COVID-19 Recovery Resources
We understand that small businesses around the nation have been heavily affected by the COVID-19 pandemic. The University of Texas of the Permian Basin SBDC staff is dedicated to helping you via phone, web, or email. We offer free one-hour consultations to help formulate your business strategy and plan for future disasters.
With local businesses beginning to reopen, a 'new normal' will begin to arise to adjust to these unforeseen circumstances. With different states, counties, and local municipalities at various phases during the reopening process, we encourage that you check this page regularly for updates.
SBA PPP Procedures
SBA EIDL Procedures
Before your business reopens, we suggest that you create a plan to assess the current state of your business and industry. The emergent of COVID-19 has redesigned the business model. Asides from reopening your business? Where do you see your organization in the future? Does your business have a plan for future disasters? Use this flowchart as a guidance on what steps should be taken towards reopening along with creating a draft on future complications. Below are some questions you should ask yourself before reopening. For further assistance, please contact your local SBDC advisor.
A Few questions to ask before Reopening:
1. Do you have the financial resources to reopen? Can you afford it?
2. What changes, if any, will you implement?
3. Do you have access to a consistent, reliable supply chain?
4. Do you have an adequate number of staff? If so, how do you plan on training them regarding CDC safety guidelines?
5. Will you still operate out of a physical location- will you offer online services?
6. Do you predict an sustainable cash flow upon reopening?
7. Can you reduce or eliminate costs?
8. Can you sell any non-relevant assets?
9. How will your prices compare to your competitors?
10. Will there be any layoffs? Will wages, insurance, and benefits change for your staff?
Department of Labor/OSHA
Upon reopening, there are numerous questions that you as an owner might consider when planning for future disasters. According to the institute for Business and Home Safety, over 25% of businesses don't reopen after a major disaster. Protect your business by identifying potential risks and creating procedures in response to those events. Be sure to update as situation develops.
Will your business model change?
Are your employees informed about future procedures?
How will your distribution channels be affected?
Are you prepared to face another situation like COVID-19?
Will you expand/diversify your products or services?
As you navigate through the reopening process, it is vital that you and your staff communicate consistently throughout the process. A helpful tip from the CDC would be to assign a coordinator to be responsible for all COVID-19 situations in the workplace. Review all leave policies to ensure flexibility in case of a sick employee. If possible, it is recommended that you stagger various workstations in order to keep a safe distance between employees. Establish an emergency plan within the chain of communication (employees, suppliers, and customers) to prepare for future disasters.
Meet our CARES Consultant
We’re excited to introduce the newest addition to our SBDC team, Bryan Bierwirth. Bryan is a graduate from Northern Illinois University with a Master’s degree from Roosevelt University. Bryan worked as a Business Consultant for two years at the University of Texas Permian Basin Small Business Development Center and served as the UTPB Director of Business Competitions for the Odessa Business Challenge and Midland Entrepreneurial Challenge.
Bryan will be helping small businesses who have been directly affected by the COVID-19 pandemic as a CARES Business Consultant. His duties will consist of assisting clients with calculating PPP loan forgiveness, constructing reopening strategies, adjusting financial projections, and presenting online webinars. If you need assistance, please contact Bryan at !
Recent Lender News
COMMUNITY ADVANTAGE RECOVERY LOAN (CARL) PROGRAM
Last updated: July 23rd
We are pleased to announce that PeopleFund is a lender in the new Community Advantage Recovery Loan (CARL) Program launched by the Small Business Administration (SBA). The new program will provide technical and financial assistance to small businesses located in underserved markets. It is intended to help these small businesses revamp their operations for the COVID-19 environment and/or to build financial resiliency against future disruptions.
Under this program, the first six months of payments will be covered by the SBA.
Additionally, borrowers under this program will be required to receive at least 15 hours of technical assistance (TA) from PeopleFund. The TA will be free for the client. It will also be tailored to the borrower’s needs and may include retooling the borrower’s business model for a COVID-19 environment, shifting to an online presence, building cash reserves, and expense reduction strategies. The TA may begin 30 days prior to loan approval and must be completed during the first six months of the Community Advantage (CA) Recovery Loan term.
This program will be available for limited time only: CA Recovery Loans can be approved only through September 27, 2020 and must be fully disbursed no later than October 1, 2020. All CA Recovery Loans must be made to small businesses in underserved markets as defined by the SBA. The minimum loan term for CA Recovery Loans is five years and the maximum amount is $250,000. All other terms and conditions for CA Recovery Loans are the same as the terms and conditions for other CA loans.
If you want to know if you qualify for this program please fill out the form below and a member of our team will reach out to you.