With all of the uncertainty and turmoil that is occurring in our economy right now, we remain committed to doing everything we can to assist small businesses. More than ever before, supporting small businesses is vital to maintaining a functioning economy.
Below, we have included a list of resources related to coronavirus business relief for those businesses impacted by COVID-19. From SBA loans, to tips and tools to help adjust your business plans in preparation for a potential long term disruption, this list of resources is specifically tailored for the interests of small businesses.
Resources for Assistance
CDC Interim Guidance for Businesses and Employers
This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available.
SBA Disaster Loan Assistance
The Small Business Administration provides low-interest loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. The SBA’s Economic Injury Disaster Loans can offer up to $2 million in assistance that can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The application process for this assistance will be entirely online. Right now, business owners need to keep an eye on the progress for cities and states submitting applications for their jurisdictions to qualify. Specifically, the governor for each state must first declare a disaster and submit the request for Economic Injury Disaster Loan assistance. The SBA Administrator must then accept it. Those steps are required before a business can begin the application process.
*Update For Texas Businesses*
Governor Greg Abbott has announced that the U.S. Small Business Administration (SBA) has included the entire state of Texas in its Economic Injury Disaster Declaration and granted access to its Economic Injury Disaster Loan (EIDL) program, which will provide long-term, low-interest loans to qualifying businesses across the state.
Once your state receives approval, you can begin the application here.
If you anticipate needing any SBA business loans, you will need at least 2 years tax records and a 1-year financial statement ready. This is something you can prepare ahead of applying.
SBA Close or Sell your Business
Create a thorough plan to transfer ownership, sell, or close your business. Get qualified advice and know what to do to tie up loose ends. Includes information on:
- Close your business
- Sell your business
- Transfer ownership
- File for bankruptcy or liquidate
Business for All - Grants up to $200K available
Join Business for All to lift up thousands of small business owners. Apply for up to $200,000 in business grants and mentorship from leaders such as Gwyneth Paltrow, Kristen Bell, Rebecca Minkoff, and more. Lend your voice to advocate for small business in the U.S., and join the movement to give every American with an entrepreneurial spirit the support to follow their dreams.
City and State-Level Financial Packages
Individual cities and states are also putting together financial packages and relief plans in areas that have been hardest hit.
Current plans (as of 3/26/20) to reference include:
We launched Give Local as a side project to ensure that some of our favorite local restaurants and businesses could make it through this challenging time of quarantine. We're afraid of not only the healthcare costs but the economic costs coronavirus will have on our communities and economy, and want to do our part to help. Thus, Give Local.
US Chamber of Commerce
The US Chamber of Commerce created a helpful Coronavirus response toolkit available for free download.
National Restaurant Association
For those small businesses in the restaurant industry, the National Restaurant Association has compiled a list of updated food safety guidelines, as well as a list of registered disinfectant products that qualify under its emerging viral pathogen program.
Tech Against Coronavirus
It is very likely that a good portion of the workforce will have to work from home in the very near future due to the coronavirus outbreak. 'Tech against Coronavirus' provides a list of products you can use to maintain collaboration and work remotely with your team. As a distributed team ourselves, NextSeed has used many of these over the past 5 years. Please contribute with any software solution you’ve heard of or used yourself that might benefit others.
Resilience in a Box
Resilience in a Box is based on best practices and designed to educate newcomers on business resilience. Small businesses are both highly vulnerable and can be without adequate resources to focus on preparedness actions. These resources will guide companies toward addressing preparedness issues while building in flexibility to handle potential business interruptions.
Have any additional resources you'd like to share? Let us know at email@example.com
Last updated on 03/26/2020