You want your business to stay healthy -- we are here to help!

We are already seeing COVID-19 and social distancing effect our economy. We know small business owners are resilient, resourceful, and wise. We also know that when major events happen, we all need more help. We are here. We want you to know that your business coaches, Simeon and John, and your financial coaches, Gillian and Asma, are ready to meet with you by phone or video call. We will help you assess your current situation, troubleshoot and make short-term plans, apply for the funds you need to keep going, offer objective feedback, and plan for the future. Call for an appointment today! You can reach Simeon at (802) 860-1417 x116 and John at (802) 860-1417 x120.

We will update this website with information about resources that can help you and news that you need to know. We will offer webinars through the spring and summer. Check back often for more information. Already a client? Keep an eye on your email for our e-newsletters and email updates.

How is the Federal government helping during COVID-19?

The House and Senate have passed a bill that provides a variety of financial supports for small businesses called the CARES Act. Options include help by covering the cost of your payroll, providing emergency grants up to $10,000, EIDL loans, and debt relief for current SBA loans. How can it help your business? Find descriptions of the different type of financial supports here: Small Business Owners Guide to the CARES Act final.pdf or contact Simeon or John to learn more.

SBA is providing a financial reprieve to small businesses during COVID-19 pandemic. Learn me at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

If you have a loan or grant application pending with the SBA and want to know its status, call 1-800-659-2955.

How is the State of Vermont helping during COVID-19?

The State of Vermont's Agency of Commerce and Community Development has put together a page that gives information about federal and state guidance and financial support options: https://accd.vermont.gov/covid-19/business

Resources and Webinars

Online Resource to Self-Assess Your Personal Financial and Business Situation and Make a Plan

Following Hurricane Irene, the Vermont Small Business Development Center (VtSBDC) created a book to help small business owners assess their personal financial situation, their business's financial situation, and make a plan to move forward. While our current situation is different than a hurricane, the unexpected and disastrous effects of the virus are being felt by many businesses. Find the VtSBDC's book here: https://www.vtsbdc.org/disaster-recovery/

Webinars for Concrete Skills, Knowledge, and Action Related to Coronavirus

Vermont Businesses for Social Responsibility (VBSR) is offering a series of webinars about managing challenges from the coronavirus, including: Coronavirus Response Toolkit for Workplaces and Families; Transitioning Your Business to a Remote Workplace; and Mastering Virtual Meetings, Webinars and Remote Workshops. For more information and to register: https://vbsr.org/vbsr-resources/planning-preparing-for-covid-19/

Many Small Business Programs are Offering Webinars and Phone Appointments

You can still get trustworthy information from local sources. You can still join into conversations with other small business owners who, like you, are looking for creative ways to survive and thrive in these unusual times. Look for webinars and support from organizations like:

• SCORE VT, which has both live webinars and a library of recorded webinars you can access for free: https://champlainvalley.score.org/content/take-workshop-216
• Center for Women and Enterprise (CWE Vermont), which hosts the Women's Business Center: https://www.cweonline.org/About-CWE/CWE-Vermont
• Mercy Connections' Women's Small Business Program: https://mercyconnections.org/womens-small-business-program/spring-class-schedule/
• Vermont Small Business Development Center, offering phone, email, and video call advising: https://www.vtsbdc.org/  

Ways to Use Technology to Support Business During Social Distancing

Tim West of Green Mountain IT Solutions offers concrete ways to use the technology you likely have more effectively to work remotely, make conference calls, set up video conferencing, etc. Read the full post here: https://greenmtnitsolutions.com/blog/how-technology-can-help-your-business-handle-covid-19-coronavirus/

Employees

Have Employees Who You Need to Lay Off Temporarily?

There are temporary measures to make it quicker and easier for them to access unemployment. Details here: https://labor.vermont.gov/document/administrative-memo-unemployment-insurance-03142020

Please visit the Department of Labor website to learn more about your responsibilities as an employer under COVID-19 relief: https://labor.vermont.gov/covid19/employers

Money and Loans

Need Access to Funds Immediately?

Some banks and credit unions are looking for creative ways to help. Some examples: North Country Federal Credit Union has established a 0% loan program for its current customers. New England Federal Credit Union is offering a loan for those who lose employment income. Opportunities Credit Union has a program to help customers skip a payment on their consumer loans. Check in with your bank or credit union to see what options you may qualify for.

For more information on managing your personal finances during these challenging times, see the resources on our Growing Money page: https://www.cvoeo.org/GM

Have Student Loans?

Federal student loan payments are not required until September 2020, and interest will not be added to loans during this time. What does this mean for you? Should you keep making payments? Do you have federal or private loans? This article from Forbes may help: https://www.forbes.com/sites/advisor/2020/03/26/what-to-do-about-your-student-loans-during-the-coronavirus-covid-19-crisis/#42777c051509

Additionally, please visit https://www.consumer.ftc.gov/blog/2020/05/coronavirus-and-your-student-loan-debt?utm_source=govdelivery

There are a number of repayment options available for federal student loans. Sometimes changing the type of repayment option you have could help you meet your monthly payment and long-term payment needs. Explore the options at https://www.vsac.org/pay/student-loan-repayment/repayment-options

From the Agency for Commerce and Community Development: Disaster Assistance Loans Available for Chittenden, Addison, and Grand Isle Counties:

The most up to date information about the Small Business Administration can be found here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19

From Friday, 3/20/20: The Small Business Administration has approved Governor Scott’s request for a disaster declaration. Disaster assistance is available to businesses and non-profit organizations in all Vermont counties.

SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance per business, providing economic support to overcome temporary loss of revenue.  EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations, which are also eligible for EIDLs.

To apply online, visit https://disasterloan.sba.gov/ela/. Documents that may be requested when applying include recent federal tax return, profit-and-loss statement and balance sheet.

For more information, call the SBA disaster assistance customer service center at 1-800-659-2955 or e-mail disastercustomerservice@sba.gov. For local SBA information, call 802-828-4422.

ACCD encourages businesses to seek professional business counseling and technical assistance before taking on additional debt. Vermont has a robust business technical assistance provider network. More information about these resources can be found online at https://accd.vermont.gov/economic-development/resources.

New Funding for Coronavirus Attracts Scammers

Learn more at https://www.consumer.ftc.gov/blog/2020/04/new-funding-coronavirus-sba-loans-attracts-scammers?utm_source=govdelivery

“Micro Business has been and still is a critical resource for me and my business. Simeon and other staff members have seen this process through to great success for me and my business. If not for the skills and professional advice, technical assistance and coaching abilities of this small staff of dedicated people, I doubt my business would be where it is today.”

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