Last Updated on April 21, 2020
As the COVID-19 situation evolves, Federal government agencies and large corporations have announced their programs to support small businesses. The Trump Administration is also focusing on the challenges facing small businesses. It's a work in progress and we will be updating this resource page frequently.
How to find out if you are eligible to apply for a low-interest loan for small businesses suffering economic injury because of the Coronavirus (COVID-19). Here is how.
visit www.sba.gov/coronavirus : SBA programs in response to COVID-19
visit www.usa.gov/coronavirus: All COVID-19 federal programs
Then, see this Power Point demonstration for the criteria and application process. Although it is for businesses located in the Washington Metropolitan Area. It gives you a pretty good idea of who qualifies and how to apply nationwide.
Also, you can visit Funding Options page on SBA.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
The Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
The White House
President Trump has extended the Coronavirus Guidelines for America through April 30.
Centers for Disease Control and Prevention:
Department of Labor
Department of Treasury
As a result of this emergency declaration, the flexibilities identified in FAR§ 18.202, "Defense or recovery from certain events," are available for use in supporting response efforts to COVID-19. These flexibilities include increases to the micro-purchase threshold, the simplified acquisition threshold, and the threshold for using simplified procedures for certain commercial items.
Specifically 1. The micro-purchase threshold is raised from $10,000 to $20,000 for domestic purchases and to $30,000 for purchases outside the U.S.; 2. The simplified acquisition threshold is raised from $250,000 to $750,000 for domestic purchases and $1. 5 million for purchases outside the U.S.; and 3. Agencies may use simplified acquisition procedures up to $13 million for purchases of commercial item buys.
When COVID-19 requirements are received, small businesses should be considered first as per the increased thresholds. Also, some of the GWACs have allowed for a 24-hour RFQ turn-around time, specifically NASA SWEP, so this should help in meeting the requirements that pertain directly with the national emergency.
Department of State
Department of Homeland Security
Department of Transportation
Internal Revenue Services (IRS)
The deadlines to file and pay federal income taxes are extended to July 15, 2020. Employee Retention Credit are available for many businesses financially Impacted by COVID-19 as well.
The Federal Communications Commission (FCC)
The Federal Communications Commission has developed a COVID-19 scams page that includes tips to assist consumers with protecting themselves and their loved ones. The guide includes scam audio and a sample text hoax that was circulating.
Other Federal Government Agencies and Their COVID-19 Responses and Resources:
Facebook Small Business Grant is providing $100 million in cash and ad credits for up to 30,000 eligible small businesses in over 30 countries. Facebook also lunched Business Resource Hub and Resilience Toolkit for best practices, tools and a self assessment to help protect your business from interruptions.
Google launched an SOS Alert on Google Search and an information
panel on YouTube to help users find the latest developments surrounding the virus from authoritative sources. To help businesses and educators collaborate no matter where they’re located, Google is rolling out free access to our advanced Hangouts Meet video-conferencing capabilities to all G Suite and G Suite for Education customers globally. You can learn more about Google Cloud's work here and here.
Adobe giving everyone 2 months of free creative cloud to all the subscribers.
Uber is supporting the restaurant industry by 1. removing the delivery fee 2. rolling out a new payment option for restaurants 3. increasing safety for delivery 4. feeding first responders.
In response to COVID-19, T-Mobile introduced T-Mobile Connect, its lowest prices smartphone plan ever, and added lower-cost options for Metro by T-Mobile to help ensure everyone has an affordable option to get and stay connected during these challenging times.
Amazon Future Engineer offers free online computer science classes for any student or teacher affected by COVID-19 in the US.
PNC Bank provides an information page in an effort to streamline interest in the Paycheck Protection Program under the CARES Act while SBA is providing further guidance.
Goldman Sachs provides several small business loan and grants programs:
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
Most entrepreneurs dream of scaling their business. However, scaling your business is not a walk in the park. Along the way, you’ll face a lot of competition and challenges that might hinder your business growth plans. In this post, we’ve listed below some tips to help ensure the success of your expansion plans.