Key Areas to Focus on During COVID

As an owner of a small business, I’m absorbing some tough facts right now — just like many of you. Beyond the concern we all have for the health of ourselves, our family and friends, we have to face some financial realities. Business as usual won’t be happening for a month or two, and maybe longer.

This is our current reality, and it’s beyond our control. But that doesn’t mean we have no control within this situation. We’re strong cities — metro Detroit and Chicagoland — and we have a fighting spirit. Over the weeks and months ahead, we can forge a path forward. For me, I’m investing my time in three main areas of focus.

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1. Stay healthy

This is the No. 1 priority for all of us. Beyond doing my part to “bend the curve,” I’m going to try to make a concerted effort to eat better, get sleep and take some mental health breaks. I’ve found myself in the past weeks spending way too much time sitting in the same spot in front of my computer. I bet a lot of you are doing the same thing. So, I’m turning a new leaf this week. More walks, more stretching, more deep breathing, more quality time (even if it’s “virtual’) with my family and loved ones. I’m going to allow myself to take it one day at a time. This too shall pass.

2. Stay solvent

For many small businesses, the biggest looming worry is how to ride out this storm financially. How do we pay the bills? How do we keep providing for our employees? How do we maintain our business operations so we are positioned to pivot when COVID-19 is yesterday’s news?

As we all know, the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act offers some financial lifelines to small businesses and nonprofits with 500 or fewer employees.

I asked my CPA, Gary Davison of Davison & Associates in Troy, Michigan, to provide a summary of what he thought all small businesses should know. In addition to the Michigan Small Business Relief Program grant and loans, here are some highlights:

• The Paycheck Protection Program loans (PPP): These loans are to be used for payroll up to an annual rate of pay of $100,000, sick and medical leave, insurance premiums, mortgage, rent and utility payments. The loan or a portion of the loan may be forgiven provided the business retains its employees and maintains their wage level compared to the previous year. The amount of forgiveness is reduced if there is a reduction in employees relative to the prior year or a reduction in pay of any employee greater than 25% when compared to their prior year wages. An employer that laid off employees or reduced payroll earlier in the crisis will not be penalized if the employer rehires the workers. You can apply for the PPP loans at SBA-certified lenders, which includes many banks and credit unions.

• Economic Injury Disaster Loans: The CARES Act modified the Economic Injury Disaster Loans (EIDL) Program. The SBA will now waive personal guarantees. Generally, a business is eligible for EIDL assistance if it is a small business affected by the disaster. An eligible business that has applied for an EIDL may request an advance of up to $10,000 that must be funded within 3 days. The advance does not have to be repaid if the loan is denied. Similar to PPP loans, the advance is to be used for payroll, rent, etc.

3. Stay striving

Yes, there is uncertainty, but we know one thing: Waiting passively to see what happens has never helped anyone. All small businesses and nonprofits need to think ahead, plan for the end of the pandemic we are all experiencing and make the most of every day to continue pushing toward our goals.

At our core websites — MetroParent.com and ChicagoParent.com — we’ve seen a 20-25% increase in new users compared to this time last year. That’s from a lot of parents at home with their kids looking for our guidance in balancing teaching, work, chores, cooking and entertaining their little ones. We’re rising to the occasion with:

• A new virtual events calendar with listings for live sing-alongs, story readings, exercise classes and more. Visit our calendars at Metro Parent and Chicago Parent for the latest.

• Our Helpers series, also spotlighting metro Detroit and Chicagoland, profiles the type of people Mr. Rogers taught us about, the ones who look out for each other in big and small ways during hard times. 

We’re here for our readers — and we’re here for you! If you want to get in front of this powerful web audience, let us know. We have some special pricing web packages right now to help everyone’s bottom line. Our goal is to do everything we can to help our fellow small businesses and nonprofits who’ve supported us over the years, to not only survive COVID-19 but thrive in 2020 — and beyond.