Posted by JEN
Resources For Small Businesses In the Midst of the Coronavirus
It’s the middle of March 2020 in Southern California and the world is going nuts. People are panic buying, camping outside of Costco at 3 am and toilet paper is still sold out everywhere. Small businesses are suffering but there is new help being offered each day. It’s important as a small business owner to know all your options before making any big decisions.
If you have a small business, definitely check out these resources that could help you right now or keep it in your notes in case you need it in the future.
SBA Disaster Assistance Loans for Small Businesses
It’s no secret that some businesses have closed due to an enforced quarantine, but others have had no choice but to lay off employees or even close down altogether. The SBA (Small Business Association) announced on March 12th (later revised on March 17th) that they would offer disaster assistance loans up to $2 million for the small businesses affected by the Coronavirus. They will coordinate with your state’s governor to submit your request for the loan. They’ve also launched Lender Match, a free online referral tool that connects small businesses with SBA-approved lenders within 48 hours. For information about this and other resources, you can email disastercustomerservice@sba.gov.
State-wide Assistance
Each state should have a plan to assist small businesses and business owners should be proactive in communicating with their local governor’s office for further resources and updates. Here are some links to help you navigate your way:
SCORE Chapter Directory (Service Corps of Retired Executives)
Government Contracting
If you are a small business with federal contracts, there are specific resources for you as well. For information on federal contracting, visit their website here.
For the 8(a) Business Development Program, visit:
8(a) Business Development Program – SBA
For the HUBZone Program, visit:
For the Women-Owned Small Business Contracting Program, visit:
Women-Owned Small Business Federal Contracting Program – SBA
Amazon’s Neighborhood Small Business Relief Fund (Seattle, WA)
Amazon has pledged $5 million through a small business relief fund to help small businesses in need in the Seattle area. Businesses are eligible for grants if they have fewer than 50 employees or less than $7 million in annual revenue. To read more and apply, visit here.
Kabbage Gift Certificates to Support Small Businesses
On March 18th, Kabbage launched a service that allows any business to sign up and sell gift certificates to consumers for future use at their retail locations. On this platform, you can sell gift certificates ranging from $15 to $500. Revenue is then received by the small business within one business day of purchase. To sign up, visit here.
Facebook Small Business Grants Program
Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. They haven’t officially launched yet, but you can sign up for updates on their website here.
Tax Relief
Due to the Coronavirus outbreak, individuals and corporate taxpayers will have an additional 90 days to file and pay federal taxes which is July 15, 2020. For individual state tax deadlines and information, please refer to AICPA’s compiled document here.
Microsoft Teams Freemium
Microsoft is offering unlimited chat, built-in group, and one-on-one audio or video calling, 10GB of team file storage and 2GB of personal file storage per user. You also get real-time collaboration with the Office apps for web, including Word, Excel, PowerPoint, and OneNote. Visit their site here.
PandaDoc – Free eSign Plan
PandaDoc is a document automation software as a service with built-in electronic signatures, workflow management, document builder, and CPQ functionality. They’ve announced a new free eSign plan that gives companies the following capabilities, for unlimited users: unlimited document uploads, unlimited eSignatures, and payment processing. To view their free plan and other offered plans, visit here.
New resources are being made available every day so it’s important to always check and apply for everything you are eligible for. Most of all, practice social distancing, be aggressive with your hygiene, and keep up to date with the World Health Organization for the best information during this time.
Sources:
https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
https://thepointsguy.com/guide/small-business-resources-coronavirus/
https://www.cnbc.com/2020/03/18/a-new-way-to-support-a-small-businesses-crushed-by-coronavirus.html
https://www.gofundme.com/c/blog/coronavirus-relief-small-businesses