Mar 19, 2020

Relief Resources for Small Businesses

Due to the fast-changing nature of COVID-19 programs and SBA COVID-19 programs, posts may become quickly out of date. Please check our COVID-19 section for the most up-to-date information on rates, terms, and other info for PPP loans/EIDLs. 

Times are tough. At Lendio, we’re doing everything we can to support small businesses through this time of economic tumult. Our first step is always to help small businesses secure their financial safety net through our network of 75+ lenders. Our funding managers are working around the clock to advocate to lenders on behalf of borrowers to assist them in securing SBA loans, lines of credit, and everything in between. 

However, some businesses are finding it harder to qualify. With forced closures for industries like restaurants popping up around the country and lenders increasing their requirements, we can’t facilitate funding for every borrower. 

But our help doesn’t stop there. We mean it when we say we’re in your corner. Even if we can’t directly help you get the capital you need, we’re dedicated to helping you access the resources you need in this fight. 

National Business Assistance Programs

SBA Coronavirus COVID-19 Loans

The US Small Business Administration (SBA) is offering low-interest loans to support small businesses through Economic Injury and Disaster Loans (EIDL) and the Paycheck Protection Program (PPP) Loans, which were created through the CARES Act. 

Federal Income Tax Filing and Payment Deadline Extension

The IRS has extended the federal tax filing deadline to July 15, 2020. Payments of up to $10 million have also been extended until July 15, 2020, for both individuals and businesses. You can check with your state tax agency for information about whether your state tax deadlines have been extended as well.

Facebook

Facebook is offering support to small businesses through Facebook Small Business Grants and their Business Resources Hub. 

GoFundMe

GoFundMe’s Small Business Relief Initiative aims to support small businesses by centralizing small business fundraisers, making it easier for supporters to find small businesses that need help, making it easy for small businesses to start their own fundraisers and providing matching grants. 

Small Business Relief Fund: Through donations from GoFundMe, Yelp, and QuickBooks, the Small Business Relief Fund will be issuing $500 matching grants to qualifying businesses that raise at least $500 on the platform.

Kabbage

Kabbage is launching an online hub to help boost sales for small businesses. The site will allow anyone in the US to purchase gift certificates from participating small businesses, providing small businesses with the capital they need today. Customers can then redeem the gift cards for remote-based services now or save them for when the crisis has subsided. 

Kiva

Kiva, a global distributor of microloans, is expanding eligibility for its microloan program in the US to support small businesses affected by COVID-19. In addition to 0% interest on microloans, eligible US applicants for Kiva microloans can qualify for larger loans (up to $15,000) and will enjoy a grace period of up to 6 months.

Paycor

Paycor is offering small businesses free payroll services for their first 3 months.

Restaurant-Specific Assistance

Tech companies in the restaurant industry have announced programs to support local restaurants. 

DoorDash

DoorDash is offering support programs for both restaurants and their dashers. The merchant program provides a combination of commission relief and marketing support for new and existing DoorDash partner restaurants. 

The dasher assistance program provides financial support for dashers who are diagnosed with COVID-19 or put in quarantine by a public health agency and meet a baseline of time on the platform and number of deliveries completed. 

GrubHub

GrubHub is supporting local restaurants by deferring commission fees and matching promotions. In addition to these initiatives, the company has created the Community Relief Fund: Donate the Change. Contributions to this fund will go to charitable organizations impacted by the COVID-19 outbreak. Learn more about GrubHub’s Covid Efforts

Yelp

Yelp is providing $25 million in coronavirus relief in the form of waived fees and free services to local restaurants and nightlife.

Local Business Assistance Programs

In addition to national resources, small businesses can find support on a state, regional, and even city level. 

Chicago Small Business Resiliency Fund

Chicago’s Small Business Resiliency Fund provides low-interest loans through a partnership between local government and private donors. The $100 million fund will offer loans up to $50,000 for small businesses with fewer than 50 employees that have seen at least a 25% drop in revenue due to COVID-19.

Denver Small Business Emergency Relief

Denver Small Business Emergency Relief offers cash grants up to $7,500 to businesses in industries that have been affected by the coronavirus outbreak, including restaurants, retail shops, barbershops, and nail salons.

Florida

Floridian small business owners who have experienced economic damage as a result of COVID-19 can apply for support through the Florida Small Business Emergency Bridge Loan Program. The program is open to small business owners located in all Florida counties statewide. 

Los Angeles Small Business Emergency Microloan Program

Los Angeles businesses that provide low-income jobs can apply for a microloan between $5,000 and $20,000 through the Los Angeles Small Business Emergency Microloan Program. Loans have a 0% interest rate for terms between 6 months and 1 year. 5-year loans have an interest rate of 3–5%.

Michigan Small Business Relief Program

The state of Michigan is offering a combination of grants and loans for small businesses affected by the pandemic. The program will start on (or around) April 1. You can find more details through the Michigan Economic Development Corporation.

New York City

New York City has launched 2 programs to support small business owners through the crisis. 

Portland Jade District-Old Town COVID-19 Small Business Response Fund

Small businesses in the Jade District and Old Town in Portland can apply for assistance from the fund that includes $140,000 for small business grants. 

San Francisco

Administered in partnership with the Northeast Community Federal Credit Union, The Small Business Resiliency Fund allows impacted small business owners to access up to $10,000 for employee salaries and rent. 

Utah

Small businesses in Salt Lake City can apply for Salt Lake City’s Emergency Loan Program through Monday, March 23. Small businesses can secure loans up to $20,000 for working capital, marketing, or inventory.

Washington

Small businesses in the state of Washington can find support through a private program sponsored by Amazon and a public initiative. 

Wisconsin

Wisconsin’s Small Business 20/20 program will provide grants of up to $20,000 to qualifying Wisconsin-based businesses to help with cash-flow challenges as a result of COVID-19. The grants will be administered through approved community development financial institutions. 

Resources for Transitioning to Online Business

Small businesses are adjusting to the upheaval of their brick-and-mortar businesses by transitioning to online business. These resources have been curated to help small businesses who want to make the switch but don’t know where or how to start. 

Website Building Tools

A website is the first thing you need to conduct business online. If you don’t already have one, these platforms make it simple and quick for small businesses to build a website. 

Free website builders:

Paid website builders:

Shipping Services

If you’re selling goods online, there are 2 ways to deliver them to your customers. You can offer limited-contact or no-contact pickup from your store, but you can also ship products, which allows you to do business in a larger geographic market. 

Here’s where you can learn more about the major US carriers:

Email Marketing

To be successful, you want to inform your customers that they can now find your business online. Email marketing allows you to keep in contact with your customer base and nurture those relationships. 

You can easily set up and manage email marketing with these companies:

Social Media

Reach your customers through social media. You can share adjusted operations (like take-out menus or no contact delivery), photos, fundraising efforts, and more. 

General Information

For general information regarding COVID-19, we encourage small business owners to consult the following resources:

 

Relief Resources for Small Businesses

About the author

Mary Kate Miller
Mary Kate Miller
Mary Kate Miller is a writer based in Chicago, IL. She specializes in covering finance (personal and business), investing, and real estate. Her mission in life is to give readers the confidence and the knowledge needed to grow their wealth by making financial topics more accessible. When she's not writing about topics like business loans, you can find her playing armchair financial advisor to the Real Housewives.

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