At the end of January, when I wrote about the possibility of a recession, I obviously had no idea anything like this would happen. It turns out those graphs were solid evidence we weren’t far away from whatever factor may become the trigger for difficult times in the near future.
So here we are, dealing with a completely new set of circumstances. The main objective for businesses right now is to make it to the other side of this. It will hit different industries in different magnitudes and at different times, but all will be hit to some extent.
The government is rolling out new assistance programs as the days roll on, the one I wanted to get out to everyone now is the U.S. Small Business Administration (SBA) is offering low-interest disaster loans up to $2,000,000 for affected businesses. The application process is online and can be found by clicking this hyperlink.
I strongly encourage business owners to immediately draw down on their lines of credit now to ensure liquidity for at least the next three months (maybe draw all available capacity). I also suggest for those feeling they may need additional working capital sometime in the next three to six months or so, to apply for this SBA loan program and get in line.
The name of the game right now is to preserve capital and make it past this event. Consider talking with your business partners, vendors, landlords, etc. as to how they can help your business if you feel your business will be significantly adversely affected.