NORFOLK, Va. - The coronavirus outbreak is already having a devastating impact on businesses, particularly small businesses.
News 3 anchor Blaine Stewart spoke with Trent Dudley, a regional executive with Southern Bank in Norfolk, to learn three things to help small businesses survive.
What is the most important thing a small business owner can do for their finances right now?
Dudley: Be sure they're in contact with their banker and they're having discussions about what their needs are. Their bank will come to solutions that will help them.
What kind of help can a banking institution offer a small business owner? What about help from the federal government?
Dudley: The IRS will extend the deadline on tax payments up to three months and $1,000,000. The Small Business Administration offers resources and answers questions any small business owner may have.
How does this compare to other financial crisis situations small businesses have faced? How long can we expect this to last?
Dudley: We are still at the beginning of this. The financial impact of this will be more than just a few weeks. The earlier you start your planning, the better off you will be able to handle long-term implications.