Federal, state and local governments are providing updates regularly on how they can provide economic relief to business owners. Since there’s new information being shared daily, we compiled some helpful information for you to reference here.
The Federal Reserve announced it will cut interest rates to 0% and take additional steps to stabilize the economy.
The Small Business Administration (SBA) has been given authority to issue $7 billion in loans for disaster relief. The SBA can provide up to $2 million in disaster loans to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to COVID-19. Please stay informed on the SBA website to determine if your area has been designated as eligible for disaster loan assistance.
The Secretary of Education is waiving interest on student loans held by the Federal Government.
SBA Relief Options and Resources
As of 4/16/20, SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.The SBA is offering multiple funding options for businesses seeking relief. View on sba.gov here.
Paycheck Protection Program provides loan forgiveness for businesses retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Learn more here.
EIDL Loan Advance will provide up to $10,000 in economic relief to businesses currently experiencing difficulties. Apply here.
SBA Express Bridge Loans enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Click here for the guide on sba.gov.
SBA Debt Relief is providing financial reprieve to small businesses during the COVID-19 pandemic. Details here.
Private Relief Programs
Private corporations across the country are finding ways to support small businesses. We’ve highlighted a few efforts for you below and will update as we see relief efforts that particular help small businesses.
Facebook launched a small business grants program offering $100 million in cash grants and ad credits up for up 30,000 small businesses. Facebook also has a helpful business resource hub including tools and tips to help you manage your business during challenging times.
Amazon created a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local small businesses – specifically those that will be impacted by fewer customers due to COVID-19. The fund is specifically designed to support businesses in Seattle with fewer than 50 employees or less than $7 million in annual revenue.
UberEats is waiving delivery fees for all orders from independently-owned restaurants to help keep them in business.
Google rolled out free access to their Hangouts Meet video-conferencing capabilities to all G Suite customers through July 1st.