 TITLE: How the CARES Act Stimulus Can Help Your Small Business CONTENT: Tips for Managing Your Business During the Crisis\n-------------------------------------------------\nKnowing that federal loans are available can give you peace of mind. But before you fill out that loan application, take these steps to manage your business finances through the crisis, and you may not need to take on debt at all.\n*   **Stay on top of receivables.** Send invoices promptly and follow up on overdue payments immediately to maximize available cash.\n*   **Keep a close eye on cash flow.** Review your cash flow statement daily to get out in front of problems.\n*   **Negotiate.** If you foresee problems paying your mortgage, your landlord, your suppliers or your service providers, contact them now and see if they can be flexible.\n*   **Explore state and local resources.** Many state and local governments are offering loans or grants to help small businesses affected by COVID-19. Visit your state and local government website to find out what kind of assistance is available in your area.\n*   **Investigate private sector resources.** Find out if private enterprise is offering any help. Amazon, for example, created a $5 million relief fund for local small businesses, and many other large employers have followed suit.\n*   **Check with your insurance agent.** Depending on your business insurance, your policy may offer some help during this crisis.\n*   **Reassess your pricing.** You may need to consider lowering your product or service prices to be more in line with what your customers can afford, as many are likely dealing with financial challenges of their own.\n*   **Create new revenue streams.** Think of ways you can adjust your product or service offerings to suit customers' current needs. For example, some restaurants have begun selling groceries and meal kits to meet consumer demand for groceries.\n*   **Don't stop marketing.** Stay top-of-mind with customers. Promote your status as a small business—many consumers care about keeping independent businesses in their communities alive.\nIf you decide a loan is the best option, carefully consider the pros and cons before you apply. Create financial projections for the coming year, using various scenarios, staffing levels and dates when your business might be up and running full force again. If you take out a loan now, will you be able to pay it off in the future, given that it may take time for your business to get back up to speed?\nAlso review your business credit score. Banks and other lenders will look at your score when determining whether to lend you money and what the terms will be. From now through May 1, 2020, Experian will offer a [free business credit report](;link=5051&nofocus=1) to companies so they can see where they stand.\nIf you're seeking customized advice, the following organizations provide free or low-cost business counseling and expert advice to help you navigate the coronavirus crisis.\n*   Small Business Development Centers\n*   Women's Business Centers\n*   SCORE Mentors\n*   Minority Business Development Centers\nCheck out these online resource centers for advice and information to help your business respond to coronavirus.\n*   SCORE Coronavirus Small Business Resource Hub\n*   U.S. Chamber of Commerce Coronavirus Small Business Guide\n*   NFIB Small Business Resources in Response to Coronavirus\n*   COVID-19 Small Business Resources\n*   Inc.'s Free Tools, Resources, and Financial Help for Business Owners Hit by Covid-19 END