“We may encounter many defeats but we must not be defeated.”  - Maya Angelou

March 25, 2020

Over the last several weeks the lives and businesses of our friends and Her Corner members have been completely upended by COVID-19.

As we work with our fellow business owners to help them determine the best path forward we also have received enormous amounts of support and information from our community about resources that can help small businesses survive this crisis.

The following resources below are the ones we have pulled from various sources that are most applicable to our members. This list is updated daily.

Please send us more resources if you find others that may be helpful.

xo - fred & kimby

Resources for Maryland Small Businesses

Virginia received a statewide Economic Injury Disaster Loan declaration from the U.S. Small Business Administration (SBA). Small businesses and non-profit organizations located throughout the state can now apply for a loan of up to $2 million from the SBA to pay fixed debts, payroll, accounts payable, and other expenses. 

  • Regional workforce teams will be activated to support employers that slow or cease operations. Employers who do slow or cease operations will not be financially penalized for an increase in workers requesting unemployment benefits.
  • The Governor authorized rapid response funding, through the Workforce Innovation and Opportunity Act, for employers eligible to remain open during this emergency. Funds may be used to clean facilities and support emergency needs.
  • To support small restaurants, Virginia ABC is waiving regulations to allow restaurants to deliver beer and wine via take-out and delivery. 
  • Governor Northam directed all employers to follow U.S. Department of Labor guidance on workplace safety.
  • To submit a loan application for the SBA Economic Injury Disaster Loan program, please visit: https://disasterloan.sba.gov/ela/.

U.S. GOVERNMENT -

  • CARES Act can support small businesses through the Paycheck Protection Program (PPP) and through an expanded form of SBA’s Economic Injury Disaster Loans (EIDLs).

    The PPP sets aside $350 billion for loans up to $10 million (with an interest rate no higher than 4%) to small businesses with fewer than 500 employees. The loans are to ensure that small businesses can keep their staff employed and they will convert dollar-for-dollar to grants if used to maintain employees. Read more here.

    The expanded form of EIDLs enables small businesses (with fewer than 500 employees) to apply for loans up to $200,000 without the need of a personal guarantee, and the loans can now be approved solely based on the applicant’s credit score. Borrowers can also receive emergency cash grants of up to $10,000 that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruptions, mortgage or lease payments, or repaying obligations that can’t be met due to loss of revenue. Read more here.

    SBA -
  • US Small Business Administration (SBA) Economic Injury Disaster Loans - https://coronavirus.dc.gov/SBAdisasterloans

    Small business owners:  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

    To submit a loan application for the SBA Economic Injury Disaster Loan program, please visit: https://disasterloan.sba.gov/ela/

    PPT presentation about the SBA loan program. Payments are deferred to 12 months after loan is issued. Anything over $25k requires collateral.  - https://docs.google.com/presentation/d/1OrAxXjMi0S44Oh4T1ALMGu-Nq3nqG4NHwP-RlT8bDw4/edit?usp=sharing
  • Vogue and CFDA are repurposing the Vogue/CFDA Fashion Fund to create A Common Thread—a fundraising initiative supporting those in the American fashion community who have been impacted by the COVID-19 pandemic. Applications open April 8th. In the meantime, read here for more information.
  • Facebook has announced a small business grant that is offering $100 million in cash grants and ad credits. More information about eligibility is to be announced, but it will be available to 30,000 businesses in over 30 countries where Facebook currently operates. Read more here.
  • Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants, and people of color, is soon launching a coronavirus relief fund. It will provide grants and low-interest rate loans to business owners. Read about it here and stay tuned for more information.
  • James Beard Foundation is providing micro-grants to independent food and beverage small businesses in need through their Food and Beverage Industry Relief Fund. Read more here.
  • Yelp has announced a $25 million relief fund primarily focused on supporting independent local restaurants and nightlife businesses in the form of waived advertising fees, and free advertising, products, and services. Read more here.
  • Hello Alice‘s Business for All offers up to $200,000 business grants and mentorships from influential leaders like Gwyneth Paltrow and Rebecca Minkoff. Read more here.
  • JPMorgan Chase is committing $8 million to assist small businesses in U.S., China, and Europe. Read more here.
  • The Soze Agency, Taskforce, and Invisible Hand have created a fund in support of artists & activists who are impacted by COVID-19. They will provide $250 to selected applicants on an on-going basis and, at the moment, they have $30,500 for the first round of grants. Apply here.
  • Bumble is offering up to $5,000 in monetary support for small businesses affected by COVID-19. Download the @bumble app and use any mode to match with their Bumble Community Grants profile to learn more and apply.
  • Lowe’s is committing $3 million to supporting local small businesses, particularly skilled trade professionals, to continue to operate through the current conditions. Read more here.
  • IFundWomen and Visa are granting 3 early stage female founders a $10,000 cash prize for their small businesses. Although not specifically created as a response to COVID-19, they are accepting applications now through April 7, 2020. Read more here.
  • Designer of Pyer Moss, Kerby Jean-Reymond, has set aside $50,000 for “minority and women-owned small creative businesses who are currently in distress.” More information here.
  • Beyond its normal fundraising offerings, crowdfunding platform MainVest has launched a $2,000, zero-interest, 120-day loan for restaurants or other brick and mortars affected by COVID-19. Read more here.
  • Register your business to Kabbage (here) and Help Main Street! (here) to enable customers to easily buy gift cards that provide critical cash support during the COVID-19 crisis.
  • Kiva provides up to $15,000 at 0% interest for U.S. entrepreneurs. Complete an online application to participate in a community-based lending program. 
  • Nav's Small Business Grant will award $10k to help take your business to the next level. Submit entries by May 30.
  • Jewish Free Loan Society are granting no-fee and interest-free loans for businesses in the LA area that have been impacted by the coronavirus outbreak. Read more here.Unemployment (includes information on each state's unemployment program as well as a COVID FAQ):  https://www.dol.gov/general/topic/unemployment-insurance
  • Student loans (coronavirus and forbearance information): https://studentaid.gov/announcements-events/coronavirus
  • Coronavirus tax reliefhttps://www.irs.gov/coronavirus
  • There are several government agencies and philanthropic entities offering grants and loans to businesses and organizations impacted by COVID, and you might be wondering if you’re eligible and how best to proceed. RBW is offering 20% off its normal rates for Her Corner members:

    Rachel Werner, MPA, GPC, PMP
    RBW Strategy, LLC
    Ph: 301-325-8552
    rachel@rbwstrategy.com

Many banks are offering deferment and forbearance to business loan customers. See below for a list of banks that are working with customers on a ‘case-by-case’ basis to overcome financial difficulties:

  • American Express: waiving interest on late fees on accounts that are requesting COVID-19 relief. More information here.
  • Bank of America: Committed to giving relief on a ‘case-by-case’ basis for small business loans, mortgages, deposit accounts, credit cards, etc. Read more here.
  • Capital One: Have pledged that they are working with customers that experience financial difficulties. Read more here.
  • Chase Bank: call the number on the back of your credit or debit card for direct assistance with your payments or account.
  • Citi: For 30 days, small business customers are eligible to have their monthly service fees waived. They’re also waiving the fees on early CD withdrawals. Read more here.
  • U.S. Bank: Reach out to customer service if you’re a customer that has been impacted by coronavirus to discuss individual solutions. Read more here.
  • Wells Fargo: Has donated $6.25 million to help the public relief effort and are encouraging customers that are experiencing financial hardships to contact customer service.