Financial Support For Businesses
Economic Injury Disaster Loans
With this program, you can get a $10k grant from the US government, and more. If you qualify for this you should apply right now.
Small business owners impacted by COVID-19 are able to apply for low-interest loans from the U.S. Small Business Administration (SBA). Through the newly passed CARES Act, there is $10 billion set aside to help small businesses overcome the temporary loss of revenue.
This guarantees that businesses in the US will receive $10,000 within three days of applying. With that said we’ve heard that it’s taking a bit longer than that right now.
The best part is there are very few strings attached. Read more about this program here from the US Chamber of Commerce.
Go apply for your loan now. The application process is quick and easy, only taking about ~10 minutes to complete.
Main Street Business Lending & Grant Program
The Federal Reserve announced its newest initiative, the “Main Street Business Lending Program,” to supplement lending to eligible small and medium-sized businesses. A related program, “The Main Street Emergency Grant Program,” is currently being considered to give small businesses a chance to apply for expedited grants from the U.S. Treasury Department.
JPMorgan Chase – $8MM to Businesses
JPMorgan Chase will deploy $8 million, including $5 million in the United States and $3 million in international markets to support vulnerable and underserved small businesses. Previous research has shown that 50 percent of small businesses have less than 15 cash buffer days and JPMorgan Chase’s commitment will help to lessen the impending economic hardships.
Know More About Chase Initiatives
Amazon’s Small Business Relief Fund – $5MM (Seattle)
Amazon created a $5 million Neighborhood Small Business Relief Fund for cash grants to small businesses in Seattle with fewer than 50 employees or less than $7 million in annual revenue. They must be within a few blocks of Amazon’s offices in Seattle and reliant on foot traffic from customers.
Refundable Payroll Tax Credits (US)
The U.S. Treasury Department, Internal Revenue Service (IRS) and U.S. Department of Labor are allowing small and medium-sized businesses to claim refundable payroll tax credits to reimburse them for the cost of providing employee leave as a result of COVID-19. Businesses must have fewer than 500 employees.
Federal Economic Stimulus Package
Legislators are still working out the details of this proposed stimulus, but it would provide $1 trillion of direct relief to individual American taxpayers based on income and family size. The package would also include additional funds for small businesses.
UK’s Coronavirus Business Interruption Loan Scheme – UK
Governments all over the world are instituting programs to help small businesses. The United Kingdom has announced the Coronavirus Business Interruption Loan Scheme, which provides loans of up to £5m to eligible businesses. These will be government-backed loans with zero percent interest for the first 12 months.
GoFundMe Provides Micro-Grants
The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. The Small Business Relief Fund is a program supported by GoFundMe, Yelp, and Intuit Quickbooks. These three companies have also pledged to donate up to $1.5 million in donations into the GoFundMe.org Small Business Relief Fund.
Facebook Offers $100MM In Advertising & Grants
Facebook is offering $100 million in cash grants and advertising credits for up to 30,000 eligible small businesses in over 30 countries. The grant program is meant to keep workforces strong, help with rental costs, connect with new customers and cover operational costs.
Learn More & Apply For Facebook’s Advertising Grants
Google Offers $340MM In Free Ads
Google is offering $340 million in ad credits to small and mid-size businesses with active Google ad accounts as part of an $800 million coronavirus response package.
Learn More About Google’s Ad Initiative
Ahrefs Opens Up “Blogging For Business”
Ahrefs, a killer SEO tool, just opened up their course for free.