There are programs and resources for Small Retail Business Owners under the CARES Act.
In this bonus episode, Sarah Nemecek of WE Profit Foundry helps to explain the differences between the programs and how to decide which ones might be a good fit for you and your retail business.
The Federal Government continues to clarify some of the “rules” and requirements on the programs mentioned in the episode which means banks have not established some of the applications needed to apply. Remember, this is all very fluid, and will most likely require patience.
Start to gather your financial documents now, like tax returns, P&L statements, your EIN, and anything you might need to apply for a financial loan for your business. Use this time to get ahead so you’re prepared when it’s time to apply.
If you or your team members are applying for unemployment, be sure to check your State’s unemployment website. The Federal Government passed a provision to provide more and extended unemployment benefits, but each State must choose to implement it and then set up an application process for the extended benefits. This will take time.
Disclaimer: This is not tax or legal advice and you should consult your accountant or attorney, or seek assistance from the SBA or your bank for your specific situation.
Website, resources, and links mentioned in this bonus episode:
- Savvy Shopkeeper website
- Coronavirus Resources for Retailers
- Master Shopkeepers Mastermind Group
- Click here to apply for the EIDL loan program.
- Contact your local banker or SBA-approved bank to apply for the PPP Loan OR click here for the PDF application or here for the PPP Information sheet
- Click here to learn more about Sarah Nemecek and WE Profit Foundry.
- LetterJess website