UPDATE April 1, 2020: fill out the new, faster Streamlined COVID-19 Application Form which can include a $10,000 quick advance on the traditional loan.

If you are a small business in an area that has declared a state of emergency related to the COVID-19 crisis, then you are eligible to apply to the Small Business Administration for a Disaster Loan Assistance from the federal government (PDF Fact Sheet). This loans can provide your business $25,000 of working capital (at a reasonable 3.305% rate) to take care of your employees, pay bills, and weather the storm. The SBA usually only denies loans for reasons of low credit (50% approval rate). NOTE: it's unclear if you need to fill out the longer Disaster Loan Assistance if you also filled out the Streamlined Application. For certainty, it's probably worth filling them both out.

You could also use this money to adjust to this new reality, and adapt your business to become more digital and disaster proof.

We don’t know what the future holds, how long this crisis will last, or how it will impact the economy. But starting this process today could give you some padding to weather the storm. The process takes about 20 minutes if you have your tax information on hand (submit basic tax/income documentation online). Get started before everyone else floods the site.