Important PPP update for 2021
On December 22, 2020, Congress passed a bill renewing funding under the CARES Act, including an additional $284 billion earmarked for America’s struggling small businesses. The rules and application process for PPP loans and forgiveness have been modified, with more businesses eligible for PPP loans, more expenses forgivable, and a simplified application process.
Please note, though the PPP application deadline is being extended, you only have until May 31, 2021 to get your application submitted to the SBA. After that, the SBA will only process existing applications that have already been submitted, until the PPP deadline of June 30, 2021. Start your PPP loan application now!
In this 4-minute read:
- What’s the impact of COVID-19 to bookstores?
- Tips and ideas to keep your business “open”
- Resources and guides
Odds are the aisles of your local bookstore are starting to look pretty empty with little to no customers wandering through, and for good reason. Social distancing and staying home is important to help minimize the spread of COVID-19, but that’s starting to have a real impact on small local businesses like independent bookstores.
Get your PPP loan or second draw PPP loan through Womply! Womply has helped over 200,000 businesses get their PPP funding. It’s free to apply for a PPP loan, and Womply can help connect you with an SBA lender that’s right for you! Start your PPP application.
We’ve gathered together resources and guides that can help your bookstore during this global crisis and we hope our tips can help provide you some hope for the future of your business.
How are local bookstores being impacted by COVID-19?
Bookstores across the world are seeing negative impacts of the coronavirus on their communities and business.
Many stores have been ordered to close their doors to the public and have been forced to lay off their employees. Some aren’t expecting to open again for several months.
Amid directives from local officials to close non-essential businesses, we anticipate bookstore closures will only continue as the virus spreads further.
One silver lining for bookstores in all of this is that many people who need to self-isolate or stay home suddenly have the time to read their list of books that they’ve been putting off. Now is the time to reach those people through online means as they are stuck in their homes.
Tips and ideas to help bookstores struggling due to coronavirus
Even if you are adhering to guidelines to close your physical store during this time, you can still bring in new business to your bookstore.
Offer curbside pickup or limited access when permitted
Curbside pickup isn’t just for grocery stores and restaurants anymore. Any retailer can benefit from offering curbside pickup during the coronavirus. Offer ways for your customers to put in their orders online (see below).
Accept payment online or on a mobile device like a tablet or phone when your customer comes to pick up their order, and bring books out to your customers when they arrive at your store.
In areas where non-essential retail shops are permitted to stay open with limited access to the public, consider adopting a “time slot” system where customers can sign up for semi-private access of your store in groups of 10 or less. Here’s how one bookstore found a way to adhere to their local ordinance but still keep customers happy.
Now may be the right time to start selling online
Start selling your books online. There are many ways that you can get started with this: Amazon, e-commerce website, Etsy, and more.
If you have a website, you can easily integrate an e-commerce platform like Shopify or Ecwid into your website to start selling online right away.
You can also look into other online book-selling platforms like Kobo and Libro.fm (more on these later).
Find creative ways to market your online resources
Does your books store offer subscription services or partner with any subscription services? Market those outlets on social media to drive more traffic to your online resources.
Offer discounts to entice customers to purchase larger orders from your store.
Go deeper: 8 ways to promote your business on Facebook
Keep your customers informed
Right now it is more critical than ever to keep your customers informed about business operations in your bookstore. Are you closing your doors to the public? Are you offering curbside pickup or limited customer access? Are you selling online? Let your customers know!
Also, give your customers peace of mind by reassuring them that you and your staff are taking every precaution to ensure the health and safety of your staff and customers.
Resources and guides to help bookstores during COVID-19
Several organizations are working to help mitigate the impacts of the COVID-19 pandemic on small local businesses. Some are dedicated to helping all industries while others are dedicated specifically to helping local bookstores.
General business resources for COVID-19
The CDC, SBA, and other organizations are constantly updating their guides for small businesses and consumers as more news comes out about the coronavirus. Check out these guides for more information:
- Coronavirus (COVID-19): Small Business Guidance & Loan Resources
- SBA Economic Injury Disaster Loans: how to apply if you’re impacted by COVID-19
- CDC Guide for Businesses and Employers
- How retail shops can deal with the Coronavirus (COVID-19) crisis
- Emergency funding options for small businesses
Bookstore-specific resources for COVID-19
National bookselling organizations and corporations are working to help local bookstores navigate through the impacts of COVID-19 and continue to make money during this time.
American Booksellers Association
This organization is continuing to monitor the coronavirus outbreak and provide resources for booksellers in the U.S. On their site you can find resources for financial assistance, retailers, how to prevent the spread, hosting events, and more.
Visit bookweb.org to learn more.
Bookshop is an online bookstore with a mission to support independent local bookstores. They donate 10% of all non-bookstore affiliate sales to participating independent bookstores. You can also become an affiliate to earn a commission on books that you share.
Learn how to opt-in by emailing email@example.com or visiting bookshop.org.
Libro.fm allows consumers to purchase monthly subscriptions with 100% of the proceeds going to their local bookstore during this time. Customers get to choose which bookstore their proceeds go towards.
Spread the word with this company’s hashtag, #ShopBookstoresNow, and encourage your customers to start memberships and choose your store.
Learn more at libro.fm.
Let Womply help you apply for your PPP loans!
As you know, it’s free to apply for a PPP loan, and we know you have lots of choices. So why should you let Womply connect you with an approved SBA lender? Because we know what we’re doing and people love the help we provide. We’ve helped over 200,000 businesses, contractors, sole proprietors, and self-employed individuals get approved. Don’t wait! The application deadline is May 31, 2021.
Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free!