'Shark Tank's' Barbara Corcoran gives advice to those living paycheck-to-paycheck

The "Shark Tank" star shares how small businesses and their employees can stay afloat during this uncertain time.
2:53 | 03/25/20

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Transcript for 'Shark Tank's' Barbara Corcoran gives advice to those living paycheck-to-paycheck
And we're going to get some advice now on how to protect yourself financially in these challenging times. Barbara Corcoran from "Shark tank" is back with us again. Thank you for joining us again this morning. My pleasure. I know you've partnered with so many small businesses on "Shark tank." How has this your work? I've partnered with so many small businesses as you know, and one thing they all have in common is they are scared to death, and the hardest part of running any business is cutting salaries and letting people go. On average, they've laid off roughly 25% of their force, and that translates into 25% unemployment rate which worries me, but everybody's trying to the good entrepreneurs try everything they can, and I have Daisy cakes who's now producing a new cake every week, and people are ordering more of her cakes than they ever have before. Cousin's Maine lobster, are rolling out food trucks and bringing the food to the customers so they don't have to wait in line. What happens in times like this is a great entrepreneur succeeds better than expected, and the worst ones -- not the worst ones, the least creative ones just don't survive. And Barbara, I know that so many people are looking for advice. Other small businesses struggling. We actually have a question from a small business owner. Her name is Kelly. Take a watch. Hi, Barbara. I'm a self-employed hair stylist from central New York. When the governor closed all salons. My insurance does not cover I do not qualify for unemployment, and a loan would put me into greater debt. You may be forced to close. Do you have any greater suggestions? Well, Kelly, not so easy, is it? You have two challenges actually, the way I see it. You have the challenge of the government forcing you to close down, and you have the challenge of the customers not being able to get to you and you not getting to them. That's a double header, but one thing you can do is you can call your landlord immediately. You're in a very good negotiating position with the landlord because no one is out there looking for commercial space whatsoever, and so realize that when you make the call, and simply tell him you can't pay your rent. I don't think you should play hardball. You should be lovely and reasonable in your presentation, but the fact is you can't pay your rent while you're closed down, and with today's new stimulus package which was just announced today, it includes direct support for companies who have lost most of their customers. You qualify that, and stay on top of that to see what you are going to be getting, but remember one important thing. You have a temporary problem. When this economy comes back, when this mess is over, people are going to be desperate for haircuts and your business more than any probably is going to come back like gangbusters. Make sure you stay in touch with your customers so that they're thinking of you front forward when they need that haircut. That's great advice, and this

This transcript has been automatically generated and may not be 100% accurate.

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