*** Please note - this page is updated often - last updated Monday May 22nd 2020 ***
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
U.S. Chamber of Commerce -
U.S. Chamber Launching Save Small Business Fund
The Save Small Business Fund is a grantmaking initiative offering short-term relief for small employers in the United States and its territories. A short application will go live on this page on April 20, 2020, at 12:00PM PT To qualify you must: 1) Employ between 3 and 20 people, 2) Be located in an economically vulnerable community, and 3) Have been harmed financially by the COVID-19 pandemic. Details here.
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.
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: