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- Financial Resources During COVID-19
Financial Resources During COVID-19
As we continue to navigate our lives and businesses during this time, here are a few more resources to help:
On March 27, 2020, the CARES Act was signed into law, which contains $376B in relief for American workers and small businesses. The temporary programs include:
- The Paycheck Protection Program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7a loan program.
- The EIDL Loan Advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
- The SBA Express Bridge Loans enable small businesses who currently have a relationship with an SBA Express Lender to access up to $25,000 quickly.
- The SBA Debt Relief is providing financial reprieve to small businesses during the COVID-19 pandemic.
If you have questions or need assistance with any program, please reach out to any local assistance facility and they will virtually assist you. For a full list of resources offered by SBA during COVID-19, click here.
The Main Street Business Lending Program (MSBLP)
- For small or medium sized businesses that need assistance outside of the CARES ACT
- Program designed for businesses with under 10,000 employees or up to $2.5B in 2019 revenue
- Businesses may borrow a minimum of $1M with a 4 year term, with interest and principal deferred for one year
- The program is not live yet.
For more information, click here.
For funding on a much smaller scale, visit here. Alice is offering $10,000 grants to small business owners impacted by coronavirus and receive ongoing support from the Hello Alice community.
Hello Alice is also a Resource Hub, offering over 50 Financial Support Resources for your business, helping you create an online presence, helping you pause or close your business, supporting your mental health, and providing real time government and policy info.
Facebook has launched their Boost Grant Program. This program is offering $100M in cash grants and ad credit to help during this time. The grant received will help you with your workforce, your rent, connection with more customers, and operational expenses. There are some eligibility requirements so be sure to check the link out. Facebook also has a resource page to help you manage through this time while building resilience.
Main Street America
You may or may not be on Hapeville’s Main Street, but Main Street America offers a webpage dedicated to finding the resources, money, and assistance for any business during this time. Resources you will find are beneficial for both for-profit and non-profit businesses. For example, JPMorgan have $2M dedicated to existing nonprofit partners and $8M to assist small businesses. In the food and beverage industry? The James Beard Foundation will provide micro-grants to independent food and beverage businesses in need. MainVest will provide a $2,000, zero-interest, 120-day loan for restaurants or other brick and mortars affected by the shutdown. Those are just a few but visit their page for tons of resources!
The Red Backpack Fund
The Spanx by Sara Blakely Foundation donated $5M to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish The Red Backpack Fund. GlobalGiving will be overseeing the fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.
Each month, additional applications will be accepted. The portal will open for applications again on May 4, June 1, July 6, and August 3.
Check back frequently for updates or contact the Economic Development Department at (404) 669-8269.