April 21, 2020 | by Mark Schanen
If your business has been able to cut through the red tape and obtain COVID-19 funding through the Small Business Administration's (SBA's) Economic Injury Disaster Loan program or Paycheck Protection Program (PPP), you're one of the lucky ones.
However, you still must determine the best application of those funds to secure the long-term health of your business.
Your Loan Is a Means, not an End
The most important benefit of receiving emergency funding is that it buys you time to catch your breath and make clear-headed decisions about picking the right path forward. But it's important not to squander this opportunity. You need to act decisively — and soon.
To some extent, the nature of your business will dictate your plan. If you have a business deemed "nonessential," such as a movie theater, you can't do much beyond using the emergency funds to pay your employees (and your bills) and hoping that the virus subsides before your money runs out.
However, if your business is able to remain open, even if only in a modified form, you need to be more flexible and agile than ever before. Because the truth is, no one knows how long the current economic downturn will last or what the hoped-for recovery will look like.
You'll need contingency plans. Here are eight steps you can take today to get started.
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