COVID-19 Checklist

This checklist is designed as a guide to help you navigate entrepreneurship during COVID-19. To use the checklist, start at the beginning and work your way through. Do not feel you need to answer all questions, they are designed more as prompts to get you thinking. If you have any questions, please feel free to contact us, info@cicville.org or 434.218.3481. 

Covid-19 Resources

View Resources 

Am I eligible/have I applied for:

Unemployment Insurance

  • Anyone who was laid off from full-time or part-time work within the last year, including 1099 contractors
  • Underemployed people also qualify—you’ll need to demonstrate a loss as a result of COVID-19

Business Recovery Fund

Economic Injury Disaster Loans

  • Any business, nonprofit, or independent contractor (1099) located in the USA with less than 500 employees
  • Must have an EIN/Tax ID number
  • Must demonstrate loss resulting from the disaster

Payroll Protection Program

  • Any business, nonprofit, or independent contractor (1099) located in the USA with less than 500 employees
  • Must have an EIN/Tax ID number
  • Must demonstrate loss resulting from the disaster

VA 30 Day Loan Fund 

  • Any Virginia based business with between 3 and 30 employees 

Managing Finances

  1. How much cash do I have?
  2. How much cash do I go through each week (fixed expenses)?
  3. How much do I need to sell each week in order to break even and cover my current expenses?
  4. How long can I go with slow sales or no sales?

Scenario Testing

  1. What is the worst thing that could happen? Define this as a specific event and ideally, tie it to something numeric. For example, the worst-case scenario is that sales stop for 5 weeks and I run out of money for rent.
  2. What is the moderate, expected scenario?
  3. What is the best possible scenario or outcome? 
  4. For each of the above, what decisions will I make? Consider staffing and payroll, inventory and raw materials purchasing, and whether or not to maintain the business.

Near Term Opportunities

  1. What steps should I take to improve my e-commerce operation? Consider – website, shipping strategy, packaging, fulfillment, what shipping provider I use, etc.
  2. What expenses or products cost too much right now? 
    1. Should I eliminate them? If so, how and when?
  3. What do I currently sell?
  4. What are my assets and strengths?
  5. What products are hot commodities right now?
  6. Can we update our capabilities to produce these in-demand items?
  7. Is there a way to package or promote my products such that they help the current consumer base or can serve as gifts? 
  8. What virtual services can I offer my customers and followers? 
  9. Should I charge for these or not?
  10. What are my goals for any virtual services I produce?

Future Planning

  1. Are there actions I can take to define my brand, my company culture, my values, etc during this time?
  2. What do I wish I had done differently these past few weeks?
  3. What resources do I wish I had? 
  4. What main lessons have I taken away and what does that mean for how I build going forward?
  5. What processes or systems in my organization are sloppy?
    1. How can I fix them? 
    2. Is this the right time to address these issues?
  6. What steps can I further take to improve my business’s eco-footprint?

Together we are strengthening our community.