This Is How Much Cash Your Business Really Needs
If there’s anything the recent economic downturn has taught us it’s that maintaining a healthy cash […]
With shelter-in-place orders being enacted across the globe, small business owners everywhere are in crisis mode, scrambling to figure out how to make ends meet. As a small business ourselves, we understand how stressful these uncertain times are as we all navigate the unprecedented waters of COVID-19. At Plastiq, we are committed to empowering small businesses with tools that will equip them to make the smartest choices, protect cash reserves, and maximize the working capital they have already earned, especially now as they weather this storm.
To further help during this trying time, we’ve teamed up with Opportunity Fund, a leading provider of life-changing loans to underserved small business owners.
Together, we welcome the recently passed stimulus bill, which will be a vital source of support for those businesses most impacted by COVID-19. That said, we still have many weeks to go before loans are approved and funds are disbursed. Opportunity Fund is encouraging small business owners to use Plastiq as a bridge to pay bills now while awaiting disbursement of loan and stimulus funds.
In this business environment, Plastiq provides critical support for SMBs. By allowing SMBs to pay any expense with their existing credit card, even where credit cards aren’t accepted, small business owners can get an extra 30-45 days of cushion for business expenses. This can help SMBs protect their cash reserves, and continue to pay suppliers and employees until they begin receiving relief funds.
As we help guide small businesses through the pandemic, Plastiq has also created an online Resource Center. The Resource Center is regularly updated with the latest COVID-19 news, what it means for small business owners, and tools to get them through this season, including more information about how to connect with Opportunity Fund.
We hope these resources will be helpful as small businesses are weighing next steps. If there’s one thing we know about small business owners and entrepreneurs, it’s that they’re resilient, resourceful, and innovative. If anyone can find a way to adapt and thrive even in the midst of COVID-19, it’s SMBs.