The COVID-19 pandemic is drastically impacting the ability of many small businesses to operate properly and generate enough revenue to stay open. This temporary economic shutdown could have permanent effects on small businesses that don’t have the necessary assistance.
The following are organizations that are working towards ensuring the survival of small business.
Government Financial Support
The U.S. Small Business Administration is offering low-interest federal disaster loans for small businesses that are being impacted by the COVID-19 pandemic. Small business owners in all states are eligible to apply for these loans, which can be used for paying employees, paying fixed debts, accounts payable and any other bills that are unpaid because of the crisis.
An economic injury disaster advance loan is available for small businesses that are experiencing a temporary loss of income. The SBA is also providing debt relief to make it easier for small business owners to overcome the challenges presented by the pandemic.
Facebook Business Grants
Facebook is offering $100 million in cash grants and ad credits for businesses that are experiencing disruptions from the pandemic. This is designed to assist business owners in a variety of ways, including paying rent, keeping the workforce going, connecting with consumers and any costs of operation. These grants will become available for all eligible U.S. cities on April 22. The following are the qualifications for being eligible for a business grant from Facebook.
- Have between two and 50 employees
- For-profit companies
- In business for over a year
- Experiencing challenges from COVID-19
- Near a location where Facebook operates
Google Ad Credits
A Google Ad account that has been activated over the past year should receive a notification about free ad credits that can be used at any point throughout 2020. Google is offering $340 million for small and medium businesses worldwide to help them stay in touch with their consumers during this challenging time. These ad credits are only available for small and medium sized businesses that advertise directly with Google or their partners that have managed accounts since the start of 2019.
Google training is an excellent tool for small business owners that are looking to enhance their marketing knowledge and abilities. All of these courses are available online, so this tool can be utilized to learn while still practicing social distancing.
Google is also offering resources for workers that are forced to work remotely. Working from home can be a difficult transition for people in many different industries. Their guides will provide you with tips to communicate and collaborate with coworkers remotely, as well as how to stay productive. Running a business remotely can also present a wide variety of hardships that can be difficult to overcome. Their guides can help you keep consumers informed and brainstorm ideas with your team.
Mailchimp Business Support Fund
Mailchimp has announced that they are giving $10 million of their services to small businesses that have been impacted by the pandemic. Their primary goal as a company is to empower these businesses and help them maintain their health online. Their current customers that have 25 or fewer employees in a variety of industries are eligible for three free months of their services.
Mailchimp is also investing $100 million of price discounts, add-ons, product upgrades and more to help these businesses.
Main Street America is compiling their resources and opportunities to assist Main Street districts during the crisis. They are providing information online about federal guidelines, support programs and resources for small businesses. These resources include tips for avoiding the spread of the virus, common issues that are associated with the virus, receiving emergency assistance and much more. Navigating through federal documents can become overwhelming and difficult to understand, and their services can guide you through this.
In response to the COVID-19 pandemic, our loan brokers are working with businesses remotely. The United States has seen an increase in the number of loan applications from businesses that are being impacted by this pandemic. Some businesses in critical categories need more operating cash for supplies, equipment leasing and more, while others need to free up cash to meet current obligations, acquire stock or to otherwise be ready to reopen strong. To make the right choices it is helpful to work with our brokers to discover the best avenues for financing. Our insights and advice are free to help you understand your options and the various options for funding your loan.
Small businesses across the world are experiencing difficulties sustaining the health of their businesses by being forced to shut down. The situation can continue to improve for small businesses as more organizations provide funding and services to make up for the economic downturn.