We’ve researched dozens of resources and listed our top picks below for COVID-19 Financial Relief beginning the week of April 6, 2020.
Small Business Financial Resources
Many small businesses have been hit hard by the mandatory closures and safety measures that are now required in an effort to minimize the spread of the coronavirus, (COVID-19).
1) Los Angeles County Employer Assistance Grant Fund – This fund will provide a total of $500,000 to local businesses with awards up to $10,000 based on demonstrated need. Applications will be processed on a first-come-first-served basis. Click here to apply.
2) Verizon Small Business Recovery Fund – Thanks to a $2.5 million investment from Verizon, up to $10,000 grants are available to businesses facing financial pressure, especially entrepreneurs of color and women-owned businesses. Click here to apply.
3) Red Backpack Fund – The Spanx by Sara Blakely Foundation in partnership with GlobalGiving has $5,000 grants for female entrepreneurs. Click here to apply.
4) Salesforce – Care Small Business Grants Salesforce Care Small Business Grants is now offering $10,000 grants to U.S. small businesses to provide capital to help them weather this COVID-19 crisis. Learn more and sign up.
5) SheaMoisture – beauty and hair care brand announced a 1M relief fund for women of color entrepreneurs affected by COVID-19. CEO, Cara Sabin understands that small businesses are being disproportionately affected and said in a recent statement “the power of community and entrepreneurship is close to the brand’s heart. Click here to learn more.
6) SBA Small Business Administration has a funding option, COVID-19 Economic Injury Disaster Loan (EIDL) that will be funded based on March 27, 2020, CARES Act, signed by President Donal Trump which has $376 billion in relief for small businesses. Click here to learn more.
7) PayPal is taking action and providing COVID-19 relief to businesses in the form of loans, waived fees, and doubling cashback rewards. Click here to learn more.
8) CDC Loans continues to update their site with new eligibility information and details about “relaxed” underwriting requirements. Get the CDC Loan guide here and for help with the Emergency Loan products that are available including for Profit and NON-PROFITS contact: Marsel Watts
9) Lendistry has expressed an extreme desire to support the financial business challenges of small businesses with SBA PPP Loans. Stay informed with the latest information on government assistance for small business owners and to start a new application, contact: SBA Economic Inquiry Disaster Loan Assistance.
10.) EquiTrust Life Insurance Company majority owned by NBA Hall of Fame member Magic Johnson in partnership with MBE Capital Partners is providing $100 million in government-backed capital to fund federal loans to minority and women-owned small businesses in response to the COVID-19 pandemic. For more information and to apply for a business loan visit MBEPC.com.
11) The IRS has extended the filing deadline. The new tax Day is July 15, 2020.
12) December 30, 2020 Update: President, Donald Trump, signed the stimulus bill that includes the emergency Economic Injury Disaster Loan (EIDL) grant funding. The next step is for the SBA to issue guidance and instructions for applying for the new Emergency EIDL grants. The deadline to apply for a new EIDL loan has been extended to December 31, 2021. Learn more here.
We are here to help and will continue to update this list of Small Business COVID-19 Financial Resources.
