Throughout the coronavirus pandemic, individuals and business owners have had to worry both about their health and their financial security. Thankfully, brands within the finance industry have been generous with their time and expertise to ease their audience’s concerns. Find out about more about their recent efforts below.

Accounting Firm Donates Their Services to Small Businesses

Between non-essential business closures and paycheck protection program loans, small businesses have undoubtedly faced many challenges in recent months. As part of their Small Business Support initiative, Long Island-based accounting firm Grassi & Co. held a free virtual Q&A for more than 350 small business leaders last week. The advisors at Grassi, one of the largest firms in Long Island, each spent hours answering questions about emergency loans, cash flow and workforce issues, which these professionals had been trying to navigate on their own for weeks.

In addition to providing virtual advice, Grassi has also created blog posts, webinars and a 24-hour Crisis Recovery & Response hotline, all free of charge. According to Grassi executives, their goal is to provide small business owners with professional guidance to help their business succeed, even during a pandemic. Check out the full story here: https://www.longislandpress.com/2020/05/06/grassi-donates-accounting-services-to-help-businesses-nonprofits-navigate-coronavirus-crisis/

Auto Insurance Providers Give Back Billions

The biggest auto insurance providers in the US, including Geico, Allstate and USAA, are giving members a break on premiums. These brands have offered up to 35% credit to their policyholders in response to stay-at-home orders that have left commuters off the roads and dropped car traffic by almost 50%. State Farm, the largest auto insurer in the country, recently announced they would offer members a 25% credit on premiums. Their refunds will give consumers more than $2 billion in total.

In addition to the refunds and discounts, some providers are also waiving late fees and lengthening grace periods. If your smaller car insurance provider hasn’t offered a premium discount yet, experts suggest using their competitors’ deals as leverage to lower your rate. During such a tumultuous time with stiff competition between companies, your provider may be hard-pressed to resist. Learn more about details from each provider here: https://www.marketwatch.com/story/some-auto-insurers-are-giving-refunds-because-of-the-coronavirus-outbeak-heres-how-you-can-get-a-break-too-2020-04-09

Financial Advisors Ease Clients’ Fears

The coronavirus pandemic has left small business owners and investors feeling anxious about their financial future, leading many of them to turn to their financial advisors for advice. For months now, advisors across the country have been working overtime to provide solace and rebalance portfolios for their clients. They have scheduled regular Zoom calls with clients, emailed questionnaires and also helped with small business loan applications to ease their clients’ worries.

To further help clients struggling with coronavirus restrictions, some advisors have chosen to waive monthly fees for businesses that have been most affected. Above all, their advice is to focus on what you can control and keep your sights on long-term goals. Read on for more advice from financial advisors here: https://www.cnbc.com/2020/04/10/what-advisors-are-doing-to-help-clients-and-themselves-amid-volatility.html

Small Banks Support Small Businesses

We’ve all seen the documented struggles of small businesses as they apply to receive paycheck protection program loans. Though the loans were designed to support smaller companies during covid-19, many have had their applications denied in favor of larger brands. While national banks face continued criticism over their handling of the loans, many local banks have successfully provided much-needed funds to small businesses in their community.

Regional banks around the country have dedicated their time to help businesses prepare their loans and train them on how to submit the applications. Because of the help they received, many brands have even elected to move their entire business accounts to smaller banks. For specific PPP loan success stories, keep reading here: https://www.chicagobusiness.com/finance-banking/small-banks-are-helping-small-ad-agencies-get-payroll-loans