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    How to Use Your Business Funding During Covid-19

    No doubt you are facing multiple shortfalls in your operating budget due to the COVID-19 pandemic. PPP funding provides a lifeline to many small businesses. However, the forgiveness aspect of the loan is restrictive. If you are ready to reopen, you need other business funding to cover the costs of COVID-19.

    Pay Your Bills

    If you were forced to close during COVID-19 and could not shift operations online, your revenue likely dropped off dramatically. At the same time, you still had operating expenses. Rent or mortgages, utilities, money owed to suppliers, loan payments, and other bills still need to be paid. 

    It will take some time before you regain your footing in the marketplace. In the meantime, you need business financing to catch up on these expenses before you can move forward. This Fundera business loans review is a good resource for identifying types of financing that can help you cover outstanding bills.

    Use for Employee Payroll

    The primary purpose of the PPP program is to keep employees on the payroll. PPP can be used to cover payroll expenses including salary, commissions, and benefits (healthcare, paid vacation, sick leave, and retirement). 

    If you have been closed, you might need to bring on additional staff to quickly increase production, prepare the premises, stock your shelves, buy vehicles to add a delivery option or make other modifications. Options such as invoice factoring or short-term National Funding business loans and equipment leasing financing can help you cover these immediate expenses.

    Invest in Marketing

    As you already know, to maintain customer loyalty you need to be visible in the marketplace. Navigating through the COVID-19 pandemic has been challenging for businesses. Now, you are ready to reopen and you want your customers to know it. You need to deliver a clear message that the health and safety of your customers is a priority for your company. 

    You may need to employ new marketing tools such as increased messaging on social media, ads in local newspapers, and perhaps even consider signage given time is of the essence. Online funding platforms such as OnDeck business loans can help you get your new marketing strategies off the ground quickly.

    Invest in Workplace Safety Items

    If there is a possibility of establishing a remote work option for your employees, this is the best way to operate for now. If this model does not work for your business, you will need to implement many safety measures to keep your employees and customers protected against COVID-19. 

    The CDC recommends that your employees should wash their hands each time they arrive on the premises and frequently throughout the day. Moreover, some people are asymptomatic, so you will need to regularly check the temperature of your employees as well as your customers. All surfaces need to be constantly disinfected including doorknobs, tables, desks, handrails, and the POS system.

    Hire Office Cleaners

    The modest budget that you previously allocated to the routine cleaning of your business facilities is going to increase. You need professional cleaners who use specialized sanitizing procedures such as foggers and sprays that reach the interior and exterior spaces missed by routine cleaning. 

    Off-the-shelf products might claim to be hospital-grade or industrial-strength, but professional strength products approved by the EPA cannot be purchased in the store. Professional cleaning services use EPA approved products purchased from special suppliers. You might need to secure financing to pay for professional cleaning services. You can uncover some useful types of financing in the Fundera business loans review.

    Other Safety Measures

    Maintaining a safe and healthy work environment will put a bigger strain on your operating budget. You may need to increase the physical space between workstations. Open cubicles, for instance, will need to be closed with physical barriers such as glass or plastic partitions. Common areas that all staff use, such as break rooms and cafeterias, will need to be modified. 

    To maintain proper social distancing, you will need signs and other visual clues to help everyone be aware of the boundaries. You may need to replace your ventilation system or upgrade the components to ensure an adequate flow of clean air. The PPP program can help cover some of these costs, but you will probably need additional business financing to bridge the gap that these new expenses are draining from your cash flow.

    Conclusion

    Reopening your business is going to be costly. Your cash flow is going to be taxed even more as you implement new safety measures while trying to get the word out that you are back in business. Although PPP funds are helpful, these new considerations may require additional financing. Accordingly, explore your options to understand the best financing facilities available to navigate this challenging period.