Small companies are struggling to seek out reduction through the COVID-19 pandemic. In keeping with Forbes, about 30 million small businesses throughout america are in hassle, with half that quantity blaming the pandemic for income decline. As states work to approve emergency funding measures for enterprise homeowners, many corporations are closing their doorways and shedding workers. For a lot of, the hope is that this will probably be a brief state of affairs somewhat than everlasting.
In the meantime, we’re within the current. The place can small companies discover reduction proper now? In case you’re in want of assist, this ever-growing record of assets could profit your corporation.
SBA catastrophe help
Has your corporation or nonprofit been severely impacted by COVID-19? The U.S. Small Enterprise Administration (SBA) is working immediately with state governors to supply catastrophe help loans to assist these corporations recuperate. These loans have low interest rates: the rate of interest for small companies is 3.75%; the rate of interest for nonprofits is 2.75%.
These enterprise catastrophe loans are supplied by way of the SBA’s Financial Damage Catastrophe Mortgage program, which can provide as much as $2 million to small companies in help. Moreover, loans supplied to qualifying companies could also be used to pay fastened money owed, payroll, accounts payable, and different small enterprise payments. It’s possible you’ll apply for a disaster assistance loan by way of the SBA web site.
GoFundMe Small Enterprise Aid Initiative
What occurs while you associate GoFundMe, the world’s largest social fundraising platform, with Yelp, the corporate that connects folks with nice native companies? You get a partnership that introduces small enterprise homeowners to the Small Business Relief Initiative, a program to supply microgrants and fundraising instruments to qualifying small companies which have been negatively impacted by COVID-19.
As a part of the Small Enterprise Aid Initiative, GoFund, Yelp, and accounting software program supplier Intuit Quickbooks are all pledging to donate as much as $1.5 million in donations to the Small Business Relief Fund. As soon as that fund has been depleted, GoFundMe will proceed to situation $500 in matching grants to qualifying companies. It will permit small companies to maintain elevating funds and encourage members of the group to help with contributions and make donations.
Amazon’s Neighborhood Small Enterprise Aid Fund
Is your small enterprise struggling within the Seattle space? You could possibly discover reduction in Amazon’s $5 million Neighborhood Small Business Relief Fund. This fund was created to supply money grants for companies impacted by COVID-19 in and across the Seattle space.
As specified on the fund’s dwelling web page, eligible companies embrace these with fewer than 50 staff or lower than $7 million in annual income. Different eligible companies embrace these with a bodily presence a number of blocks away from Amazon’s workplace buildings, which are open to most of the people, and are reliant on foot visitors for purchasers.
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Fb Small Enterprise Grants Program
You already know what’s higher than 100 million followers? $100 million in money grants for small companies. Fb’s Small Business Grants Program is providing $100 million in money grants and advert credit for companies impacted by COVID-19.