How Home Improvement Businesses Can Take Advantage of the CARES Act

As swiftly as the onset of the unprecedented COVID-19 pandemic, White House and Senate leaders have passed an emergency bill offering $2 trillion in aid for businesses, workers and the health care system.

With sweeping stay-at-home orders growing across the nation, industries not deemed essential have taken an apparent first wave hit. With an increase in customer fear of residential contamination and the majority population’s economical structure in a state of instability, home service providers are seeing extended contracts postponed and business slowing.

A silver lining comes with the newly-passed CARES Act, as businesses will be receiving 44% of the total stimulus package, offering some support for lost revenue. 

Maintaining a trade which thrives on a full calendar of labor-intensive projects and contracts that extend for weeks at a time, the opportunity to evaluate critical business needs is perhaps not an opportunity that comes too frequently.

How can my business move forward during this time while maximizing the stimulus check?

Both the CARES Act and the Coronavirus Preparedness and Response Supplemental Appropriations Act provide the Small Business Administration the resources to extend its loan programs.

The Small Business Administration also offers disaster loans of up to $2 million that can be paid back in a period of up to 30 years. According to HubSpot, the loans, meant primarily for businesses of under 500 people or sole proprietors, have a low-interest rate. Those interested in one of these loans can find an application here.

Through the Paycheck Protection Program program, covered under the CARES act, SBA-approved lenders can offer small businesses low-interest loans of up to $10 million to honor payroll, mortgage or other business-related payments.

Some small businesses may be eligible for loan forgiveness so long as the forgiven amount is less or equal to the cost of maintaining payroll continuity during the covered period.

Loan options that have surfaced as a result of this economic climate offer longer payback periods, debt-relief options, and low-interest rates. 

Adapt to the current landscape

Home improvement companies, both essential and non-essential, have already begun making key adjustments to day-to-day business activities. Offering to defer financing payments, taking presentations digital and adjusting messaging to consumers are just a few ways pros are overcoming in these uncertain times.

Optimize every opportunity

In a COVID-19 climate, freeing time and dollars on initiatives that hurt your bottom line is imperative.

Automated marketing solutions designed to optimize and convert unbranded leads that come into your funnel is a great way to cut operational costs on manual outbound communications, ensure that soft inquiries don’t become missed opportunities, schedule more hard bookings, and increase revenue. 

 

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