For over a year now, the world struggles with the impacts of the COVID-19 pandemic. As the vaccine reaches more people, the hope for better days begins to rise. With that, you need a business recovery plan to ensure you are on the path to success.
Government Relief for Small Business Recovery
The U.S. Government understands the importance of small businesses to the economy of the country. Because of that, the U.S. Small Business Administration (SBA) is currently implementing the American Rescue Plan Act of 2021, signed by President Biden on March 11. According to Congress, the “bill provides additional relief to address the continued impact of COVID-19 […] on the economy, public health, state and local governments, individuals, and businesses.
More specifically, the bill provides funding for small business assistance, including specific programs for restaurants and live venues. This funding provides additional resources to SBA programs, which includes:
- Paycheck Protection Program loans: to help businesses keep their workforce employed during the pandemic
- COVID-19 Economic Injury Disaster Loan (EIDL): to provide economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue
- Shuttered Venue Operators Grant (SVOG): to provide emergency assistance for eligible venues affected by COVID-19
- SBA debt relief: to existing SBA loan borrowers whose businesses have been impacted by COVID-19
Also, there are specific state or local resources that can help with your business recovery. Everyone is rolling up their sleeves to repower the economy.
Profit Management Solutions is here for you and your business. For example, we can assess which government programs would benefit your business. Moreover, our Tax Consultants will help you organize your business, reduce your tax burden, and save money.
Building Your Business for Success
Besides the government incentives, there are many measures that you can implement to make your business profitable again.
In sum, a business is more than the product you sell or the service you provide. Therefore, comprehensive and effective management can make all the difference. Employees’ productivity, marketing initiatives, budget management, among others, are important aspects.