Navigating Your Business In Un-Charted Waters of COVID-19 – Guest Blog By William Basher
Our business clients are under a tremendous amount of pressure to find a way to make it through/around this new obstacle. Few industries and aspects of our livelihood will go unscathed by this unprecedented event. Although local, state and federal legislative efforts may alleviate some of the financial burdens felt by everyone, it will be one of many pieces of this puzzle that we are all working to solve.
The insurance industry is navigating in uncharted waters as well. Unfortunately, there is no coverage available on most commercial insurance policies that would respond to the loss of revenue from a forced shutdown due to the COVID-19 virus. However, we would encourage you to document your losses. Further legislation and changes may force the insurance industry to take a dive deep into the recovery efforts despite not currently having a coverage that would respond to fill the void felt by everyone.
If your business has incurred a loss of income due to the COVID-19 public health crisis and the subsequent closures mandated by your local, state or federal government you may be eligible for a grant or a low interest loan from the U.S. Small Business Administration. If you qualify, some of these loans are 100% forgivable. https://www.sba.gov/funding-programs/grants/grants-programs-eligibility
Other resources may be available to your business via specific trade associations during and after this crisis. Here are a few other resources we thought you may find helpful:
Journal of Accountancy- Protection for Small Business
Erie Insurance – Employer Protection Blog
We also encourage you to reach out to your local and county government to see what other resources may be available to you and your business.