SPRING 2020
COVID-19 Resources
for Small Businesses
It’s no secret that measures taken to slow the spread of the coronavirus (COVID-19) have negatively impacted
our small businesses in Florida. A statewide stay-at-home order, bans on restaurant dining, bars, and vacation rentals;
travel restrictions, and other precautions have crippled business revenues and small businesses ability to cover basic
business operating costs.
Fortunately, there are a growing number of resources and programs available for small businesses, including the expansion
of existing and the creation of new programs as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
In these unprecedented times, it’s essential our small businesses remain agile to overcome adversity. The difference
between closing your doors or surviving and thriving beyond COVID-19 could depend on what you do today.
Staying Afloat: Tips You Can Do Right Now
Stay innovative. During these unprecedented times, small business owners need to consider shifting their
sales strategies. If you’re forced to close your storefront, find ways to stay afloat and retain your employees such
as selling online, using social media, or other innovative sales tactics. For example, many dine-in restaurants are
providing meals to go and/or are providing delivery services they didn't offer previously.
Budget planning. Begin with a list of your current budget and examine your operating expenses.
Which expenses can you do without for now? Which can you negotiate or ask for relief from vendors?
Workforce engagement. A successful relaunch and recovery of your business will depend on your ability
to retain talent. Make employee engagement a priority. If your business is considered essential, reassure your
employees by sharing the precautions you’re taking to exceed CDC standards for a safe workplace. If possible,
allow employees to work remotely and provide them with the tools to do so successfully.
Customer communication. Acquiring a new customer can cost five times more than retaining an existing
customer. Let your loyal customers know what's happening and that they matter by using social media,
email marketing, and other avenues to keep them informed. If you are fortunate enough to be open,
reassure your customers that you are taking every precaution to protect their health and well-being.
Time management. Try to focus on the silver lining. Have you been procrastinating painting your store
or counting inventory? Use downtime for projects that’ll help you be more efficient and help your business
shine and gain that competitive edge once you’re able to resume normal operations.
Fact over fiction. In the midst of it all, it’s easy to become frightened about the future. Stay up to date
with the latest information from reliable sources and resource providers. Visit FloridaDisaster.Biz for the
latest information.
Stay informed. The adage "knowledge is power" is key. One of the most important things your business
can be doing right now is to be aware of the resources available to you.
TCBusiness.com 3
COVID-19 RELIEF AND
RECOVERY
4 Bill paying options for small
businesses
6 Apply for SBA stimulus loans
today
8 Refocus your marketing
strategy
10 Relief scams to avoid
12 Piper Aircraft
manufactures PPE
15 Small Business Guide
to COVID-19
AT A GLANCE
23 In the News
FINANCE
24 Treasure Coast Banks are
expanding or merging
MANUFACTURING
28 411,000-square-foot
facility opens in Port St. Lucie
AGRICULTURE
30 Fellsmere Farm’s focus on
hydroponic vegetables
FLORIDA SMALL
BUSINESS DEVELOPMENT
CENTER AT IRSC
34 Businesses receive SBDC
consulting
IRSC NEWS
36 Entrepreneur of the Year
named
BUSINESS EDUCATION
40 Collegiate DECA chapter
prepares members for success
BEST PRACTICES
42 Managing your business’
health
43 Seek guidance for
business litigation
24
40
36
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There are a growing number of programs available from the federal government. The CARES Act provides funding
for the new Paycheck Protection Program, makes modifications to and expands the eligibility of the existing
Economic Injury Disaster Loan program (EIDL), and provides immediate loan payment relief for current SBA loan
program borrowers. These changes and new programs offer immediate and substantial emergency capital assistance
to our state’s small businesses. Read on for a breakdown of federal programs available to impacted small businesses
as of Friday, April 10th.
15
DEPARTMENTS
/TCBusiness.com