The federal Small Business Administration has established a portal for businesses affected by coronavirus. Only a handful of states have been declared disaster areas.
With fears of a recession growing, the bank is offering a package of aid, including $8 million for small businesses vulnerable to significant hardships in the U.S., China and Europe. Another $35 million will be distributed to nonprofits and small businesses.
The City of Philadelphia partners with the Philadelphia Industrial Development Corporation to offer small businesses with less than $5 million in revenue grants and zero-interest loans.
Six big banks –the Bank of Montreal, CIBC, RBC, Scotia Bank, TD and the National Bank—pledge immediate aid to small businesses suffering business interruption from the coronavirus.
Britons will soon have access to the temporary “Coronavirus Business Interruption Loan Scheme.”
Justin Trudeau just announced a comprehensive program to help both businesses and workers, including a 10% wage subsidy for the next 90 days to small businesses.
Facebook is offering $100 million in cash grants and ad credits to support up to 30,000 small businesses in more than 30 countries.
Kabbage payments is enabling any business to sign up to sell gift certificates online. Gift certificates are essentially a form of customer financing, where customers pay you in advance for your services.
OpenTable has a gift card marketplace
This page publishes a list of business assistance resources for firms in the state affected by the coronavirus. Look for other states to increase their help, especially as the SBA designates more areas where businesses are eligible for loans.
The Freelancers Union has put together this list of resources for freelancers who’ve lost business due to COVID-19. https://blog.freelancersunion.org/2020/03/11/what-freelancers-need-to-know-about-coronavirus/
[Know of any resources that will help other small business owners? Please submit them to Elaine Pofeldt at @firstname.lastname@example.org]
This story and others on New Builders Dispatch are made possible by a sponsorship from the Ewing Marion Kauffman Foundation. The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation that provides access to opportunities that help people achieve financial stability, upward mobility, and economic prosperity – regardless of race, gender, or geography. The Kansas City, Mo.-based foundation uses its grantmaking, research, programs, and initiatives to support the start and growth of new businesses, a more prepared workforce, and stronger communities. For more information, visit www.kauffman.org and connect with www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn.