Robert Herjavec and Rohan Oza of Shark Tank give advice to small business owners l GMA

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” re calling in the sharks to help out small businesses and answer your questions that that everyone tries to navigate this economy. Now. We certainly have a lot to discuss with the federal government announcing those new details about programs to help small businesses hold on to their employees. And it s april 1st.

So rent is due right now for millions of people we have robert herjavec and rohan oza joining us now to answer all of those questions and gentlemen thank you for joining us and and renovate rent abatement is one of google s top trends. Right now. The rent is due today is the day. But a lot of companies cannot pay because of these forced closures.

So robert. What should they do well good morning michael and first of all i want to thank all the doctors and nurses out there from the shark tank family and the first responders in this amazing time you ve got to churn your assets into cold hard cash right now. And don t forget you re not the only one in this boat tell your landlord be transparent. But your priority right now needs to be hoarding cash and making.

Sure you re going to survive. A lot of people aren t going to pay their rent. Today. That s just the facts.

Yeah and so just be honest. And communicate. We have some viewer questions for you both so let s start with jessica..

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Who owns a small business. Let s take a listen. The owner of yoga. Baby clothing.

Which is a comfortable clothing brand for babies. And toddlers. My question for you is in a time like this where consumers are really only purchasing the necessities. How can i still grow my e commerce business rohan.

What do you think morning guys thanks for having me. You know. It s a tough time all around for everybody. And obviously when this first occurred.

Everyone is buying essentials food beverage cleaning supplies the infamous no toilet paper scandal. But i think that as as time start as purchasing behaviors start to have a degree of normality to them you know people are going to need baby clothes babies every month are going to outgrow their clothes and so jessica has a business. That is essential it may not seem as essential as buying food jae. Won.

But is essential an ongoing basis. And she s grown up in the e commerce platform. All of our brands are switching to e..

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Commerce. And so she has that platform lean into that lean into that audience that she has not just on her website but on other amazon marketplace. Etsy treat the e commerce world as different stores and then lean into your community. She s built her brand with the community lean into that community and be creative people are looking for moments of happiness and lightness and nothing better than babies to deliver that so figure out how to develop content with your community with these kids.

And this communities j. You lean into them. We ll give you a much bigger business tomorrow. Yeah.

And robert you say being in this space. Is a good thing right now. Yeah. I i you know i disagree with rohan people aren t switching to e commerce.

There is only ecommerce right now i have two year old twins at home and my wife may not watch the news every day. But i ll tell you this she goes to her mommy group. Email and blogged every single day go to your closed loop communities online right now because in this age. Where we can t touch each other or see each other physically you tend to trust the people that you know and that closed loop community is what my wife and so many other mothers right now are churning to and you got the federal government.

Just gave guidelines to small business owners about incentive to hold on to their workers. It s called the employee. Retention credit is available to all businesses and our viewer..

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Dana has a question about it so let s watch. I own a hair salon in the bronx. We were mandated closed about two weeks ago. And it was just extended for another two weeks.

So that s taking us to four weeks without any revenue. What s the best guidance. I could give my staff should they collect unemployment or should we wait for the disaster relief loans to come in and then retro pay them. I m looking for the fastest and smartest way that we could help them and robert can tell us a little bit about the considerations for small business owners.

Yeah. Michael the very first thing is the inner people like dana you ve got to make sure that you can survive. There s no point in getting a credit. If you can t keep your doors open so rule.

Number. One is can you make it to the point where their credit actually helps you the second point is get informed. There s a lot of information out there look it up online. Make sure you qualify and apply early in rohan you say the key to using this 350 million dollar billion dollar.

Small business program is just knowing how to use it you re right michael. The government passed the biggest stimulus package in history. You ve got to figure out..

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What you are do what is yours now. It s a nine hundred page document. Which is tough to go through and one of the things that i found is where can you find cheat sheets or what s due to you the us chamber of commerce actually has a great one in four pages. It summarizes the four or five major packages.

Whether it s long term loans as cheap interest rates. Whether it s grant that could be forgiven whether its payroll benefits you can get loans. If you don t lay people off. I think try and find those cheat sheets and see what s due to you so you can get your business to stretch out longer during this tough time well robert rohan.

Thank you guys for joining us had friends reach out to me yesterday and say how much did how helpful that this asked. The shark segment is so thank you guys thanks for contributing to it today this morning. We appreciate you well hey there gma fans. Robin roberts here thanks for checking out our youtube channel lots of great stuff here so go on click.

The subscribe button right over right over here to get more of awesome videos and content from gma every day anytime. We thank you for watching and we ll see you in the ” ..

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