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Don’t Panic! Small Businesses Can Weather the Coronavirus Storm

Posted on April 13th, 2020

There’s no question about it – many small businesses are facing unprecedented challenges as our communities respond to the coronavirus crisis. In this time of uncertainty, it’s natural to feel overwhelmed or distressed. But don’t panic! There are many resources available to small business owners and help is just a phone call or e-mail away.

e2E, LLC’s commitment to serving entrepreneurs and small businesses is as strong as ever during this difficult moment. Our dedicated team is responding as quickly as we can to new information and gathering critical resources to help our clients weather the coronavirus storm. We encourage small business owners to take a deep breath and consider the options that are becoming available to them.

Government Response Highlights

We’ve all been inundated by news about the virus and our government’s response over the past few weeks. Here is a quick summary of the major legislation and its impact on the small business sector:

Coronavirus Preparedness and Response Supplemental Appropriations Act
Enacted on March 6th, this bill “provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak.” This includes funding for small business loans through the U.S. Small Business Administration (which are outlined in greater detail below).

Families First Coronavirus Response Act

Passed March 18th, this act established paid leave and enhanced unemployment insurance for workers furloughed or laid off due to the coronavirus outbreak, among other initiatives.

Coronavirus Aid, Relief, and Economic Security Act

Enacted March 25th, this $2 trillion stimulus bill includes $1,200 stimulus checks to Americans making less than $75,000 annually. It also adds to unemployment benefits and earmarks an additional $500 billion in loans or investments to businesses, municipalities, and states.

SBA Coronavirus Pandemic Disaster Loans

There are several different loans and grants that are available to eligible small businesses, self-employed individuals, independent contractors, and sole proprietors (among others) through the SBA. We’ve developed a CARES Act Flow Chart that can help business owners determine their plan of action, but we encourage you to reach out to us to discuss the options available for your unique situation. A business finance professional’s expertise is vital in order to understand the complexities of each offering as details continue to emerge.

Economic Injury Disaster Loan (EIDL)

This low-interest loan of up to $2M can be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. It does not cover lost sales and cannot be used to pay off existing debts.

EIDL Forgiveness/Advance Grant

As part of the EIDL, emergency grants of up to $10,000 may be available. The grant does not need to be repaid as long as funds are applied to approved uses, which include providing paid sick leave, maintaining payroll, making rent or mortgage payments, or repaying obligations that cannot be met due to revenue losses.

Paycheck Protection Program (PPP)

This program provides loans that cover 250% of a business’s average monthly payroll costs from the past year, up to $10M. Loan forgiveness is provided for uses including employee salaries, paid sick or medical leave, insurance premiums, and mortgage, rent, and utility payments.

SBA Express Bridge Loan

This pilot program allows small businesses with an urgent need to access funding while waiting for the decision or disbursement of an EIDL. Loans are available for up to $25,000 and provide working capital to cover operational expenses and support the survival or reopening of the business.

SBA Small Business Debt Relief Program

This program provides a financial reprieve to businesses suffering during the coronavirus pandemic by paying the principal, interest, and fees of current 7(a), 504, and microloans (or new loans taken out before September 27th, 2020) for a period of six months.

Don’t Panic! Ask for Help

At e2E, we understand that many small business owners are feeling overwhelmed by the details and complexities of the resources that are becoming available to them. But please, don’t panic – we’re here to help!

This is a difficult and uncertain time, but we are proud to be able to help our clients identify and access the resources needed to keep small businesses and their communities thriving. Don’t hesitate to contact us today for guidance and support!


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