Taking Care of Business During a Pandemic: Recover & Resurgence
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.
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
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
76% of all sales have shifted online since the pandemic. The U.S. Chamber of Commerce created a guide to navigate ecommerce.
Learn how B2B sales have changed during the pandemic
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
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.
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
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.