Question

In a Comprehensive summary, How can small businesses and their workers need to survive covid-19 Beyond paycheck protection program?

Answer 1

QUESTION:

In a Comprehensive summary, How can small businesses and their workers need to survive covid-19 Beyond paycheck protection program?

SOLUTION:

Paycheck Protection Program (PPP)

By the U.S. Small Business Administration (SBA), this program has been implemented. This is the program for giving economic or financial relief pakage to the small scale businesses which has most suffered from the pandemic COVID-19. By the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) , $2.2 trillion (a stimulus package) for business has been provided under the PPP program to help the various type of small and non-profit businesses at lower rate of interest.

How can small businesses and their workers need to survive covid-19 Beyond paycheck protection program?

1. Cash Flow Forcast : Plan for making a cash flow chart on the weekly or monthly basis beyond the 8 weeks of PPP program which will help to anayse the cash flow in account for business. This will help to update about financial resources.

2. Expenditure management : unneceassary expendiure should be leftover now to secure the small business and save that for future expanses.

3. Mode of payment: this should be rectify as in cash pyment may be troble face by customers so, open the another payment options like credit card payment etc.

4. Find alternate resources: the funding facilities also available from state and local governemnt . search for another options will explore the opportunities to come on the trace in small business.

5. work as leader : Leader always lead to his team in any type of difficulty. Try to communicate on all the issues faced by workers and contact on regular basis. this will strengthen your teams capabilities to fight in this crucial environment.