In addition to the tax relief introduced under the CARES Act, there are a number of other provisions non-tax related that are designed to help small businesses during this time of crisis.

As always, consultant your tax and business advisor on how to best employ these various tools that are now available to stimulate your business and your economy. And remember, many of these provisions also apply to business that are service businesses (i.e. attorneys, medical professionals, architects, etc.)

Below is a summary of some of the business related provisions, as well as some of my other observations that can help you get through this dire time, and keep your business afloat.

$300B Emergency Coronavirus Relief

Part of CARES Act. SBA will provide your business (must have payroll) with loans and so long as you continue payroll, the government will forgive your loan. Loan funds can be used to maintain operating expenses and paying bills (rent, payroll, insurance, utilities, etc.)

SBA’s Economic Injury Disaster Loans (EIDLs)

Limited to working capital for small businesses and private nonprofit organizations. They are available to small businesses directly affected by the COVID-19, or that offer services directly related to these businesses.

Applicants must have good credit history, the ability to repay and be physically located in disaster areas (economic nexus does not suffice). Note, EIDL loans are only available to businesses without access to credit elsewhere, such as existing lines of credit.

Eligible industries include, but are not limited to, hotels, recreational facilities, manufacturers, sports vendors, owners of rental property, restaurants, retailers, travel agencies and wholesalers. Conversely, casinos and other gambling businesses, agriculture enterprises, religious and charitable organizations are ineligible.

Business Interruption Insurance

Most policies exclude interruption for viruses. Check your policy. Depending on how broad such exclusion is, an insurance company may challenge the right of a business to file a business interruption claim. Check whether the terms of the insurance policy allow for the filing of a business interruption claim as a result of shutdowns imposed by government authorities. Check whether the insurance policy covers business disruptions resulting from the loss of a key supplier’s services/products, as a result of COVID-19.

Lastly, ask your bank about payment deferrals. Banks may be willing to work with you on deferring payments of both principal and interest. Don't forget to check with banks that gave you commercial loans as well.