Funding Options for Small Businesses During COVID-19
We know that this is a frustrating situation to be in as a business owner, which is why we’ve compiled this list of resources that can be used to steer your business through the crisis.
Federal Government Options
Through The CARES Act, the Small Business Administration (SBA) is providing financing resources to business owners experiencing economic hardships due to COVID-19. To learn more about the financing options included in The Cares Act, click here.
State and Local Funding Programs
Depending on where your business is located, you may have access to state or regional funding programs. Below, you’ll find our comprehensive list of local funding options. In addition, you can visit your state government’s website.
Corporations and non-profit organizations are taking a stand to help small businesses stay afloat during COVID-19. Below are a few notable grant options:
- Facebook created a grant program to assist small businesses affected by COVID-19. This grant will provide $100 million to over 30,000 businesses nationwide.
- Yelp’s relief program is providing $25 million in the form of free advertising, waived advertising fees, and products and services to support local restaurant and nightlife businesses.
- Amazon Neighborhood Small Business Relief Fund is offering $5 million to small local businesses that needs assistance during this time
- The National Federation of Independent Businesses is offering free webinars and financial resources during the COVID-19 crisis.
Industry Specific Relief Programs
We understand that each industry is uniquely impacted by COVID-19. This list provides industry specific programs tailored to help your small business survive during this difficult time. As more industry-specific funding solutions are added, we’ll add them below.
- The Restaurant Worker’s Community Foundation
- James Beard Foundation Food and Beverage Relief Fund
Savings for Your Business
In addition to financing options, you can also take advantage of savings opportunities such as the extended tax deadline and business insurance. This list offers business savings resources for those affected by COVID-19.
- The Internal Revenue Service website will provide you with more information about the 90-day delay for any tax payments owed up to $1 million
Paying It Forward
In these uncertain times, it’s important to join forces with other small businesses in your community. Learn more about what you can do to help support struggling businesses.
- USA Today’s Support Local Page: Because many businesses are closed temporarily due to COVID-19, purchasing gift cards for future purchases is a great way to support them. USA Today is helping the cause with a page on their site where users can submit local businesses to be featured. Once submitted, USA Today will include a link to the business’s website so that patrons can support businesses by purchasing gift cards. For more information, click here.
- Yelp’s GoFundMe for Small Businesses: Yelp recently partnered with GoFundMe to raise money for local businesses. To learn how you can donate or get involved, click here.
- Verizon’s Pay it Forward Live: Verizon’s Pay It Forward Live is a weekly streaming concert that includes music, comedy, and gaming to support small businesses.
- Keep Your City Smiling Gift Boxes: If you want to send a thoughtful gift to a fellow business owner, check out Keep Your City Smiling’s gift boxes here.
- Rally for Restaurants: This website allows you to buy a gift card, order take out, or gather your local officials to help restaurants in your community.
- Free Google Ad Credits for Small Business Owners: To help struggling small businesses, Google is giving away $340 million ad credits, which can be used for the duration of 2020.
There are many resources available to small businesses that are struggling due to COVID-19. We hope that with these resources, you’ll be able to find financial assistance for your business. We’ll continue to update this post as more financial resources are made available to business owners.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.