Local lawmakers are offering advice and resources to small businesses that have been economically impacted by the Corona Virus Disease 2019 (COVID-19) ahead of financial relief efforts from federal and state government.
State Rep. Rhonda Butler is urging small businesses to be prepared to take advantage of any upcoming financial stimulus and loan programs that will be offered as a result of the economic impact from the virus.
In a letter posted to her Facebook, Butler highlights a survey from the Louisiana Small Business Development Center (LSBDC) at the University of Louisiana at Lafayette to help businesses begin gathering the necessary information they will need to apply for any Small Business Administration (SBA) loans that might soon be available.
Butler said the survey is simply a planning document and doesn't need to be sent to anyone yet. She adds that the LSBDC staff can assist local businesses with loss projections and documentation for the application.
Butler also offers tips from the LSBDC to help local businesses during the local response to the pandemic:
- Conserve your cash - Don't pay off your credit cards or other accounts in full if at all possible. Maintain as much cash flow as possible.
- Have employees file for unemployment if laid off - For any employees businesses have to lay off during this time, have them file unemployment for the time being.
- Have a plan in place - Even though businesses are swamped just trying to get through each day, it is important to put a plan in place for how a business will get through the next few months. Project as much as possible what the effect will be even if your business remains open on a reduced scale. Also, be prepared if businesses are required to close. The LSBDC staff can assist businesses and guide them in this effort.
Small and local businesses can contact the LSBDC at UL Lafayette at 337-482-6312 or www.LSBDC.org.
To see the Estimated Disaster Economic Injury Worksheet for Businesses, click here.