Here at MyCorporation, we believe in the power of small businesses and their communities. Our team of customer service professionals is working with customers to ensure they receive the best possible customer service. Beyond phone calls and emails, we’re actively blogging and providing advice for entrepreneurs. Small business owners have shared with us how to build morale, lead their teams to success, and random acts of kindness during the COVID-19 pandemic. Now, we are highlighting additional resources where entrepreneurs can find small business relief.
We’re here for small businesses, in times of uncertainty and always. Scroll through this roundup and see where your small business may begin applying for funding relief.
U.S. Small Business Administration (SBA)
The SBA has a wide variety of business relief and assistance programs available for small businesses at the federal level. These include, but are not limited to, the following forms of aid.
Paycheck Protection Program
This SBA program has authorized up to $349 billion to go towards job retention for the millions of Americans employed by small businesses. Eligible recipients for the Paycheck Protection Program include small businesses, nonprofit organizations, veteran organizations, tribal businesses, and qualifying self-employed individuals and independent contractors.
The Paycheck Protection Program allows recipients to qualify for a loan up to $10 million, based on eight weeks of prior average payroll and an added 25% of that amount. There is a six-month deferment period for loan payments. Businesses able to maintain their workforce will have a portion of loan proceeds used to cover the first eight weeks of payroll forgiven by the SBA.
SBA Disaster Assistance Loans
If your business or nonprofit was severely impacted by COVID-19, apply for a disaster assistance loan through the SBA. Low-interest loans provided to eligible businesses may use the funds to pay fixed debts, payroll, accounts payable, and other small business bills. Currently, small business owners in all U.S. states and territories are eligible to apply for a loan.
Economic Injury Disaster Loan
The Economic Injury Disaster Loan (EIDL) provides working capital loans of up to $2 million for small businesses to overcome a temporary loss of revenue. Eligible small business owners for EIDLs include those across the United States, Washington D.C., and territories.
A loan advance of $10,000 will also be provided as a source of economic relief. Funds are available within three days of a successful application. This portion of the advance does not need to be repaid.
SBA Debt Relief
Under this program, the SBA pays the principal and interest of new 7(a) loans issued before September 27, 2020. The SBA will also pay the principal and interest of current 7(a) loans for a period of six months.
SBA Express Bridge Loans
If your small business currently has a business relationship with an SBA Express Lender, the Express Bridge Loan Pilot Program will allow them to access loans up to $25,000. There is less paperwork involved and these loans may be used as term loans, bridging the gap while applying for an EIDL, and to overcome temporary loss of revenue.
GoFundMe Small Business Relief Initiative
The world’s largest social fundraising platform has partnered with Yelp and Intuit QuickBooks to establish the Small Business Relief Initiative. This program provides microgrants and fundraising tools to qualifying small businesses negatively impacted by COVID-19.
As of April 6, 2020, GoDaddy has also announced they are joining the GoFundMe Small Business Relief Initiative.
Amazon Neighborhood Small Business Relief Fund
Small businesses struggling in the Seattle area may apply for a grant through Amazon.com’s Neighborhood Small Business Relief Fund. Eligible grant recipients must have fewer than 50 employees or less than $7 million in annual revenue.
eBay “Up & Running”
Brick and mortar storefront retailers now have the opportunity to open up an online shop through eBay’s “Up & Running” program. This program gives new businesses access to establishing a free, basic eBay store for three months. Through the program, entrepreneurs will have access to more than 180 million buyers in the eBay marketplace. eBay also plans to waive selling fees for new businesses with companies allowed to sell up to 500 items for free.
Facebook Small Business Grants Program
Facebook’s Small Business Grants Program is offering $100M in cash grants and ad credits. This program is available to 30,000 eligible small businesses in over 30 countries where the social media platform operates. More details will be available soon on the Facebook Small Business Grants Program website.
JBF Relief Fund | James Beard Foundation
Are you a member of the food and beverage community? You may apply for a microgrant from the James Beard Foundation Food and Beverage Industry Relief Fund.
Restaurant Employee Relief Fund
“Restaurant Relief America” is a relief fund for restaurant workers. It was created by the National Restaurant Association’s charitable arm, the NRAEF, with Food Network star Guy Fieri partnering alongside the fundraising cause. Restaurant industry employees experiencing great hardship in the wake of COVID-19 may apply for $500 individual grants. Additionally, grants will be made available to eligible restaurant industry employees. The public may also donate and make a gift to directly support restaurants and their employees across the United States.
SheaMoisture’s Community Commerce
Personal care company SheaMoisture is helping struggling women entrepreneurs and small business owners of color during COVID-19. Their Community Commerce program is a $1 million relief fund designed to support those in business impacted by the coronavirus. Every SheaMoisture purchase invests a portion of its proceeds into the Community Commerce relief fund. Minority-owned businesses are encouraged to begin applying for grants through SheaMoisture, with 10 business owners selected and awarded $10,000 each.
Honeycomb Credit Crowdfunded Small Business Relief Loan
Qualifying small businesses may receive relief loans up to $50,000 with a six-month interest-only period from Honeycomb Credit.
The Visa Foundation, the philanthropic arm of Visa, is committing two programs totaling $210 million to support small and micro businesses and provide immediate COVID-19 emergency relief. The first program of $10 million is designated for immediate emergency relief to support charitable organizations on the frontlines responding to COVID-19 like public health and food relief. The second program is a five-year $200 million commitment to supporting small and micro businesses around the world and to foster women’s economic advancement.
Funds from the Visa Foundation will provide capital to non-government organizations (NGOs) and investment partners supporting small and micro businesses. Through the $200 million program, the Visa Foundation will provide $60 million in grants to NGOs that are dedicated to supporting small and micro business owners. The Visa Foundation will allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.
Salesforce Care Small Business Grants
Launched on April 8, 2020, cloud-based software company Salesforce is offering Salesforce Care Small Business Grants. These relief grants of $10,000 may be used by small businesses, in areas ranging from replenishing materials to paying employee salaries, as they work to overcome challenging times. The total financial commitment from Salesforce is $5 million. Visit the link below to sign up to be notified when the grant applications are available to US businesses in mid-April.
The popular dating app is here to help small businesses throughout the world get funding relief. Bumble has committed to supporting up to 200 small businesses in 11 countries with $5,000 in monetary support. Log into your Bumble app under any setting — Bumble Date, Bumble BFF, or Bumble Bizz — to match with the Bumble Community Grants profile. Please note that as of April 6th, submissions are only open in Germany, France, and Russia.
How MyCorporation is Providing Business Relief
As we wrap up this small business relief post, we have a FREE EIN offer available for small business owners. Visit mycorporation.com and use coupon code FREEEIN to receive a free employer identification number.
An EIN is a nine-digit number acts as a safeguard on business documents. You may use it to open a business bank account and get a business loan. Plus, an EIN never expires so you have the peace of mind in knowing you can always use it.