Local Financial Assistance
Reach out to your bank / banker to discuss options such as loan payment deferral (if you have scheduled debt payments) or increasing / establishing a line of credit. If you don’t have an assigned banker, call your banks’ nearest branch and ask for the contact information of a small business banker. Get their name, email address and direct phone number. When presenting your situation, be prepared.
Being prepared: Have current financial statements on your business available and ready to share. You will also likely be asked to provide some personal financial information such as personal tax returns and a current personal financial statement. Take the necessary time to compile / prepare this information so you have a productive conversation. Be specific what your financial needs are going to be over the next 90 days or whatever time frame you feel you will need financial assistance. Ask to discuss what financial options might be available to you.
SBA and Treasury Release Paycheck Protection Program
Loan Forgiveness Application
The U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
Official News Release: Click here
PPP Loan Forgiveness Application: Click here
COVID-19 Emergency Loans: Small Business Guide
Paycheck Protection Program (PPP)
Funding for the CARES Act small business loan and grant programs.
Coronavirus (COVID-19) Small Business Guidance & Loan Assistance
Content on the SBA Website includes information on the Economic Injury Disaster Loan Program (EIDL). Guidance for Businesses and Employers, SBA Products and Resources, Government Contracting, and Local Assistance. Link: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19
This is a “direct” program with the SBA, which means you will deal directly with the SBA and an SBA loan officer.
Some of the highlights of the program are below:
These are direct loans with SBA.
Up to $2MM with a fixed interest rate. 3.75% for profit business and 2.75% non-profit
To be used for payroll, A/P, short term working capital needs, etc.
Must fit in SBA size standards and meet underwriting guidelines including credit elsewhere
The quickest way for a response it to apply online
Estimated turnaround time can be 6 weeks
LISC and the Verizon Small Business Recovery Fund
LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
Additionally, Verizon recently launched #PayItForwardLIVE, a weekly livestream from big names to pay it forward for small businesses. Viewers can tune in every Tuesday and Thursday at 8PM ET/ 5PM PT on @Verizon’s Twitter, Yahoo, Twitch, and Fios Channel 501. As people support their favorite small businesses with #PayItForwardLIVE, Verizon will commit an additional $10 per use of the hashtag, up to $2.5 million, for a total of up to $5 million in support.
GoFundMe Matching Grant Opportunity
GoFundMe is offering $500 matching grants. To qualify for a matching grant from the Small Business Relief Fund, the GoFundMe fundraiser must raise at least $500 and verify that your small business has been negatively impacted by a government mandate due to the COVID-19 pandemic. Your small business must be independently owned and operated and must not be nationally dominant in your field of operation. Each recipient of the matching grant must intend on using the funds to help care for your employees or pay ongoing business expenses.
Arts for Relief Fund