Craft Your COVID-19 Response And Plan
As we continue to support one another as a small business community, during this COVID -19 pandemic, I wanted to share various resources and links that can help us through these challenging times.
I am also offering a COMPLIMENTARY 30-minute consultation when you subscribe to my newsletter.
During this consultation, we can discuss high-level questions specific to your business and how you can best prepare a COVID-19 response and plan.
For the latest in Small Business Grants and Funding SCROLL BELOW as they are constantly being updated and offered regularly.
This page was last updated on: July 6th , 2020.
COVID-19 Small Business Resources
PPP (Paycheck Protection Program) loans (EXTENDED To August 8th): There is still over $100 Billion dollars in funding available for this program. Here is the information from the US Treasury Department on these small business relief loans. Please see below for banks/fintechs that are still accepting applications.
UPDATE ON PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT (PPPFA)
On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. This new legislation makes some material changes to Paycheck Protection Program (PPP) loans for existing and prospective borrowers. The PPPFA is primarily aimed to provide borrowers additional time to qualify for forgiveness (now 24 weeks) and decrease the percentage of the forgivable loan proceeds which must be used for payroll costs (now 60%). Here is the bill to review and feel free to schedule a 30 minute business consultation for additional questions, see above.
PPP Loan Forgiveness Application Form: If you’ve fully utilized your PPP funds after your 8 week period, here is the loan forgiveness application form that you can start to complete. However, do know that based on the recently passed Flexibility Act (see above), the 8 week payroll period can be extended to 24 weeks or up until 12/31/2020, whichever comes first, should you wish to extend your PPP loan forgiveness period.
EIDL (Economic Injury Disaster Loan) online application: https://covid19relief.sba.gov/#/ The SBA has now REOPENED the EIDL loan applications and loan advance for ALL industries. Please apply using the above link.
Please be reminded any funds that you receive under the EIDL loan advance is completely forgiveable, and will be deducted from the forgiveable portion of your PPP loan, if you had also applied for that as well. For example, if your PPP loan forgiveness comes out to 20,000 and you get an EIDL loan advance of 5,000, then the forgiveable portion of your PPP will be 15,000 and the rest will remain as a loan at the PPP loan terms of 5 years and 1% interest.
EIDL Funds are more lenient when it comes to what you utilize the funds for vs. the PPP is strictly for payroll, rent, mortgage interest, and utilities.
Small Business Administration: The SBA is here to help you overcome the challenges you have incurred due to the health crisis. Take a look at the various Coronavirus Relief Options and other SBA loan offerings. The current or new SBA 7a and 504 loans are also available to apply for and 6 months of principal and interest will be paid by the SBA, if applied for prior to Sept. 27, 2020. Click here for funding programs
Coronavirus Aid, Reilief, and Economic Security (CARES) Act: https://home.treasury.gov/policy-issues/cares
Families First Coronavirus Response Act (FFCRA): https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave
As businesses have begun to reopen, this is an extremely important law to understand. Once again, if you want to discuss in more detail how it works, please schedule a 30 minute business consultation around COVID19 above.
Silicon Valley (SBDC) Small Business Development Center: https://www.svsbdc.org
Free business advising: https://nc.ecenterdirect.com/signup
Pandemic Unemployment Assistance (as part of the CARES Act): Additional $600 weekly benefit, ends on July 25th
Through the recently instituted CARES Act, unemployment insurance has been expanded from the traditional definition of an employee, to include self-employed, independent contractors, 1099 or gig economy workers and sole proprietor business owners. If you have been unable or unavailable to work due to COVID-19 related circumstances, you can apply for PUA. https://edd.ca.gov/about_edd/coronavirus-2019/pandemic-unemployment-assistance.htm
If you need support with the EDD (Economic Development Department) of California, the Renaissance Entrepreneurship Center, Legal Aid at Work, and California Association for Micro Enterprise Opportunity (CAMEO) are providing free assistance with PUA applications. To request assistance, call (415) 484-8372 or fill out this online form.
Bank or Lending Resources
Small community banks/SBA approved lenders/Fintech companies also processing PPP loan applications (as of the date listed above) or at least allowing to fill out an inquiry form: NOTE: NEW Deadline to apply for new PPP Loans is on August 8, 2020
Bank of America (has reopened PPP loan applications as of July 6th at 2 pm (PST) and will STOP taking applications on July 24th): https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus/small-business-assistance
Pacific Enterprise Bank: https://www.pacificenterprisebank.com/home/loan/sba
Umpqua Bank: https://pages.umpquabank.com/cares-act-paycheck-protection-program
California Bank & Trust: https://www.calbanktrust.com/campaigns/sba-cares-act/
Alternative lenders/Fintechs:
Funding Circle: https://www.fundingcircle.com/us/paycheck-app-start/
Blue Vine Capital: https://www.bluevine.com/paycheck-protection-program/
UPDATE: PPP Flexibility act has increased the number of weeks to utilize the loan from 8 weeks to 24 weeks, and instead of 75% of the loan being used for Payroll, that has decreased to 60%. Lastly the overall term of the loan has increased from 2 years to 5 years, still at a 1% interest rate. Please apply ASAP with any of the above lenders if you are interested.
PLEASE NOTE: The loans above (EIDL or PPP) are government funded loans and terms that are set by the SBA and US Treasury Department. Please do not accept any PPP loan application process support or work with a bank or lender that is charging you fees or increasing the interest term rate from the 1% apr.
iBank of California: https://www.ibank.ca.gov/
Governor Newsom additional $50 MM to iBank to help provide relief to those
businesses that normally would not get approved through conventional bank
loans. Examples are Construction businesses, Farms, Food establishments, and
minority or low wealth businesses. Email: COVID19loan@ibank.ca.gov
iBank Partners: Pacific Community Ventures: https://www.pacificcommunityventures.org/small-business-loans/
Cal Coastal Rural Development Corp (Salinas, CA): https://www.calcoastal.org
Nor-Cal Financial Development Corp (Oakland, CA): http://nor-calfdc.org/programs/disaster_assistance_loan_guarantee
Community Development Funding Institutions: (CDFIs)
There are various partners all over the US that provide additional support around
lending and relief loans, visit https://ofn.org/cdfi-locator for more information
Crowdfunding and Grant resources
Mainvest: https://mainvest.com/main-street-initiative
iFund women: https://ifundwomen.com/grants/apply-for-grants
Kiva: https://www.kiva.org/borrow
Silicon Valley Community Foundation: https://www.siliconvalleycf.org/small-business-relief-fund
Opportunity Fund: https://www.opportunityfund.org/assistance-for-small-business-owners-affected-by-covid-19/
Local Initiatives Support Corporation, known as LISC, in collaboration with Verizon - is offering Round 5 of their small business relief grants to help local communities and women owned, minority owned, or veteran owned micro businesses get some financial relief during this unprecedented crisis. (Applications will OPEN again on July 27th) To be notified, click on the following link: https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/
Hello Alice is a community of over 150,000 business owners in all 50 states and across the globe that help business launch and grow through their multichannel platform. Since the beginning of coronavirus impact on the small business economy, Hello Alice is offering $10,000 grants being distributed immediately, as part of a broader mission to ensure Business for All. Click here to learn more and apply.
The Sara Blakely Foundation have been dedicated to elevating and supporting women through entrepreneurship. The foundation established by the founder of Spanx has teamed up with Global Giving and has established The Red Backpack Fund. $5,000 grants will be dispersed to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis. Applications are being accepted NOW through July 13th at 9 AM (PST)
Facebook Grants in support of Black-owned small businesses, black creators, and non-profits. More information to come, click here to stay apprised of this program.
Quickbooks in partnership with GoFundMe: The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens during these pressing times. Donations to the relief fund will be paid out as grants to businesses that qualify, and which businesses have created a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe. Here is more information on the program and how to be considered for their grants, Small Business Relief Initiatives
Amazon Small Business Neighborhood Grant for Greater Seattle Area https://www.aboutamazon.com/job-creation-and-investment/neighborhood-small-business-relief-fund
Salesforce has now closed their applications for Salesforce Care Small Business Grants , but feel free to follow up where they are in the process here and to check on the status of your own application via this email: salesforcegrants@ureeka.biz
Facebook has now also closed its grant program for small businesses impacted by the coronavirus pandemic. Grants will be distributed in cash (approx. $2500), with optional ($1500) ad credits for business services. https://www.facebook.com/business/boost/grants Click here to review grant terms and where to email for follow-up.
OTHER RESOURCES
Santa Clara County Public Health Order: https://www.sccgov.org/sites/covid19/Pages/order-health-officer-07-02-20.aspx
State of California COVID-19 Business Resources: https://business.ca.gov/coronavirus-2019/
State-by-State Guide to Coronavirus Assistance: https://www.uschamberfoundation.org/article/financial-assistance-small-business#alabama--delaware
Also you can visit your local city or county resources as well as any city or town chamber of commerce websites or organizations for additional support.
INDUSTRY SPECIFIC RESOURCES are also available. For example, here are several relief efforts for restaurants:
Restaurant Workers Community Foundation: https://www.restaurantworkerscf.org/
James Beard Foundation: https://www.jamesbeard.org/blog/relief-fund?utm_source=social&utm_medium=instagram&utm_campaign=2020-03-19
California Restaurant Association: https://craf.communityforce.com/Funds/Search.aspx
For Fitness Professionals: Inspire360 has launched the Fit Pro Relief Fund to provide grants of $1,000 to fitness professionals who are experiencing severe financial hardship due to COVID-19. Grants will be awarded on a first-come, first-served basis after application verification. Learn more and apply here.
I encourage you to check out groups and resources from your specific industries as well.