Taking Care of Business During a Pandemic: Recover & Resurgence

Introduction

The COVID-19 pandemic has presented many economic difficulties for companies across the nation, both large and small. After enduring these setbacks, companies are hoping to resurge quickly and efficiently. Getting back into business after months of closure and needing to adapt is not an easy task, but it is not impossible. The IVMF has worked to put together the second part of the Taking Care of Business During a Pandemic series to continue to provide useful tips and resources as military-connected small businesses continue to pivot during the changing economic environment. For additional resources, please visit IVMF’s Center of Excellence.

*Don’t forget to check out the first part of the Taking Care of Business During a Pandemic for more useful tips and resources.

  • Guidance
    • Policy – staying up to date on the local and federal policies has become difficult with the ever-changing climate. Click here to track the latest policies, mandates, travel restrictions, business guidelines and more
    • Reopening – Check out the US Chamber of Commerce digital resource center as you plan your re-opening for up-to-date guidance specific to states, sectors, and small businesses
    • Legal – Although the pandemic has posed numerous business challenges, it is still crucial that business owners adhere to their legal responsibilities. Business obligations are still effective. Click here to access useful resources and tips from Dunlap Bennett & Ludwig
    • Employer Guidance – The CDC released a response guide for businesses and employers
    • Federal Guidance – Stay up-to-date on the latest federal guidance in response to the coronavirus
    • Military Entrepreneur Insights – Check out the National Survey of Military Affiliated Entrepreneurs to find out how COVID-19 impacted military-affiliated entrepreneurs during the pandemic in addition to other great insights gathered from this population.

  • Business Systems
    • B2C – The coronavirus has accelerated B2C sales trends. Learn more through the resources below:
      • Listen to this Forrester podcast to learn about the consumer and market trends for B2C businesses
      • Fiserv released a consumer payment trends analysis that provides insight into the consumer market and the ways in which they are spending their money
      • Kajabi generated a list of tips and examples for B2C Marketing
    • B2B – This sector has been impacted the most since the initial outbreak. Below is list of resources to help B2B businesses adjust and adapt:
    • Supplier Diversity – According to corporate representatives, big businesses are looking to expand their diverse spend as a result of the pandemic. Interested in learning more about corporate supply chains and getting connected, visit the Coalition for Veteran Owned Business (CVOB) and join
      • To learn more about becoming a supplier for large companies, check out Becoming a Supplier: Leading Practices for Corporate Buy-In
    • Sales – Coronavirus has impacted how companies are doing business and caused a need to pivot sales plans

  • Internal Operations
    • 1099 & W2 – In addition to IVMF’s TCOB Guide I tips and resources for internal employees, we understand the need to understand regulations around W2 and 1099 employees as well.
      • 1099
        • The US Chamber of Commerce has outlined a detailed guide for 1099 Workers / Independent Contractors. It is linked here.
      • W-2
        • Employers with 500 or less employees who are required to provide employees with paid sick and expanded family leave related to COVID-19 are required to report the amounts paid on Form W-2.
        • Guidance on how to report paid leave is available through the IRS.
        • Families First Coronavirus Response Act (FFCRA)
          • Employers are required to continue paying employees who are unable to work due to certain circumstances associated with COVID-19
            • Specifics on FFCRA can be found here
    • Communicating with Employees – The Harvard Business Review released the top five tips to communicating with your employees during the pandemic
    • Remote Working – as businesses continue to make those virtual shifts, the U.S. Chamber of Commerce released the pros and cons of transforming into a virtual company
      • Need help finding virtual software for your company? Check out the top 10 virtual team management software.
      • Quick tips as you pivot your company to remote work
        1. Communicating a shift to remote work
        2. Video communications are essential
        3. Quickly implement basic tools for remote work
        4. Over-communicating is key when it comes to remote working
        5. How to run strong virtual meetings
        6. Understand that remote work culture can be just as strong as in-person work culture if done correctly
        7. Remote work can transform a business for the better
      • Different businesses discuss their experience shifting to remote work, providing some key tips along the way
      • How to shift your team of employees to a work from home environment

  • Funding/Relief

    • Funding – It is crucial to act with urgency. Companies must implement revised revenue plans as soon as possible, considering the long term while making these adjustments. Companies need to redesign operations and supply chains accordingly. McKinsey & Company refers to this as needing to “SHAPE” up.
    • Access to Capital –  for additional information and resources for veteran entrepreneurs on this topic
    • SBA Relief –
      • Economic Injury Disaster Loan (EIDL):
        • SBA will offer up to $10,000 in economic relief to small businesses and agricultural businesses that are experiencing temporary difficulties
        • For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000
        • This money is provided to assist in planning and rebuilding impacted companies
        • The company must have 500 employees or fewer
        • Forgiveness available
        • Deadline to apply was extended to December 2021
        • More qualification information here
        • VIDEO: EIDL Loan Explained (11 minutes)
      • Paycheck Protection Program (PPP)
      • Express Bridge Loan
        • Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly
        • The loan is intended to help business overcome the temporary loss of revenue
        • Can be a term loan or used to bridge the gap while applying for an EIDL loan
        • More information here
        • VIDEO: Express Bridge Loan Explained (3 Minutes)
      • Debt Relief
        • SBA is providing a financial reprieve to small businesses during COVID-19
        • SBA will pay six months of principal, interest, and any associated fees that borrowers owe
        • More information here
        • VIDEO: Debt Relief – How to Apply (3 Minutes)
      • Check out the SBA matrix for cross-program eligibility on coronavirus relief options

  • Alternate Funding
    • There are several small business grants available to companies that have been negatively impacted by the coronavirus pandemic. Inc. has compiled an extensive list.
      • Google is offering $340 million in advertising credits 
      • GoFundMe in partnership with Intuit QuickBooks, Yelp, Go Daddy and Bill.com are giving small businesses $500 if they raise at least $500 through a GoFundMe campaign
      • MDCalc has set aside $1 million in advertising grants for companies helping to respond to the coronavirus.
      • Check out Opportunity Fund that provides assistance for small business owners affected by COVID-19
      • Fiserv announced on in early January the launch of their new Back2Business Grant program. Through this grant, minority-owned small businesses in the greater Atlanta area will receive necessary funds to help rebuild after being negatively impacted by the ongoing COVID-19 pandemic. About $1 million in grants is available to minority-owned small businesses in designated metro-area counties in the Atlanta area. Read more about the grant terms and applying here.
    • Inc. released an article highlighting the numerous grants available by City and State. Click on your state to see active grant options available to you:
    • Identity-Based Grants:
      • IFundWomen offers a variety of grants for women-owned businesses affected by the coronavirus and otherwise on a rolling basis.
      • has assembled a list of funding resources for entrepreneurs of color.

  • Networking/Partnerships Opportunities
    • Direct Access Program (DAP) from the Department of Veteran Affairs Office of Small Business Utilization:
      • The DAP offers unique opportunities for Veteran-Owned Small Businesses to build partnerships, maximize networking, and gain access to Procurement Decision Makers all through structured, screen and periodic events.
        • Example Events: Business Opportunity Sessions, Networking Roundtables, educational sessions
      • Click here to view all upcoming DAP events
    • Coalition for Veteran Owned Business (CVOB) – Is a coalition of private sector companies, businesses, non-governmental organizations (NGOs) working to connect veteran- and military family-owned business to supply chains of medium-sized and large corporations. Learn more about CVOB.
    • Veteran EDGE Conference – is a four-day conference dedicated solely to veteran and military spouse business owners and the ecosystem that supports them. Learn more about Veteran EDGE.