Guide to managing your business during the coronavirus outbreak

How to keep up with daily operations during the COVID-19 pandemic.

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The COVID-19 pandemic has put pressure on businesses across the US to conform with mandated closures while keeping operations afloat. Trying to decide how to proceed in a rapidly changing situation is a challenge. But with transparent guidance and helpful tools, you can manage daily operations, employees and finances during this difficult time.

Lendio Paycheck Protection Loan

Lendio Paycheck Protection Loan

Cover your payroll with a 1% APR Paycheck Protection Loan — and get up to 100% forgiven. Apply ASAP before funds run out.

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Requirements
  • Documented payroll costs — like 1099s and W2s
  • In business since at least Feb. 15, 2020
  • To qualify for forgiveness, must use funds for payroll, existing mortage interest payments, rent, leases and utilities

How can the coronavirus stimulus package help me run my business?

There are a few ways your business can financially benefit from the Coronavirus Aid, Relief and Economic Security (CARES) Act. You might be able to apply for the new Paycheck Protection Loan or an SBA disaster loan to cover overhead costs like payroll. And if you apply for a disaster loan, you can also request a $10,000 grant to tide you over until your loan funds come through.

Tax breaks, SBA loan payment subsidies and other programs might also help you retain employees and keep your business from shuttering completely. Also, check with your state and local government for other funding options for your business.

What does the coronavirus stimulus package mean for my business?

How to continue business during the coronavirus outbreak

Continuing business during the coronavirus outbreak is possible — but it may require you to apply some protective measures to keep customers and employees safe.

1. Keep in clear communication with your employees.

Transparent communication with employees is crucial. The more your employees know about your expectations and intentions, the better equipped they are to prepare.

Create an email account specifically for coronavirus-related queries and communications. Provide scheduled updates on how you plan to tackle day-to-day operations. If you anticipate having to close up shop or plan to ask employees to work from home, give as much notice as possible.

Given the current circumstances, a play-it-by-ear approach is entirely understandable. But keep your team in the know with frequent updates.

How Finder is managing its global workforce during the outbreak

2. Set up direct deposit for all employees.

Shifting payroll from paper checks to direct deposit eliminates the need for employees to pick up paychecks in person. You can set up direct deposit through your business bank account provider or payroll software like ADP, Gusto or OnPay.

Collect the necessary banking information from your employees, including their bank account type, number and the routing number of their financial institution. After you submit their information to your direct deposit provider, all that’s left is setting up a payroll schedule and completing your provider’s authorization process.

3. Shift employees to work from home when possible.

While it may not be feasible for all business models, telecommuting can safeguard the health of your employees while keeping operations afloat. If it’s possible for your employees to get work done with a computer and an Internet connection, encourage them to work from home. Check where to buy computer monitors.

4. Come up with ways to continue serving your customers.

“Use social media and other avenues to keep your customers informed about your business and how they can purchase from you,” Michael Myhre, the CEO of the Florida Small Business Development Center (SBDC) Network, told Finder. “Reassure your customers that you are taking steps to protect their health.”

Does your business rely on in-person sales? Consider selling online. A number of merchant services providers like Square and Shopify offer e-commerce store building software. You don’t need to be tech-savvy to set up your website, as most providers offer beginner-friendly website themes. You can even integrate your online store with your social media accounts for omnichannel marketing.

5. Strategize the best ways to keep your business running.

Business operations during a global pandemic are all about managing risk. “When possible, companies should consider shifting their sales strategies,” Myhre says. “If you’re forced to close your store, find ways to keep your employees paid by selling online, using social media or other innovative ways.”

“In Pensacola, where our headquarters office is located, a growing number of restaurants are adopting innovative approaches to serve customers through the ban on restaurant dining. A local bakery has debuted a make-at-home dessert menu and restaurants are creating innovative drive-thrus and adapting by promoting take-out and delivery menus.”

How can I set my employees up to work from home?

For a smooth transition from in-person operations to an at-home workforce, consider implementing these strategies and tools:

  • Communication software. Shift company communications to an online workspace with the help of communication software like Slack, Flock or Microsoft Teams.
  • Established desk hours. Set a daily schedule and structured desk hours to help remote workers establish a routine — but keep in mind that some staff members may be trying to balance child care while keeping up with work responsibilities.
  • Schedule daily check-ins. Help your team stay connected and up to speed with team check-ins, conference calls and virtual town halls through Skype or Zoom.
  • Explore business apps. Review your business app options to streamline operations as your team works from home.

Read our full guide to setting up a remote workplace

Updated April 8th, 2020
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$39/month
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GoToMeeting
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Jira
Project management
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Free, and paid plans start at $10/month
Yes
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Plan, track, release and report your workflow
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What to do if your business stays open

If your business is still open amid the COVID-19 crisis, take proactive measures to keep employees and customers safe:

  • Disinfect daily. Regularly disinfect high-traffic areas and surfaces, like doorknobs, tables, desks, light switches, keyboards and telephones.
  • Remind employees to practice good hygiene. Make soap and hand sanitizer available while encouraging staff to routinely clean their hands and avoid touching their face.
  • Avoid handling cash. Request that your customers use noncontact payment methods, like tap or online transfers.
  • Open the windows. Consider increasing ventilation by opening windows.
  • Limit in-person meetings. Cancel all nonessential face-to-face chats.
  • Refrain from handshakes. Ask employees and customers to opt for noncontact greeting methods, like hand waves or head nods.
  • Communicate with customers. Let your customers know how your business plans to conduct itself, including expected hours of operation and updated sanitization protocols.

Should I close my business?

Many states are issuing a mandatory suspension of nonessential businesses. Other states and cities may employ this strategy in the weeks to come. And there could be consequences for refusing to comply.

If your state, region or city doesn’t require your business to close, you may elect to remain open. But even if it isn’t forced, consider a temporary suspension of operations. Weigh the benefits of staying open against the potential risks to your customers and employees. Stay on top of local COVID-19 news about precautions to take and when it’s a good idea for nonessential businesses to close, even if it isn’t mandated.

How can I help my employees?

Remaining flexible and responsive can help your employees feel supported during the coronavirus outbreak. Employees may need to tend to their children or support a loved one in a high-risk group. Clarify your company’s sick-leave policies and prepare to deal with questions and requests.

The CDC advises that if someone feels sick or has a sick family member at home, they self-quarantine to lessen the risk of potential infection. Let your employees know what coronavirus financial assistance programs exist to help them cope, including unemployment benefits and banks that have begun to offer financial aid.

Financing options for businesses during the COVID-19 outbreak

If your bottom line has begun to suffer, look into ways your business can access cash during the outbreak:

  • SBA Paycheck Protection Loan. This new SBA loan program is designed to help small businesses cover overhead and payroll if they were forced to shut down due to the coronavirus pandemic.
  • Discounted business loans. Lenders like FundRocket and U.S. Bank have begun offering discounted business loans, and others are sure to follow suit.
  • Government loans. State and local government loan programs have begun to crop up, so check with your state or city to see what’s available.
  • Private grants. Organizations like Amazon and Facebook have begun rolling out private grants to qualifying businesses.
  • SBA disaster loan. See if your business is eligible for a Small Business Administration disaster loan.
  • Business credit cards. Some business credit cards offer a 0% intro APR, which lets you make purchases or balance transfers without worrying about paying interest for a period of time.

Below is a list of online lenders offering SBA Paycheck Protection Loans. We recommend applying as soon as possible, since funds are available on a first-come, first-served basis.

Updated April 8th, 2020
Name Product Min. Credit Score Turnaround Time Required Documents
Fundera Paycheck Protection Loan
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s and W2s.
Lendio Paycheck Protection Loan
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s, W2s, average monthly payroll expenses, payroll report for 2019 and 2020. Must provide number of employees, driver’s license or other government-issued ID, or 2019 IRS Form 941 or Form 944.
National Business Capital Paycheck Protection Loans
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s and W2s.
Kabbage Paycheck Protection Loan
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s, W2s, and monthly payroll statements. Must include proof of business start date.
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5 ways to increase cash flow during the coronavirus outbreak

Will my business insurance cover lost income?

Businesses that hold business interruption insurance might assume lost income as a result of the outbreak is by their policy. But here’s the problem: Business interruption insurance is an extension of property insurance designed to cover property damage after a natural disaster. And the current COVID-19 pandemic may not qualify.

After the SARS outbreak in 2003, many providers began to exclude epidemics and pandemics from their business insurance coverage. Read our guide on insurance during the coronavirus outbreak for more information. You should also ask your insurance provider about your coverage and whether lost income as a result of the COVID-19 outbreak qualifies.

Is it too late to get business insurance?

While it’s not too late to get coverage and many providers allow you to submit applications online, it may be difficult to find a provider willing to cover lost income as a result of the novel coronavirus outbreak. Many businesses across the US are in the same boat and seeking support for business insurance providers. You may be better off pursuing a government or private financing or relief option instead.

Bottom line

Businesses can navigate the COVID-19 outbreak by planning ahead, using resources and taking a proactive attitude. Stay up to date on the latest COVID-19 developments through our coronavirus hub.

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