Mitch Tyner, who serves as the Senior Advisor in the Small Business Association (SBA) Office of Advocacy, joined The Gallo Show on Tuesday morning to discuss what steps small businesses should take during the novel coronavirus outbreak.
At least 46 states have prohibited nonessential businesses from staying open in an effort to slow down the spread of COVID-19. Businesses that fall under the nonessential category include theaters, gyms, salons, museums, casinos, bowling alleys, and most retailers.
Tyner noted that these enactments are for the best yet with them, come an immense amount of stress for small business owners.
He strongly encourages small business owners to visit the SBA’s website (sba.gov) and apply for loan resources available through the recently passed CARES Act.
“There are incredible programs available,” Tyner said. “One that started on Friday is extraordinarily successful so far, and it allows you to get about eight weeks’ worth of your payroll covered.”
Tyner also warned against misrepresentation as all loans will eventually be audited.
“The unfortunate thing that happens when Congress is trying to get this money out to people very, very quickly that sometimes it flows so easily that some folks take advantage.”
Click the video below to hear Tyner’s full interview.