Small Business Guidance and Government Resources
Owning a small business comes with so many joys and unique challenges. During a crisis period such as COVID-19, it is up to you to keep up with the ever-changing resources and assistance that is churned out on federal, state and even local levels. This can be intimidating, to say the least!
That’s why we’re here to bring you the current small business government resources and assistance that might be available to your salon. Watch the webinar above or read below for all of the important relief resources in one place.
Read on for the small business resources you need to know about!
Federal government assistance applies to both you personally, your business and your employees. Be sure to pass this information on to your staff. Buckle up, because there are quite a few programs and details we need you to know!
1. SBA Disaster Loans from the US Small Business Administration
These are low interest, federally authorized loans designed for small businesses that find themselves under hard times due to a disaster. AKA Coronavirus approved!
Your eligibility will depend on if your state or if your governor has applied for this program. To see if your state is applicable for the SBA Disaster Loan go here. To fill out an application click here.
2. Economic Rescue Plan
This is the federal $2 trillion package that was recently passed to help both individuals and businesses alike. It is a huge bill with a lot of components, so we compiled the most important and relevant information for stylists and small businesses below.
- Individual stimulus payments of $1200 to single household incomes under $75,000. For each child under 16 you get an additional $500
- Married with gross adjusted income under $150,000 receive $2400 (and additional $500 for every child under 16)
- You can expect to see these payments in approximately 3 weeks
Another exciting part of the bill that is important for stylists to note is the changes to unemployment benefits. Unemployment benefits vary by state, but their goal country-wide is to close the gap between unemployment pay and the salary received while working. They’ve committed to adding an additional $600 to the base state unemployment. A few notables about unemployment benefits:
- Self employed workers can now file, meaning all the lovely booth renters are eligible! They are also eligible for the $600 aid.
- Benefits amounts would be calculated based on previous income.
- Part-time workers are now allowed to apply. The amount will vary based on the state and the duration is undetermined. Part-time workers are also eligible for the $600 aid.
- Your employees can file for unemployment if you’ve been forced to close down.
These are most of the government aids available to small businesses now, but please continue to check your state, county and federal links regularly.
PBA COVID-19 Relief Fund
As mentioned, it is important to continue to check links regularly as new programs emerge in the coming weeks. As of the filming of our video, a new relief program aimed specifically at the beauty industry has been founded!
The Professional Beauty Association (PBA) and PBA Charities have created the PBA COVID-19 Relief Fund. This fund will provide $500 to licensed beauty professionals who are unable to work due to the Coronavirus. If awarded the funding, it is meant to be used for immediate needs such as food and bills.
Keep in mind that approved applications are based on amount of donations. Anybody can donate, so if interested, share this donation page. To find out more about the PBA COVID-19 Relief Fund and to apply, click here.
Simply Organic Beauty Assistance
1. Beauty Industry Updates
Simply Organic Beauty has partnered with GlossGenius and other industry leaders to bring you the most up to date information regarding COVID-19. This website hosts real-time information on government, federal, state and local levels that affect small businesses owners, namely beauty professionals during this time.
You can find state page links, updated government funding, loan options and even answers to common questions. We recommend visiting beautyindustryupdates.com frequently to keep up with any developments and stay connected to our beauty community.
2. Increase in Holistic Hair Tribe commissions
From March 24 – April 30, we’re giving Tier 1 Salon Professionals an additional 5% in commissions. This means you’ll now be making 35% commissions for every sale!
If you haven’t heard, our Holistic Hair Tribe program is an affiliate program that allows you to sell retail online while your doors are closed. No fees, overhead or hassle! Learn everything you need to know about this amazing program here. To sign up, go here.
3. Safeguarding Your Salon Business Series
Last, but certainly not least, is our educational series of webinars, videos and resources designed to help your small business thrive during COVID-19. We bring you everything from best communication practices to keep your team strong to how to keep earning income while not in the salon. After this series, you’ll be ready to not only survive but thrive and grow your business in revolutionary ways NOW.
To watch past webinars, print your downloadable resources and see what episode 5 holds, click here.