Helpful Resources for Small Businesses Impacted by Covid-19

Helpful Resources for Small Businesses Impacted by Covid-19

  • Posted by: verafast

The impact of COVID-19 has devastated small businesses across the country leading to forced closures, mass lay-offs, and uncertainty about where their business will stand once the pandemic is over. We’ve compiled a list of national resources available to small businesses to help you navigate through this challenging time. If you are aware of any other resources not mentioned in this list please feel free to let us know in the comments section and we will update them on this list.

CARES Act 

The CARES Act amends the Small Business Act to create the Paycheck Protection Program. Under the program, eligible businesses—or those with fewer than 500 employees—can quickly receive loans up to a maximum amount to eligible businesses to help pay up to eight weeks of payroll costs.

You can apply for the program with this application.

SBA’s Economic Injury Disaster Loans

The SBA is planning on offering low-interest federal disaster loans for eligible small businesses and non-profits who have been financially impacted by Covid-19.

  • Eligible small businesses can receive loans of up to $2 million.
  • The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of COVID-19.
  • The interest rate is 3.75% for small businesses without other credit options, and 2.75% for non-profits.
  • A long-term repayment plan of up to 30 years can help keep payments affordable.

To learn more, please reach them by phone at (800)659-2955 or by emailing disastercustomerservice@sba.gov.

Your local SBA District Office

Get in touch with your local SBA office to see if they have any additional resources specifically designed for business owners in your area.

Facebook

Facebook created a free Business Resource Hub with helpful resources for businesses struggling to navigate the COVID-19 pandemic. Through this unique program, Facebook is offering $100M in grants and ad credits for up to 30,000 eligible small businesses.

Verizon

Verizon is waiving late fees incurred by any small business or residential customers due to circumstances related to Covid-19 for the next 60 days. The company will also not terminate services to customers who are unable to pay their bills due to the COVID-19 pandemic. Additionally, they are adding an extra 15GB of data to all consumer and small business plans.

AT&T

AT&T will not terminate the service of any wireless, home phone, or broadband residential or small business customers who  are unable to pay their bill because of circumstances related to COVID-19. The company will also waive late payment fees incurred because of the COVID-19 pandemic for the next 60 days.

Comcast

Comcast is providing free Xfinity hotspots, unlimited data, and no disconnects or late fees for the next 60 days available to all customers experiencing financial hardship due to the Covid-19 pandemic. They are also offering a free Internet Essentials internet plan for all new customers for 60 days.

Yelp

Yelp created a $25 million fund to provide financial relief to independently owned restaurants, nightlife businesses, and franchisees with fewer than five locations. This fund will financially help these businesses in the form of waived advertising fees and free advertising, products, and services during this period.

Small Business Relief Initiative

Intuit Quickbooks has teamed up with GoFundMe and Yelp to launch the Small Business Relief Initiative which will provide small business owners with financial support and resources that they will need to continue running their businesses during and after the Covid-19 pandemic. This initiative will provide grants to small businesses across the United States, starting with the most impacted areas.