The economic consequences of the coronavirus pandemic are hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
More than 99% of all American businesses are small businesses, and they employ more than half of the workforce.
According to US government research, natural disasters cause 40% of small businesses to fail, while one in four small businesses will close within a year of the event.
In addition to the immediate public health crisis, economists expect the COVID-19 pandemic to kick off a painful recession that could further impact the survival of small businesses.
The Internal Revenue Service is deferring the tax filing payment deadline for many filers until July 15.
The US Congress passed a $2 trillion stimulus package to stabilize the American economy during the coronavirus crisis. Less than two weeks after launch, all of the $349 billion allocated to small businesses in the CARES Act has been committed.
Continue reading to see a list of emergency-funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
This post was last updated on April 16, 2020.
Subscribe to BI Prime to read these stories about how the federal stimulus package could help your business.Options available to small business owners: How your small business can cash in on the government's $349 billion relief program so you can quickly pay rent, keep staff employed, and restructure your debt
How to know if you qualify: Use this guide to check if your company is a 'small business' so you can qualify for crucial funding ahead of a possible recession
What it's like to apply for loans and grants: 2 entrepreneurs gave us the exact applications they used to get government funding so they can pay rent and keep employees during coronavirus
Which option is best for you: Small business owners can get either forgiveable loans or payroll relief from the $2 trillion coronavirus stimulus bill, but not both. Here's how to decide which is better for you.
Many venture-backed startups won't be eligible for stimulus funding: How to figure out if your startup qualifies for coronavirus relief funding — and what options you have if it doesn't
Use this plan to avoid getting stuck in the chaos: 6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action
Read the original article on Business Insider
Website: www.lisc.org/covid-19
Rapid Relief & Resiliency FundFinancing type: Grants
Funding limit: Total fund will be up to $100 million.
Who it's for: Women- and minority-owned small businesses
Applications for the first round of funding is closed, but another round will begin mid-April.
Website: businessforall.helloalice.com
COVID-19 Business for All Emergency GrantsFinancing type: Grants
Funding limit: $10,000
Who it's for: Applicants must have 50 or fewer employees and have been affected by the coronavirus pandemic.
Website: savesmallbusiness.com
Save Small Business FundFinancing type: Grants
Funding limit: $5,000
Who it's for: Applicants must employ between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by COVID-19.
Applications open on April 20, at 12 pm PT.
Website: www.gofundme.com/f/smallbusinessrelieffund
Small business relief fundFinancing type: Donation-matching micro-grants
Funding limit: $500, total fund is more than $1.5 million
Who it's for: Independently owned and operated small businesses with GoFundMe campaigns to offset negative impacts from the COVID-19 pandemic
Website: kiva.org/borrow
Small business loansFinancing type: Zero-interest loans
Funding limit: $15,000
Who it's for: Small businesses seeking community-based lending, as opposed to traditional financial institutions
Website: blog.yelp.com
Free services and advertisingFinancing type: Waived advertising fees, and free advertising, products, and services
Funding limit: N/A, up to $25 million in total services
Who it's for: Independent local restaurant and nightlife businesses on Yelp
Website: get.grubhub.com/resources
Deferred delivery feesFinancing type: Temporarily deferred delivery fees, promotion matching
Funding limit: N/A, up to $100 million in commission payments
Who it's for: Independent restaurants in the US
Community Relief FundFinancing type: Donations
Funding limit: N/A
Who it's for: Drivers and restaurants affected by coronavirus outbreak
Website: www.uber.com/us/en/coronavirus/
Free deliveryFinancing type: Waived delivery fees, same-day payouts
Funding limit: N/A
Who it's for: Independent restaurants in US and Canada.
Website: blog.aboutamazon.com
Neighborhood Small Business Relief FundFinancing type: Grant
Funding limit: TBD, total fund is $5 million
Who it's for: Seattle-area small businesses with fewer than 50 employees or less than $7 million in revenue.
Website: mastercard.us/en-us/businesses/small-business
Small Business SolutionsFinancing type: free cyber vulnerability assessments and identity theft protection through July 31, 2020
Funding limit: N/A, up to $250 million in services over five years
Who it's for: Small businesses eligible to participate in the Small Business Administration's Paycheck Protection Program
Website: impact.jpmorganchase.com
Entrepreneurs of Color Fund, Ascend, and Community Development Financial Institution partnersFinancing type: Loans and interest-rate reductions
Funding limit: TBD, total donation is $8 million
Who it's for: Underserved and underrepresented entrepreneurs and small businesses in the US and globally
Website: support.google.com
Google Ad creditsFinancing type: Advertising credits
Funding Limit: Total fund is $340 million
Who it's for: Small and medium businesses, who advertise directly with Google or its partners around the world with active accounts since the beginning of 2019.
Website: facebook.com/business
Boost Small BusinessFinancing type: Grants and advertising credits
Funding limit: TBD, total fund is $100 million in cash and ad credits
Who it's for: Any small business in over 30 countries where Facebook operates
Website: mainvest.com/main-street-initiative
The Main Street InitiativeFinancing type: Zero-interest cash advance
Funding limit: $2,000
Who it's for: Brick-and-mortar businesses seeking future long-term community investment through MainVest's licensed crowdfunding portal for small businesses
Website: visit.topekapartnership.com/host-relief
HOST Relief ProgramFinancing type: Grants
Funding limit: up to $5,000
Who it's for: Privately held small businesses experiencing economic injury located in Topeka and Shawnee County, Kansas.
Website: www.famemaine.com/business
Financing type: Loan (WSJ Prime rate, minus 1%)
Funding limit: $50,000; Total fund has $5,000,000 in reserves.
Who it's for: 12-month term loans for Maine-based businesses who have exhausted other funding sources
Website: www.slc.gov/ed/elploan/
Emergency Loan ProgramFinancing type: 5-year, zero-interest loans
Funding limit: $20,000
Who it's for: Loans can be used for working capital ( i.e. payroll, rent etc.), marketing, or inventory.
Website: www.denvergov.org
Small Business Emergency Relief ProgramFinancing type: Cash grants
Funding limit: $7,500
Who it's for: The program prioritizes those industries who are most impacted by the coronavirus pandemic, such as the food industry, nail salons, barbershops, home childcare providers, and retail shops.
Website: phila-uyims.formstack.com
Microenterprise GrantFinancing type: Grant
Funding limit: $5,000
Who it's for: Businesses with annual revenue under $500,000
Small Biz GrantFinancing type: Grant
Funding limit: $25,000
Who it's for: Businesses with annual revenue between $500,000 and $3 million
Small Biz Zero-Interest LoanFinancing type: Loan
Funding limit: $25,000 - $100,000
Who it's for: Businesses with annual revenue between $3 million and $5 million
Website: seattle.gov/office-of-economic-development
Business Stabilization FundFinancing type: Grants
Funding limit: $10,000
Who it's for: Businesses with fewer than five employees and owner earning less than 80% of area median income
Website: oewd.org
Business taxes and feesFinancing type: Deferral
Funding limit: Quarterly tax payments deferred nine months, license fees deferred three months
Who it's for: Businesses with less than $10 million in revenue
Resiliency FundFinancing type: Grants
Funding limit: $10,000
Who it's for: Microbusinesses (fewer than 10 employees) able to show recent loss of revenue
Paid Sick LeaveFinancing type: Payroll assistance
Funding limit: 40 hours additional paid sick leave time beyond the city's existing Workers and Families First program
Who it's for: Businesses with 50 or fewer employees
Website: nyc.gov/covid19biz
Zero-interest loansFinancing type: Loan
Funding limit: $75,000
Who it's for: Businesses with fewer than 100 employees with sales decrease of 25%
Payroll grantFinancing type: Grant
Funding Limit: 40% of payroll costs for two months
Who it's for: Businesses with fewer than five employees
Website: disasterloan.sba.gov
Financing type: Low-interest working capital loans
Funding limit: $2 million
Who it's for: US small businesses and non-profits facing temporary loss of revenue
Express Bridge LoansWebsite: sba.gov/LenderMatch
Financing type: Quick turnaround advance on an Economic Disaster Loan
Funding Limit: $25,000
Who it's for: US small businesses and non-profits waiting to receive a Disaster Loan
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