In these difficult times of uncertainty, here is a list of resources to help support your business. As additional new programs emerge, we will continue to update this page so be sure to check back often.
We also recommend you contacting your local governor’s office for the latest on state specific assistance, resources and updates, as every US state & country is dealing with the Coronavirus differently. We recommend you also check in with local small business organizations and agencies.
POSTED APRIL 1
The Treasury Dept issued further information and guidance on the loan programs available to small businesses under the CARES Act Paycheck Protection Program (“PPP”). The website provides information sheets for prospective borrowers and lenders, addressing various details of the PPP (i.e., SBA loan program) such as eligibility, application requirements, loan terms, and loan forgiveness. The loan application itself is also now available and may be submitted starting Friday, April 3rd.
WEBINAR RECORDINGS AVAILABLE FOR VIEWING
- NMMA, The National Marine Manufacturers Association is hosting the webinar “Dealing with Volatility: What you Need to Know During the Coronavirus Crisis.” Hosts — including CNBC contributor Joe Terranova (Halftime Report, Fast Money, Squawk Box) — are slated to discuss the myriad financial aspects to consider during the COVID-19 crisis. NMMAmembers and marine industry leaders can register here. Monday, March 30 from 4pm-5pm ET.
- From the OIA– Outdoor Industry Association. What You Need To Know About Economic Injury Disaster Loans Program. These are tough economic times for small businesses all over the country affected by the impact of the coronavirus. Business owners are doing everything they can to stay in business and take care of valuable employees and business share. A lot of businesses have been doing well, but few have the financial resources to survive on their own without customers. They need help! Find out how it works, what you need to do today, and how businesses and private nonprofits of all sizes can benefit in this short information- filled presentation by the SBA Office of Disaster Assistance. Register here. Tuesday, March 31, 11:00am MT.
- Dac Clark, a partner at L*SPACE and co-founder of RepSpark, to share the most effective ways a brand can go digital right now. Have a listen and take action on the 5 methods for overcoming the current industry setbacks!
STAND UP FOR RETAIL
This series of complimentary webinars led by experts is designed to help Retailers combat and navigate through the challenges that COVID-19 has posted, and find success despite the obstacles ahead. We would like to thank Surf Expo, Outdoor Retailer, ASD Market Week and NY NOW for providing this comprehensive series.
- Register to listen to a on-demand version of ‘5 Realities Retailers Can Do NOW to Help Protect Their Businesses LATER‘ with Nicole Leinbach Reyhle, Founder at Retail Minded, and learn 5 actionable steps that companies can take in order to help keep their businesses going. View On-Demand Webinar >
- Looking to stay relevant among consumers despite the unexpected and unknown challenges that COVID-19 continues to deliver? ‘5 Strategies Brick & Mortar Stores Can Easily Implement NOW, Despite Doors Being Closed‘ This webinar will unveil actionable strategies for retailers to immediately implement into their businesses in order to stay connected to their customers. Join this webinar to learn: Real-time insight on what today’s quarantined customers need How they prefer to shop What actions can help you stay connected to them despite having to be physically apart. View On-Demand Webinar >
- ‘How Brick & Mortar Stores Can Quickly Implement Other Selling Strategies Into Their Operations Amidst COVID-19‘ – Join this webinar to learn: The #1 product that all retailers should be selling right now and why they produce huge margins How to use Live Video and Virtual Shopping Events to generate dozens of sales in just a few hours What to do (and not do) on social media to build genuine relationships with customers that create years of repeat business. View On-Demand Webinar >
WEBINAR RECORDINGS AVAILABLE FOR VIEWING
- Small Business Development Center Preparing for Covid-19 – What Small Businesses Should Do
- Procopio’s Labor & Employee Team Answers to the Questions Employers should be asking regarding COVID-19>Procopio discussion on how business insurance can help cover losses related to COVID-19
- With rent being one of the highest monthly expenses for brick and mortar retail businesses, it’s a good idea to approach the subject of temporarily altering the structure of your agreement. The Art of Landlord Negotiation to Ease the Highest Monthly Expense In Retail”
WHAT YOU NEED TO KNOW ABOUT GETTING FINANCIAL STIMULUS MONEY
Small businesses are eligible for SBA loans for two months of payroll, and repayment will be forgiven if the rules are followed. Click to read.
Details of Small Business Relief Package Emerge, March 26, 2020.
Click to read.
LOANS/GRANTS/MONEY KNOWN IN THE US
Small Business Association (SBA) is offering low interest “Disaster Loans” to small businesses for up to $2 Million to help cover operating expenses like payroll, costs, debt, etc. For more info visit: https://www.sba.gov/funding-programs/disaster-assistance. You can find a regularly updated list of states where disaster assistance is being offered here.
SBA provides a number of loan resources for small businesses to utilize when operating their business. How to get access to lending partners? SBA has developed Lender Match, a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours. For more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.
IDEAS ON ADJUSTING MARKETING STRATEGY DURING CORONAVIRUS
OTHER US BUSINESS-RELATED NEWS
- The deadline to pay your 2019 tax payments of up to $1million has been extended 90 days – to JULY 15! With that said, there has been no mention about the upcoming April 15, 2020 First Quarter Estimated Tax Deadline.
- The federal government is working on a stimulus package that includes sending money to individuals to help us through this scary time.
- Get the advice/ support from your local Small Business Association. Connect with a free local business counselor https://www.sba.gov/local-assistance/find/
- Many banks are helping affected customers with credit line increases and collection forbearance. We recommend you contact your bank for specific details that pertain to you.
- Urge your customers to buy products from you now or gift certificates to be redeemed at a later date. Kabbage, is spearheading this initiative, details can be found here: https://www.kabbage.com/helpsmallbusiness
- Retailers issue bonuses : https://risnews.com/retailers-issue-bonuses-raises-support-associates-during-covid-19
US STATE SPECIFIC INITIATIVES
The State Chamber of Commerce has created a list of resources and regularly-updated information for business owners in the state.
Employers facing potential closures or layoffs can request America’s Job Center of California Rapid Response Services for help in evaluating your business and employee situation.
The NYC Small Business Services is offering grants and zero-interest loans to businesses in specific categories of size and revenue impact. Businesses with fewer than 100 employees who have seen sales decrease by 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses. The city is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program
The Pennsylvania Department of Community and Economic Development has put together a COVID-19 Business Resource guide that appears to be updated almost daily. There’s a list of contacts and resources that are available to assist affected businesses.
The city’s Office of Economic and Workforce Development has a comprehensive list of resources and updated information for business owners in the bay area. The city is rapidly instituting programs to help business owners. Follow @sfoewd on Twitter to keep up to date with the latest information.
The SeattleMet has an excellent list of resources for small business owners and employees in the metro area. Grants of up to $10,000 are available for businesses that make 80 percent (or less) of the area’s media income and have five or fewer employees. The business and occupation tax deadline has been extended, and there are deferred payment plans for utilities. There are plenty of other programs currently available in and around what is (at this point) the hardest-hit city in the U.S. Washington State is also offering no-interest loans for businesses that encounter cash flow problems. https://www.governor.wa.gov/news-media/special-covid-19-message-washington-state-businesses-and-workers-governor-jay-inslee
Mayor Lori Lightfoot revealed a $100 million Chicago Small Business Resiliency Loan Fund that will provide low-interest loans to the city’s struggling small businesses.
The city’s business owners can apply for cash grants of up to $7,500 as part of Denver Economic Development and Opportunity’s emergency relief program. Denver Mayor Michael Hancock also announced the creation of a $4 million small business relief fund.
Led by Governor Janet Mills, Maine is one of the first states to be approved for SBA loans. The state will allocate up to $2 million in aid for small businesses.
Governor Charlie Baker announced a $10 million relief fund for Massachusetts businesses affected by the coronavirus. Funds of up to $75,000 are immediately available for companies with fewer than 50 full- and part-time employees.
Michigan: The Michigan Economic Development Corp. received approval to implement a Michigan Small Business Relief Program that will allocate $10 million in small business grants and $10 million in small business loans to local business owners.
The Wisconsin Economic Development Corp. launched Small Business 20/20—a $5 million grant program that will give companies with fewer than 20 employees up to $20,000.
For support outside of the US, we found this website that shares the latest information of country specific government bailouts https://qz.com/1819776/here-are-the-coronavirus-bailouts-being-prepared-around-the-world/
COUNTRY SPECIFIC INITIATIVES
For support outside of the US, visit this site for the latest information of country specific government bailouts
Federation of Indian Chambers of Commerce & Industry urges you to contact the Assistant Secretary General, Shobha Mishra Ghosh for assistance
To learn the latest of what your government is providing your business, they urge you to check the twitter account @ccifrance or visit https://www.cci.fr/coronavirus-entreprise
In the UK, your business can get advice and financial help from government with backed grants and loans. Details can be found here. Federation of Small Businesses in the UK has also set up a Coronavirus hub.
Wales announced taking measures to support small businesses with £330bn in loans and £20bn in other aid. What you need to know for retail distribution.
COMMERCIAL SUPPORT PROGRAMS
The social media company announced $100 million in grants for small businesses in a blog post on March 17. Details have yet to be announced for what businesses are eligible for the grants. There is a sign-up link in the blog post to stay updated when details are released.
Microsoft Teams freemium
Enjoy unlimited chat, built-in group and one-on-one audio or video calling, 10 GB of team file storage and 2 GB of personal file storage per user. You also get real-time collaboration with the Office apps for web, including Word, Excel, PowerPoint, and OneNote.
The document automation software for small and medium-sized businesses has launched a free e-signature plan to help businesses keep running while they switch to remote working. Free eSign is offering unlimited document uploads to collect eSignatures and payment processing.
Zoom Basic Plan
Host up to 100 participants in a meeting and hold unlimited one-on-one meetings with the video-conference provider’s complimentary plan. This does provide a 40-minute limit on group meetings, though you’re not limited to the number of meetings.
Amazon announced a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local Seattle small businesses.
JPMorgan pledged $50 million in aid to small businesses and nonprofits.
MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, zero-interest, 120 day loan for restaurants or other brick and mortars affected by the shutdown, in addition to its normal fundraising offerings.
Mark Cuban Cos.
Mark Cuban Cos. will reimburse employees for any lunch or coffee purchases from local independent small businesses.
The Restaurant Workers’ Community Foundation
The Restaurant Workers’ Community Foundation formed a COVID-19 Emergency Relief Fund for small businesses and their restaurant workers, and is accepting donations.
CEO Jeremy Stoppelman announced the company is providing $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, and free advertising, products and services.
If you have a retail store, here are some specific resources: