Don't let Coronavirus put you out of business. Entrepreneur Ryan Mantz share about the SBA disaster loan emergency advance.
Talking Points:
- As an entrepreneur, you’re used to taking calculated risks to grow your business but this pandemic has introduced risks that nobody can control.
- The old model of “the past predicts the future” doesn’t apply the same when other forces are at work. Your projection models are all thrown off as unknown factors are introduced.
- The government as offered some bailouts to small businesses and may be helpful to you.
- Economic Injury Disaster Loan Emergency Advance: Up to $10,000, it’s meant for a quick infusion of cash and won’t have to be repaid.
- Payroll Protection Plan: It’s based on replacing the cost of 2.5 times your monthly payroll expenses. After 8 weeks, you have to prove that you used the loan to pay your employees. Then, you can use the remaining money to pay for rent or insurance. If you meet those standards, the bank will forgive the loan.
- Your state may also offer incentive programs so be sure to check out your state government website for more information.
- Don’t stop leading your employees through this time of uncertainty. Find ways to encourage, set goals and keep moving forward. This will pass.
Discussion Questions:
- Initial reactions to this topic? What jumped out at you?
- Share about your journey as a small business owner. What were some of your biggest risks before coronavirus?
- What are your biggest concerns for your business right now? What steps can you take to address those right now?
- How can you still be a leader for your employees, even if you’ve had to lay some off during this time?
- Is there a step you need to take based on today’s topic?
