With the rules constantly changing around small business loans, it can be hard to know who is eligible for these loans. There are support organizations such as Small Business Development Center that can help peope figure their financials out during this time of need.
Mike Young is the director of the Small Business Development Center in Cache Valley. His office has been answering questions nonstop about COVID-19 relief services.
According to Young, “We have people concerned that funds are running out people, just not understanding how the program's themselves work and, and I think there is a lot of confusion out there then then also people who have submitted applications and haven't gotten money or really heard have heard anything back and they're just kind of unsure what's going on.”
COVID-19 have caused some businesses stress that may not have seen it in past economic struggles.
“One thing that has been interesting that I've seen with some of my clients; typically when we have a downturn, the medical and dental industry, now they do reasonably well, right. People still need to go and have regular checkups and all those kinds of things," said Young. "This situation is different. I mean, these even some of our medical offices and our dental offices are dying on the line and are worried about being having to close their doors.”
Small Business Development Center even offers nonprofits with the support system.
“If you're a nonprofit right now, and you're really trying to take a, the mindset of a business owner in the for profit sector and say, How can I survive this? What can I do? And of course, depending on what types of services the nonprofit provides, they may be in higher demand than ever right now," explained Young. "Especially if you're providing food or other essential services, being as proactive as you can, and taking advantage of the programs available, and really trying to do your best to plan in spite of the great uncertainty that we're facing is.”
If you need help with your business financials, you can also turn to accountant firms and bank institutions.