Where Can I Find Info About COVID-19 Relief for SMBs?

Note: We’ll update this page in real-time as organizations around the world mobilize to provide small businesses with support and financial assistance. 

As a small business owner, you’ve dealt with all sorts of uphill battles.

At Human Interest, we are hearing from customers firsthand how profoundly they are being impacted by the COVID-19 pandemic. These are challenging times, but among the uncertainty and doubt, there is reason to be optimistic. America’s 30 million small businesses are resilient, they are vital economic engines that make our economy the strongest in the world.

In that spirit, here are some useful resources for you:  

Federal loans: 

• More on the $2T relief bill from Congress, including the Paycheck Protection Program. See our FAQ on the PPP here.
• The Small Business Administration’s dedicated website for COVID-19, including:
  • Disaster Loan Advance: Makes $10,000 available in 3 days for companies with <500 employees in any U.S. state or territory. The loan advance will not have to be repaid. The interest rate is 3.75% (or 2.75% for nonprofits). 
  • The Express Bridge Loans Program: Borrow up to $25,000 in disaster-related funds to cover operating capital to support the survival and reopening of your business. Applicants must have a maximum of $750,000 to $35.5 million in revenue or a maximum of 100 to 1,500 employees.
• More loans related to SMBs for COVID-19 relief:
  • Banks across the country are publicly announcing how they’re helping business and individual customers, as tracked by the American Bankers Association
  • Community development financial institutions linked through the Opportunity Finance Network (also working with Google)

If you or employees are wondering how your savings are being impacted.

• What to do when your 401(k) loses value 
• What is my bank doing to help?
• See more on our page for employees who are 401(k) plan participants

Financial support from private corporations: 

• Facebook: $100 million in grants for small businesses
• GoFundMe: Start a fundraiser for your SMB or apply for a matching grant from the Small Business Relief Fund
• Kiva: Announced changes to their loan program for U.S. businesses including larger loans, expanded eligibility, and a grace period
• Yelp: Funds for restaurants, bars, and nightlife
• Spanx: The founder of Spanx’s Red Backpack Fund is giving $5 million in funding to female entrepreneurs
• The U.S. Small Business Association has approved Paypal, Intuit, and Square as non-bank lenders for the Paycheck Protection Program (PPP)

Workplace tips for businesses and employees: 

• The Freelancers Union has more info for 1099s
• Employer tax credits from the IRS
• Sheltering-in-place from The Wall Street Journal and New York Times
• Employee tips from the U.S. Chamber of Commerce
• Employer tips from the U.S. Chamber of Commerce 
• CDC: Interim Guidance for Businesses and Employers
• An easy template to help you make a flyer to post at your businesses about how you’re keeping people safe and actions you’re doing to promote a healthy environment 

More: 

• Remote mentoring and more from Score
• The Women’s Business Enterprise National Council COVID-19 page for women-owned business
• How to make a Business Continuity Plan from FEMA
• Reminder from the FBI to watch out for fraud and scams related to COVID-19 relief
• Ad credits for small businesses who advertise on Google and Facebook
• NFIB’s FAQ page, including answers to questions about federal paid leave, wage & hourly workers, and more

Are your employees wondering what COVID-19 means for their 401(k)? Check out our resources page for them.