extension period.
The Cares Act
By the end of March, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The Cares Act) was passed by congress. A primary reason for this congressional action was that the cares act helps small businesses to stay financially viable despite the impact of the Covid-19 pandemic. This action has been successful in effectively sheltering many companies from being destroyed by lengthy economic state-wide lockdowns throughout the broader United States.
Coronavirus Private Company Grants
Aside from crowd funding and government relief programs, larger companies like Facebook and Amazon have thrown their hat in the ring to help out struggling businesses too. Small businesses can take advantage of private company grants for operating costs and marketing needs from these larger corporate entities. Often entrepreneurs forget that other private companies offer grants to help individuals and other businesses for a variety of reasons, and millions in funding being made available to small businesses goes unclaimed as a consequence.
Chances are that the Covid-19 pandemic will not last forever. Soon, as the pandemic dies down, the situation will start to return to normal in the business world. To survive the impact of this pandemic, struggling businesses need to look into and apply for any funding option available to them to carry them through to the end of the Covid crisis.