Assistance for Businesses Hit by the Coronavirus Crisis

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Assistance for Businesses Hit by the Coronavirus Crisis

March 17, 2020 | Education

Lots of us are feeling anxious and exhausted in the wake of COVID-19, worrying about our loved ones and communities, and drastically pivoting our lifestyles to keep each other safe.

We’re incredibly sad that the women in this community might also be making some painful choices regarding their businesses, and we want to do all we can to support you.

We’re compiling a list of resources that could help to bridge the gaps you might be facing in trade and will continue to add more as they are announced.

Please also feel free to let us know what else you need from us. A virtual hangout space? More of a focus on our mentorship app and program? Advice on a specific topic? You can reach us on Facebook, Instagram, or LinkedIn.

Know of any great grants or opportunities we’ve missed? Let us know so that we can keep this list up to date.

Families First Coronavirus Response Act

On Friday, the House passed the Families First Coronavirus Response Act, which is designed to give relief to people and businesses affected by Covid-19. It is an amendment of the Family Medical Leave Act (FMLA) but specifically provides 80 hours of paid coronavirus-based leave.

The bill provides tax credits for businesses that provide benefits for companies and self-employed individuals who are affected by coronavirus. It can cover up to 100 percent of qualified paid sick leave, for employers, and a 67 percent refundable tax credit for self-employed people caring for a child or family member.

The Small Business Administration (SBA)

Guidance for Businesses and Employers
This guide may help prevent workplace exposure to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19.

Disaster Assistance Loans
Last Thursday, the SBA announced, “Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation.” Find out more about the loans and how to apply on the SBA website or contact the disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

Lender Match
If you’re not eligible for a disaster assistance loan, Lender Match is an online referral tool that connects small businesses with SBA-approved lenders.

State and local initiatives

New York
Mayor Bill de Blasio announced on March 8th that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.

Washington State
The Washington State Department of Revenue (DOR) can work with impacted companies on tax filing extensions and may be able to waive penalties you might be facing. The state is also working to compile a larger list of local bankers, financial associations, telecoms, utilities, and major employers that may be able to provide relief on debts and late-penalty forgiveness, favorable credit terms, and deferred bills. If you need to shut down operations temporarily because an employee becomes sick and other employees need to be isolated or quarantined, your workers may be able to receive unemployment benefits and you may receive relief of benefit charges.

Seattle has its own stabilization fund for small businesses with five or fewer employees and a physical location in the city.

California
Resources for small businesses are available through the Office of the Small Business Advocate. OSBA has a network of small business centers throughout the state to offer consulting and training and access to capital. Here’s a list of local centers. You can also contact the office directly.

Employers can apply for the Unemployment Insurance (UI) Work Sharing Program if reduced production, services, or other conditions cause them to seek an alternative to layoffs.

Most cities have a moratorium on evictions, which includes commercial properties. 

In San Francisco, the Mayor’s Office announced measures to support small businesses, including deferral of business taxes and licensing fees, the launch of an economic relief fund, and other efforts for small businesses and workers.

Businesses and microenterprises in Los Angeles that provide low-income jobs can get an emergency microloan of $5,000 to $20,000.

Massachusetts
Gov. Charlie Baker has announced a $10 million relief fund for Massachusetts small businesses affected by the coronavirus. The recovery loan fund will provide emergency capital of up to $75,000 for businesses with fewer than 50 full-time and part-time employees, and is available for nonprofits. Loans are immediately available and no payments will be due for the first sixth months. Business owners can complete applications at the Empowering Small Business site and can email applications to mgcc@masgcc.com with the subject line, “2020 Small Business Recovery Loan Fund.”

Florida
In Florida,
short-term loans of up to $50,000 are available to businesses affected by the virus.

Michigan
The State of Michigan will provide both grants and loans to small businesses affected by the coronavirus starting on or around April 1.

Denver
In Denver, the Economic Development & Opportunity program is connecting the business community to the most appropriate resources available, depending on the answers you give in an online form, and is also offering cash grants of up to $7,500 for the hardest hit.

Chicago
People in Chicago can apply for low-interest loans of up to $50,000 with repayment terms of up to five years.

Banks

Citibank
Citibank released a statement saying that its bankers are available after hours and on weekends to discuss fee waivers on monthly service fees and remote deposit capture, and waived penalties for early CD withdrawal.

Wells Fargo and Capital One
These banks encourage customers that are experiencing financial hardship to contact customer service for assistance and may be able to work with small businesses on an individual basis.

Private companies

Facebook
Facebook announced on Tuesday morning that it is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where it operates (an average of $3,333 per business). It says it will help with rent costs, operational costs, and for businesses connect with more customers.

Amazon
Amazon is creating a $5 million Neighborhood Small Business Relief Fund to provide cash grants to Seattle small businesses that need assistance.

Etsy
Etsy will invest $5,000,000 over the next month to drive sustained business for sellers. It will also provide a one month grace period to any seller who needs extra time paying their bills.

Non-Profits

Kiva

Kiva, is a non-profit that expands access to capital for entrepreneurs around the world through its network of 1.6 million lenders. The maximum loan on the Kiva platform has increased from $10,000 to $15,000. Because of COVID-19, Kiva is expanding its eligibility for a loan, meaning that more businesses in the U.S. could access its program. Visit kiva.org/borrow and apply. You’ll have 30 days to go public on Kiva.

For Freelance Artists

HowlRound
Four HowlRound employees created a list of free resources, opportunities, and financial relief options available for artists of all disciplines whose incomes have been affected by the outbreak of COVID-19.

CERF+
CERF+ was started by artists for artists in the craft community as a grassroots mutual aid effort in 1985 and focuses on safeguarding artists’ livelihoods nationwide.

Online Groups 

#NewtoNext: Information and Resources for Women Entrepreneurs
This Facebook group is a space women entrepreneurs can learn from and inspire each other, admins share education and resources, mentorship, and networking opportunities.

Startup Skill Exchange
This Facebook group offers a mutual exchange of skills and support; a place to find and share talents.

Mental Health Help

Substance Abuse and Mental Health Services Administration
Coping with Stress During Infectious Disease Outbreaks
A resource about knowing the signs of stress in yourself and your loved ones. Know how to relieve stress, and know when to get help.

Disaster Distress Helpline 
1-800-985-5990 or text TalkWithUs to 66746. (TTY 1-800-846-8517)

[Remember, if you or someone you care about are feeling overwhelmed with emotions like sadness, depression, or anxiety, or feel like you want to harm yourself or others call 911 or the National Suicide Prevention Lifeline, Toll-Free: 1-800-273-TALK (1-800-273-8255), Toll-Free (español): 1-888-628-9454]

Nice things

Free resources for teaching children
Here’s a list of high-quality educational materials and resources from The New York Times  

Headspace
Meditation app, Headspace, has put together a collection—free for everyone—called Weathering the storm. It includes meditations, sleep, and movement exercises to help you out, however you’re feeling.

Yoga, Dance
From Thursday, March 19th, yogagirl.com will be hosting a community challenge for self-care and peace of mind. Thirty days, 30 themes, and 30 free yoga classes.

305 Fitness dance-cardio party is one of NYC’s most popular workout classes. In light of the COVID-19 closures, founder Sadie Kurzban is now offering free cardio dance live streams twice a day on YouTube at noon and 6 pm EST.

Corepower Yoga is offering a free suite of classes on its website. 

Planet Fitness: Known as being the “judgment-free zone” of the fitness space, Planet Fitness will host “Home Work-Ins”–a series of free fitness classes for everyone–that will stream live on Planet Fitness’ Facebook page daily at 7 pm EST.

Class Central
Class Central has put together a list of free online courses from Brown, Columbia, Cornell, Dartmouth, Harvard, Penn, Princeton, and Yale; from Modern and Contemporary Poetry to Introduction to Financial Accounting.

Aside from these resources, now is the time to contact your insurance agent to review your policy to understand what you are and aren’t covered in terms of business interruption.

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