If you are a small business owner, we know you have more on your mind than keeping yourself and your family safe and healthy. The welfare of your staff is also weighing on you.
For some, it’s a matter of how to set them up to work from home. For others, it has meant delivering news you never want to deliver in a crisis, such as layoffs, hopefully in many cases just for the time being.
Help is available. I’ve shared with you a couple of times the link to the Florida Small Business Emergency Bridge Loan Program. I highly encourage you to take advantage of this immediately. Please start the process if you haven’t already.
While that program is necessary, it may not be sufficient on its own. You can also access working capital through a U.S. Small Business Administration loan program. Florida has been added to the list of states whose businesses are eligible to apply. Again, don’t wait – get your application in the pipeline as soon as you can. I also urge you to start accessing private credit solutions if an SBA loan isn’t appropriate for your business.
According to information from the U.S. House Ways and Means Committee, the act “creates emergency paid sick leave, as well as paid family leave in the case of school closures, for working families impacted by COVID-19. It does so by requiring employers with up to 500 employees to provide paid sick leave and paid family leave, while providing a refundable payroll tax credit to employers to cover 100 percent of the cost of wages. There is also a refundable income tax credit for self-employed individuals.” For more on this, read here.
While we haven’t begun to feel the full impact of this crisis, we do know our challenges won’t be small or short in duration.
Many foundations are already trying to think about ways to mobilize support for our community. There will be other helpers that emerge as we recover. We are a community of extraordinary people and businesses and we’ll band together to hasten our recovery. My hope is that the Chamber of Commerce will be a support to this community through this process.
We will continue to keep you updated through our Daily Briefings and hope they help you feel connected in this time of social distancing.
Betsy Gardner Eckbert
President and CEO, Winter Park Chamber
Financial Advice During the Economic Downturn
Stephanie Biddle - Content Manager
The stock market downturn along with social distancing has put a strain on our members and local small businesses. We spoke with financial advisor and Chamber member Jason Edwards, Managing Partner of Edwards Financial in Winter Park, to get some expert advice on what to do as an investor and as a small business owner.
The overriding message he has is to not let emotion override logic and affect your financial decisions. “How do I know that emotions are interfering with logic? We have a national toilet paper shortage for a respiratory virus,” says Edwards. He has been through four market corrections, so he feels confident that we can trust what history and experience show us. “During the market crash of 2008, everyone panicked, but if they had held onto their investments, they would have been whole and would have made money.” His advice today is to stay calm and trust your financial advisor to keep putting money into your investments regularly.
The biggest mistake he sees is misjudging market timing. A lot of investors have sold their stocks in the last several weeks and plan to get back into the market when it starts to go back up. But the problem is they don’t know when it will go up. If you aren’t planning to retire this year, you don’t need to make major adjustments to your portfolio...
Orange County Regional History Center
We are proud to be the historic heart of our strong community and are thankful for your continued support as we get through this challenging time together. Our doors are currently closed, but please continue to check our social media and website for historical online opportunities. Join us now and receive 14 months of membership for the cost of 12! Current members also receive two extra months of benefits. More information at TheHistoryCenter.org.
Row House
Row House is currently open with classes limited to 9 people MAX with a staggered seating chart to ensure social distance. We are using modified programming. We are currently offering one week unlimited for $39. We’re also offering 50% off your first month membership with us (start date can be delayed). For those that purchase an unlimited membership, they will receive a FREE ONE MONTH CERTIFICATE to share with a family member, friend, or co-worker. #thosewhoknowrow
SCORE Orlando
The SBA Disaster Loan was approved for FL yesterday. Here is the announcement with contact information. These loans have an interest rate of 3.75% with a longer term. Click the following link to read more and apply.:www.sba.gov/disaster-assistance/coronavirus-covid-19
Serene Errands
Local service dedicated to providing groceries and basic goods to the elderly of Winter Park whom are stuck in quarantine. Click here to learn more.
310 Park South and Partridge Tree
310 Park South is offering to-go and curbside pickup options as well as free delivery from UberEats. We are remaining open for business. Daily details can be found at www.310restaurant.com. The Partridge Tree is remaining open with slightly reduced hours of 9:30 a.m. – 7 p.m.
Wine on the Way
Wine on the Way delivers wine across Central Florida. Either go to our website to order (www.wineontheway.com), or email us (orders@wineontheway.com), to let us take care of your wine needs. If you have any additional questions, feel free to call Adam Chilvers at (407) 733-9463.
Writer’s Block Bookstore
24/7 web sales, phone orders from noon – 4 p.m., and you can leave a message or email at info@writersblockbookstore.com. We have boredom boxes for all ages, new release announcements and will announce online events for kids at home and adults. Next week, we begin free delivery in the area and curbside pickup. Check out our Facebook and sign up for newsletter for frequent online events updates.
