The recent uncertainty surrounding COVID-19 has left many small businesses worried about the future of their operations as well as the economy at large.
Despite mandated closures and shelter in place regulations, small businesses of every kind have come up with innovative ways to stay relevant. From breweries producing hand sanitizer instead of beer to restaurants pivoting to delivery-only models, small businesses remain resilient.
To keep this momentum going, we’ve compiled a list of small business resources that will help you weather the storm of what’s to come.
Small Business Resources for COVID-19
Economic Injury Disaster Loan Program
Provided by the national Small Business Administration (SBA) agency, the Economic Injury Disaster Loan Program is a low-interest loan intended to support American small businesses through the COVID-19 pandemic.
With up to $2 million available per company, the goal of this loan is to help small businesses cover expenses like payroll and accounts payable during COVID-19.
Focused on giving small businesses time to recover, the repayment period can be up to 30 years and interest rates for the loan remain low at 3.75%.
To be considered for this program you must not have any alternatives for credit.
To apply, you will need to provide your 2019 business tax return and 2020 YTD financials among other documentation.
You can submit your application for this business loan here.
Facebook’s Small Business Grant Program
While the program is still in its early stages, Facebook is pledging $100M in cash grants and ad credits to 30,000 small businesses around the world. The purpose of the initiative is to help small businesses:
- Cover rent and operating expenses
- Continue to support and pay their teams
- Expand their customer base
While you wait for this program to officially open, you can sign up to receive the latest updates here.
JPMorgan Small Business Support
JPMorgan is putting forth $5 million worth of loans to help small businesses in the U.S. overcome challenges related to COVID-19. This loan program is focused on supporting small businesses through slower times as well as in the transition to remote work.
The small business resources JPMorgan is offering include low or zero-interest loans and interest rate buydowns. This program is intended to help entrepreneurs of color as well as other underrepresented business owners.
Kiva’s Interest-Free Loans
In its commitment to helping small businesses survive the COVID-19 pandemic, Kiva and its lenders are giving 0% interest loans to American entrepreneurs. As a direct response to COVID-19, Kiva is offering a grace period of up to 6 months on loan repayment.
With loans of up to $15,000 available, Kiva wants to help keep small businesses running across the country – even if their doors are temporarily closed. You can apply for your interest-free loan here.
Considering that 50% of small businesses have only 2 weeks worth of cash buffer, it’s smart to get ahead of cash flow problems related to COVID-19 — especially as more entrepreneurs start to take advantage of these small business resources.
“50% of small businesses have less than 15 days of cash buffer”JPMorgan, 2019
In addition to the small business resources above, there are many grants and loans being offered by local municipalities and states. You can look for more small business resources in your area here as well as on your local governor’s website.
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