Pre-Traumatic Stress Disorder
When all this potential “free money” talk came about, I know I initially struggled with the concept. As small-business owners, we’re trained on the principles of bootstrapping and sacrifice. Talk using words such as “bailouts” and “stimulus” felt very socialistic to me. I then found Dan MacLaughlin’s explanation in National Review to be massively beneficial to my understanding.
“… The measures passed by Congress were not a stimulus, because they aren’t designed to create more economic activity. They’re not a bailout, because they’re not designed to help businesses out of their own messes. And they’re not socialism, because they’re not designed to remove either power or profit motive from businesses once the crisis passes, or to redistribute income or wealth. They are a relief package to keep people and businesses afloat in a natural disaster until they can resume doing what they were doing before.”
So I know it would have been more helpful to you had I shared that a couple of months ago, but in the event, you applied, received the cash, and are now feeling any level of guilt, let it go!
Post-Traumatic Stress Disorder
Well, that application process was not easy but hopefully worth it. If you were the lucky one tasked with applying for and securing your company’s portion of the PPP and/or the EIDL, I trust you have managed to maintain some semblance of sanity. If the money has reached your bank account, congratulations!
Now you just have to worry about meeting the ongoing requirements to ensure you have to pay as little of it back as possible! Check in with the Treasury Department on specifics for the PPP and with the Small Business Administration for the EIDL. You’ve got this!
For those companies that have been able to maintain revenue during this time plus add some of this relief money, this extra money has provided amazing opportunities to advance their businesses and gain new market share. For those businesses just trying to hang on, let me close by encouraging you to maintain faith and continue to market your business.
Customers will return to those companies that stayed communicative during this time. By “communicative,” I mean behaving as helpful partners who truly care about customers rather than salesy opportunists. This is a time for audience expansion, not revenue extraction. Focus on this right now! We have held multiple webinars on this exact topic, so if you would like to dive deeper in understanding how to do this, just reach out to us.