If your small business qualifies for a Paycheck Protection Program (PPP) loan, or an Economic Injury Disaster Loan (EIDL), you should be on your way to recovery already. However, there are a great many businesses which simply don’t qualify for either one of these loans, and are in serious danger of closing their doors. Here are some ways you can keep making money, even if you don’t qualify for coronavirus relief.
Small Business Assistance Programs
Some states and metropolitan areas offer assistance programs and exemptions, so as to help businesses while the pandemic is still in effect. A fair number of states have extended income tax filing deadlines and have offered small business loan programs to companies which are struggling to make ends meet.
By offering promotions to your customers and other types of special offers, you may be able to motivate customers to make more purchases. Everyone loves taking advantage of discounts and promotions, and you may even be able to build up a broader customer base by making these offers available.
Update Your Business Model
Now might be the best time for you to consider changing the way you do business, or at least adding some new dimensions to your business. For instance, taking at least some of your business online might be very helpful. You could also offer the option of delivering goods to customers, or making certain products available on a takeout basis. If you can adapt to the coronavirus situation and make the best of it, you may position yourself to be more successful in the aftermath.
Quite a few small businesses have initiated Goal Fund Me campaigns, which have helped to keep their businesses alive and their employees paid during these dark times of the pandemic. You’d be surprised how many people are willing to help out, just because they understand what small businesses are going through, and they don’t want to see you go out of business entirely.
Is Your Business in Need of Relief from an Extended Downturn?
Many small businesses throughout the country have been devastated by the extended downturn brought about by the coronavirus pandemic. If yours is in need of funding to help your recovery, contact us at GP Solutions to discuss some funding possibilities.