Human Interest Blog

COVID-19 Resources

Human Interest -We are a 401(k) provider for small and medium-sized businesses. Our mission is to ensure that people in all lines of work have access to retirement benefits.

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:

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

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: 

More: 

 

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

We believe that everyone deserves access to a secure financial future, which is why we make it easy to provide a 401(k) to your employees. Human Interest offers a low-cost 401(k) with automated administration, built-in investment advising, and integration with leading payroll providers.

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