UPDATED: Friday, April 3 at 3:30 pm
With so many concerns about the impact of isolation amidst the current COVID-19 crisis, we thought it would be helpful to roundup what resources are available today. We’ve pulled this list from our partners at ACE, AWBI, CCI, Invest Atlanta, Start:ME and others. Thank you to everyone working so hard to support small businesses in our community!
A summary of where we find ourselves: “50% of Americans work for or own a small business. Many of these are local face-to-face Main Street services — restaurants, bars, coffee shops, barbershops, hair salons, auto repair shops, and dry cleaners that are living on the brink. The average small business has 27 days of cash flow and for many restaurants, it’s more like 16 days. For these businesses, shutting down operations for even a few days risk running out of cash. And, “when you run out of cash, as a small business you’re dead,” says Karen Mills, former Administrator of the SBA.” (The New Localism)
We’ll try to keep it updated but things are moving so quickly, that we need your help! If you hear of anything not on this list, please email [email protected] and we’ll update it as quickly as possible.
To stay updated on COVID-19 news:
- For updates from the CDC, you can visit their website.
- For updates from the Georgia Department of Public Health, you can view their daily reports on their website.
- For a macro view of recovery capital for COVID-19, Duke University’s Cathy Clark has amassed global, national and regional funding sources at #COVID19 Capital Relief.
- For nonprofit resources, check out the Georgia Center for Nonprofits (GCN) COVID-19 resource page.
PUBLIC SECTOR PROGRAMS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
The President signed the CARES Act into law on March 27, 2020. The law created two new SBA loan programs:
- Paycheck Protection Program: Provides cash-flow assistance through 100 percent federally-guaranteed loans to employers who maintain their payroll during this emergency. Loans are eligible for forgiveness. Application forms, which you can submit with a participating SBA 7(a) lender starting on April 3, came out on April 1. If you think you are eligible (run a for-profit or non-profit with fewer than 500 employees) and interested, contact your bank or qualified lender as soon as possible; these funds are available on a first come, first served basis and are likely to be exhausted quickly. If you do not currently have a banking relationship or your bank is not participating in the program, Heavy.com is maintaining is a list of banks currently participating in the program.
- Small Business Debt Relief Program: Provides immediate relief to small businesses with non-disaster SBA loans and microloans for six months.
The CARES act created a new payroll tax credit up to $5,000 per employee who earns at least $10,000, the Employee Retention Credit, to encourage employers to encourage eligible employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19. Find more information on the IRS website.
The act also provides for an advance of funds through the Economic Injury Disaster Loan (EIDL) program, which is listed below.
For more information, please review this resource from the U.S. Senate Committee on Small Business and Entrepreneurship. Nonprofits are also eligible for the programs included in the CARES Act; you can find a guide on how to access these funds through the National Council of Nonprofits.
SBA Economic Injury Disaster Loans (EIDL)
Working capital loans available to small businesses, small agricultural cooperatives, small aquacultural businesses and most private non-profit organizations. Through the CARES Act, businesses can request an advance of $10,000 after completing an EIDL application.
Applicants can apply online, where they can find additional disaster assistance information and download applications. To get more information, applicants can contact SBA’s Customer Service Center at 800.659.2955 or [email protected]. Individuals who are deaf or hard-of-hearing may call 800.877.8339. Completed applications can be mailed to U.S. SBA, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The University of Georgia Small Business Development Center (SBDC) at Kennesaw State University is available to answer questions and help address any concerns about cash flow, payroll, marketing, the effect of the COVID-19 virus business and keep you up-to-date on the latest on the SBA Economic Injury Disaster Loan Program. To schedule a teleconference appointment with one of our consultants, email us at [email protected] or call 470.578.645
SBDC also produced a Guide to Conquering a Business Crisis that could be helpful in cash management, pricing and cost containment, supply chain management, and marketing.
Invest Atlanta Continuity Loan Fund
To ensure the viability of city businesses and to help sustain employment, Invest Atlanta has established a Business Continuity Loan Fund (BCLF) with $1.5 million of funding from the City of Atlanta. The fund will offer small businesses zero-interest loans to address a lack of working capital and cash flows as a result of reduced consumer demand, the ability to fulfill product or service orders and other economic conditions. If you have immediate questions, please contact [email protected] or visit their website.
SBA Counseling and Training
If you need a business counselor to help guide you through the current uncertainty, contact our regional Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs) or SCORE membership chapter.
To find a local resource partner, visit the SBA website.
UGA’s SBDC has put together a fantastic page outlining the resources above, which you can find on their website.
NONPROFIT SECTOR PROGRAMS
Small Business Assistance Corporation (SBAC) COVID-19 Recovery Loan Program
To assist small businesses impacted by the current outbreak, SBAC, a Savannah-based CDFI, is offering 3-year, 6% debt of up to $50,000 to businesses that have lost revenue due to COVID-19. Visit their website for more information.
ACE Small Business Loans
Currently available only to existing borrowers, ACE is offering payment deferments on existing debt and has opened up applications to access additional capital to get through the next few months. See their CEO’s letter to the small business community on their website.
Kiva 0% Loan Program
As always, global micro-lending platform Kiva is offering 0% loans up to $15,000 to U.S.-based small businesses. While Kiva is rather industry-agnostic, they will look to have you fundraise for the loans first from your network over a 15-day period and then their wider circle over a 30-day period. For more information, visit their website.
LiftFund Grants for Small Businesses (Due to high demand, the application has closed.)
The past few weeks have been uncertain and difficult. Supported by the Truist Foundation, LiftFund is offering grants to small businesses. Find more information on their website.
LISC Grants for Small Businesses
The LISC Rapid Relief and Resiliency Fund will inject much-needed, flexible resources into historically under-invested communities. These are the places that are suffering most from the economic fallout gripping our nation due to the COVID-19 pandemic. LISC aims is to raise up to $100 million in grants, loans and other investments for the Fund.
The application is available via Survey Money.
The Red Backpack Fund
The Spanx by Sara Blakely Foundation is opening up a grant application for female entrepreneurs. The Foundation will make 1,000 grants valued at $5,000 each. Applications open on April 6. Check out their website for more information.
Seed Commons COVID-19 Worker Response Fund
An organization that supports co-operative financial intermediaries, Seed Commons is raising funds to support worker owned businesses affected by the current COVID-19 crisis. For more information, please visit their website.
Georgia COVID-19 Emergency Relief for Farmers
A joint effort from Georgia Organics, the Food Well Alliance, Community Farmers Markets, Wholesome Wave Georgia, Global Growers and The Common Market Southeast, The Farmer Fund was created to support farmers in need. While originally created to address natural disasters, stakeholders have activated the Fund to support farmers affected by COVID-19. Find more information at their website.
Sweet Relief COVID-19 Fund
While they usually provide grant funds to musicians struggling with illness, disability and age-related problems, Sweet Relief launched a COVID-19 Fund with the support of a generous donor. Funds are limited but available to musicians struggling to make ends meet due to illness or lost revenue due to cancellations. Visit their website for more information.
The Giving Kitchen COVID-19 Fund
A James Beard-award winning organization for its humanitarian work providing financial assistance to food industry workers struggling with illnesses, The Giving Kitchen started a COVID-19 Fund to provide financial assistance to food service workers either diagnosed with COVID-19 or under mandatory quarantine. Learn more.
With so many restaurants laying off staff due to lost revenue, The Giving Kitchen has a list of resources for those facing non-medical emergencies. You can find more information on their website.
Regional Grants for Nonprofits
The National Center for Family Philanthropy (NCFP) put together this helpful map that can help nonprofits source local COVID-19 funding. So far in Georgia, several foundations have announced COVID-19 recovery funds:
- Athens Area Community Foundation COVID-19 Response Fund
- Cobb Community Foundation’s COVID-19 Community Response Fund
- Communities of Coastal Georgia Foundation Emergency Needs Fund
- United Way of Greater Atlanta and the Community Foundation for Greater Atlanta’s COVID-19 Response and Recovery Fund
- Community Foundation for Northeast Georgia Coronavirus Relief Fund
- Community Foundation for the Central Savannah Relief Fund
- Community Foundation of Central Georgia COVID-19 Response and Recovery Fund
- Community Foundation of South Georgia COVID-19 Relief Fund
- Community Foundation of the Chattahoochee Valley Coronavirus Response Fund
- North Georgia Community Foundation’s Coronavirus Relief Fund
- Latino Community Fund of Georgia’s COVID-19 Emergency Fund
- The Southeastern Council of Foundations (SECF) has listed additional regional funds to address COVID-19 throughout the southeast
PRIVATE SECTOR PROGRAMS
The Small Business Relief Initiative
A partnership between GoFundMe, Intuit and Yelp (and individual small donors!), the initiative will be issuing $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe. To increase their available matching capital, which is at $1.5M at 3pm on 3/27, go to their website. To set up a page for your business, you can sign up on GoFundMe’s website.
Facebook Grants for Small Businesses
Facebook for Business knows that businesses may be experiencing disruptions resulting from the global outbreak of COVID-19. They know that a little financial support can go a long way, so they are offering $100M in cash grants and ad credits to help during business during this challenging time. Click here for additional information.
JPMorgan Chase & Co. Grants and Loans
JPMC has made commitments totaling $50M in grants and $50M in lending, with several pledges to nonprofits (such as Feeding America) and investment theses (such as zero interest loans for Entrepreneurs of Color Fund and Ascend participants) announced. For more information, visit JPMC’s Impact page or contact [email protected].
Many corporations are changing internal policies, such as adjusting hours of operations, sick leave, and customer accommodations. Others are providing funds to community relief funds. To view what Fortune500 companies are doing, check out their website.
Independent Contractor Assistance
- Atlanta Artists Lost Gig Fund provides financial assistance up to $500 for artists in Atlanta with unmet needs due to cancelled gigs
- Creative Capital resources for artists during the COVID-19 pandemic
- Creator Fund provides up to $500 for living expenses
- COVID-19 Financial Hardship Grant provides money to anyone experiencing hardship due to COVID-19
- TILA Studios #ABOVE Fund is currently raising money and plans to provide financial support for Black women artists in the U.S.
Google Tips on Working from Home
The Grow with Google Remote Work hub includes resources and free tools to help your teams works smoothly, and help you stay connected to the communities you serve. Google built a new helpful site for small businesses with additional tips and recommendations to navigate during this time of uncertainty for their employees and customers. You will find information on how to:
- Work from anywhere: Best practices for effective communication and collaboration while working remotely and meeting via video conferencing.
- Teach from anywhere: Support virtual learning and host workshops from anywhere using collaborative tools.
- Learn from anywhere: Share training content through digital resources so that the people in your community can access online courses and curriculum.
Ways Atlanta-based Businesses are Responding to COVID-19
- Rimidi: Launching a new app to accelerate patient screenings for COVID-19
- ExamMed: Offering its telemedicine platform services for free for 3 months to healthcare providers
- Physician 360: Providing on-demand video consults with doctors
- Jigsaw Interactive: Giving its intelligent virtual classroom software to schools
- Kabbage: Launched an effort to help any small business register to sell e-gift certificates
- Valor Ventures: Launching a 3-week virtual pitchfest, which kicks off Friday, March 20
- Goodr: Partnered with APS and several corporations to facilitate food donations to those in need