PRAIRIE VIEW, Texas (March 30, 2020) – The coronavirus (COVID-19) pandemic is affecting small businesses in a number of ways. Many are having to suspend operations and shut down, while other owners are working remotely and determining ways to adapt. Lloyd A. Wright, director of the Prairie View A&M University Small Business Development Center, offers a few ways to help these entities in crisis.
These are certainly unprecedented times for small businesses and individuals alike. Many business owners find themselves asking, what can they do to save their business? What kinds of resources and assistance are available for the business and where to find more information?
The first step is to remain calm.
At the Prairie View A&M University Small Business Development Center, we understand that this can be challenging with such an abrupt loss of business across various industries, such as oil and gas and hospitality. However, rest assured, there are many resources coming available, almost daily, to address the economic impact of this pandemic.
Small businesses have long been the largest employer of Americans and the backbone of the economy for many years. As a result, policies and other programs will be implemented to ensure their livelihood.
Small business owners should develop a short and concise business continuity plan. Even as you read this article… it is not too late! Your plan will come in handy not just for this current economic downturn but also for any future unforeseen loss of business.
The plan should include where to locate important business documents such as disaster insurance, payroll tax, etc. It should also include a quick analysis of what it will take for you to remain in business. Will that one large customer keep the lights on or help you break-even and weather the storm? Or will it force you to look for new customers and short or long-term financing? These are decisions that you, as the business owner, will have to make and unfortunately, may have to make immediately.
As part of your business continuity plan, there should be a list of available programs and resources that you can tap into in the case of an emergency.
In the case of coronavirus, the United States Small Business Administration (SBA) will provide disaster assistance for small businesses impacted by Coronavirus (COVID-19).
Lloyd A. Wright, MBA
- To learn the process for accessing SBA’s COVID-19 Disaster Relief Lending, visit ly/39ZUer0.
- For COVID-19 interim guidance for businesses and employers, visit gov/coronavirus.
Lloyd A. Wright, MBA, is the director of the Prairie View A&M University Small Business Development Center. Wright started his first business at age 15, and, with 20 years of executive experience, has launched and managed nearly a dozen ventures in consulting hospitality, technology, biopharmaceutical, and energy, as well as secured more than $10 million in venture capital and private equity funding. Wright can be reached at 936-261-9242 or by email at llwright@pvamu.edu.