Financial Relief Plans for Repair Businesses to Fight COVID-19 Pandemic!

The cureless epidemic of the COVID-19 disease is sweeping the globe causing giant retail shutdowns. With this, many small businesses are facing unprecedented financial disruptions. Some 30 million American small businesses are high on the coronavirus’ list of victims. The economic downturn has begun. Business survival depends on how quickly one can cater to quarantined consumers’ rapidly evolving needs. Fortunately, social welfare institutions, NGOs, and governments all over the globe are rushing to help small businesses manage expenses. Below is a list of global and national level relief plans and initiatives.

Bumble Small Business Grants

Bumble social networking app is offering up to $5,000 in monetary support for small businesses affected by COVID-19. Use Bumble Community Grants profile to learn more. You can apply for the grant here: Bumble Relief Plan.

*The initiative is available to businesses in the US, UK, Canada, India, Australia, Germany, Mexico, and France.

Facebook 

The Facebook team has also stepped in and announced a small business grant that is offering $100 million in cash grants and ad credits. It will be available to 30,000 businesses in over 30 countries where Facebook currently operates. More information about eligibility is to be announced. To cut it a shot, apply now for Facebook’s Small Business Relief Plan.

SBA (Small Business Association) Plan for COVID-19

The SBA is offering disaster assistance loans up to $2 million for small businesses affected by COVID-19. They have different funding programs, including a disaster loan program, investment capital program, surety bonds, etc. Here’s how to apply for the SBA’s Funding Programs.

CARES Act (Coronavirus Air, Relief and Economic Security Act)

CARES Act addresses the economic impact of COVID-19. It has dedicated $350 billion towards helping small businesses in this testing situation. This federal stimulus act was signed into law on March 27, 2020. It enhances the Economic Injury Disaster Loan (EIDL) program and creates the Paycheck Protection Plan.

With a massive $2 trillion allocated for businesses, individuals, federal agencies, and state and local governments, the CARES Act have been designed to distribute capital quickly and broadly. There are several provisions that impact small businesses. Here’s a breakdown of what you need to know:

• Paycheck Protection Program
• Economic Injury Disaster Loans (EIDLs)

To know more about CARES act, readout their Coronavirus Small Business Guide.

COVID-19 Preparedness and Response Supplemental Appropriations Act

The Coronavirus Preparedness and Response Supplemental Appropriations Act provides $8.3 billion in emergency funding. The grant is for federal agencies to respond to the coronavirus outbreak. Under it, the U.S. Small Business Administration will offer $7 billion in disaster assistance loans to small businesses impacted by COVID-19.

Relief Plans for Businesses in the USA: 

Many other organizations have put COVID-19 relief plans into place to help you maintain cash flow and reduce your expenses. 

• Chamber of Commerce Directory for States, Cities, and Territories
• Berkley Relief Fund
• California Rapid Response Services
• Florida Disaster Loans
• Los Angeles City Small Business MicroLoans
• Maryland Small Business Emergency Grant Fund
• Maryland Small Business Loans
• New Mexico Business Loan Guarantee Program
• NYC Employee Retention Grant Program
• NYC Small Business Assistance 
• New Jersey Business Loans
• Philadelphia Business Relief Fund
• Pittsburgh Business Assistance
• Salt Lake City Emergency Loan Program
• City of San Francisco Small Business Resiliency Fund
• Amazon’s Seattle Small Business Relief Fund
• Seattle Small Business Stabilization Fund
• Texas Rapid Response Services

Relief Plans for Businesses in the UK:

• Self-employment Income Support Scheme (SEISS)
• Deferred Self-Assessment Payments on Account

COVID-19 Relief Plans for Businesses in Australia: 

• WA Government Small Business Stimulus/Relief Package
• SME Guarantee Scheme
• Small Business New Banking Relief Announcement
• Victoria – Business Support Fund
• Melbourne – COVID-19 Business Grants

COVID-19 Relief Plans for Businesses in Canada:

• Wage subsidy
• Emergency benefit
• Interest-free loans
• Defer tax filing
• Small Business Loan
• Purchase order financing

COVID-19 Relief Plans for Businesses in France:

• Defer tax debts
• Suspension of bills and taxes
• Solidarity fund

COVID-19 Relief Plans for Businesses in Germany:

• Short-time work allowance
• Emergency assistance
• KfW loans
• Tax relief

COVID-19 Relief Plans for Businesses in Italy:

• Self-employed allowance
• Redundancy fund
• Rent relief

Nobody expected that their running businesses would crumble like this. We know you’ve been struggling to keep your business afloat. Some of you might be afraid of the trickle-down impact of coronavirus shutdown. This is why we are here for you with a handful of resources to help you navigate this business crisis. Head on over to our COIVD-19 Resource Center to know more. Stay safe and stay in business!