In the face of economic hardship and disasters like the coronavirus (COVID-19) pandemic, it’s understandable for small business owners to experience a bit of uncertainty. Fortunately, all levels of government, as well as companies like Lendio, are hard at work assisting those in need.
At Lendio, we’re here to help small businesses strengthen their financial safety net through our network of 75+ lenders. Our funding managers work tirelessly as advocates in securing SBA loans, lines of credit, and everything in between. Our teams are here to offer assistance every step of the way, but we’re not the only ones!
The US Small Business Administration (SBA) offers low-interest loans to support small businesses in the form of Economic Injury and Disaster Loans (EIDL), the Emergency Economic Injury Grant (EEIG), and the Paycheck Protection Program (PPP) Loans, which were created through the CARES Act.
The IRS extended the federal tax filing deadline to July 15, 2020. Payments of up to $10 million were also extended until July 15, 2020, for both individuals and businesses. You can check with your state tax agency for information to see if your state tax deadlines were extended as well.
In addition to national resources, small business owners have access to support on a state, regional, and even city level.
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%.
Denver Small Business Emergency Relief offers cash grants up to $7,500 to businesses in industries affected by the coronavirus outbreak, including restaurants, retail shops, barbershops, and nail salons.
Floridian small business owners experiencing 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 statewide.
The state of Michigan offers a combination of grants and loans for small businesses affected by the coronavirus pandemic. You can find more details through the Michigan Economic Development Corporation.
NYC launched 2 programs to support small business owners through the COVID-19 crisis.
Small businesses in the Jade District and Old Town in Portland can apply for assistance from the Jade District-Old Town COVID-19 Small Business Response Fund. It includes $140,000 for small business grants.
Small businesses in the state of Washington can find support through a private program sponsored by Amazon and a public initiative.
Wisconsin’s Small Business 20/20 program provides 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 are to be administered through approved community development financial institutions.
Facebook offers support to small businesses through Facebook Small Business Grants and their Business Resources Hub.
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.
Kabbage launched an online hub to help boost sales for small businesses. The site allows 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 ended.
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.
DoorDash offers 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 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 is providing $25 million in coronavirus relief in the form of waived fees and free services to local restaurants and nightlife.
A single Google search will tell you how heavily coronavirus impacts society and small businesses daily. Yet, everyone thinks they have the best way to keep your store’s doors open and money flowing in. Rather than offering a single solution, we want to give you all the tools necessary to make the right decision for your small business. Each of these pages has vital information designed to help your business survive in these times of economic hardship—including information about how to find the details you may need when applying for SBA loans.
– Denise H.