COVID-19: An Easy-to-Understand Guide for Small Business Owners
BFS is actively tracking developments relevant to our community and keeping track of top resources here. If you have a suggestion for a resource to include, let us know at firstname.lastname@example.org.
US Federal Government Resources
U.S. Small Business Administration
The U.S. Small Business Administration is offering a number of (rapidly evolving) solutions aimed at small businesses. Some of these programs are still under development.
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). In advance of your loan being approved, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. Find all official information on their site and apply here.
A list of all resources currently being presented by the SBA, whether eligible for application today or still being developed in response to newly approved legislation. These will include the new Paycheck Protection Program that you might have heard was part of the CARE Act.
Additional Resource Lists
The following sites have lists of helpful resources.
Innovative Lending Platform Association
A helpful list of government resources including links to federal as well as state and local resources.
US Chamber of Commerce
The U.S. Chamber is working closely with the White House, U.S. government agencies, and foreign government officials to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact
Info on the SBA loans including a handy cheat sheet to help small businesses and self-employed individuals prepare to file for a loan.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses
“Getting Cash For Your Small Business Through The CARES Act” – Forbes, By Brian Thompson Mar 29, 2020
A super helpful plain-english explanation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that walks through both EIDLs and Paycheck Protection Loans including eligibility and tips for applying.
Here’s how to get a small business loan under the $349 billion coronavirus aid bill – The Washington Post, By Aaron Gregg Mar 30, 2020
A thorough article focused specifically on “how small business owners can access the new federal ‘paycheck protection program.’“ which promises to be “updated as new information is made available.”
Private Sector Programs and Resources
“Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate.”
Resources Suggested by Our Community
An exhaustive list of resources relevant to businesses and consumers, suggested by David Polaniecki, Business Development Manager at BFS Capital