As we know, the coronavirus pandemic has negatively impacted the economy, and small businesses are especially vulnerable. If you’re a small business owner, you may be feeling pressure financially. Fortunately there are grants and small business covid relief options available to help small businesses stay afloat in these uncertain times. Read below for some examples and how to apply.
The US Small Business Association offers several grants and financial help for small businesses during the pandemic, which you can check out on their website. These include:
- Paycheck Protection Program: loan forgiveness for retaining employees by temporarily expanding the traditional loan program. SBA is offering PPP loans until March 31, 2021, and President Biden has announced program changes to make access to these loans more equitable
- COVID-19 EIDL: relief to small businesses/nonprofits experiencing a temporary loss of revenue
- Shuttered Venue Operators Grant Program: emergency assistance for eligible venues
- SBA Express Bridge Loan: small business who currently have a relationship with an SBA Express Lender can quickly access up to $25,000
- SBA Debt Relief: debt relief to existing SBA loan borrowers during the pandemic
LISC is a nonprofit organization that provides financial assistance from government agencies/corporations with capital to the local businesses and programs that need it, bringing greater economic opportunity to underserved communities. They are currently providing grants for businesses on their website.
The Barstool Fund, sponsored by Barstool Sports, has an ongoing crowdfunding campaign to raise money for eligible businesses who apply at TheBarstoolFund.com/apply. For more information or to donate to the fund, check out their website.
GoFundMe is working with partners to provide small businesses a COVID-19 relief fund. If you verify your business has been negatively affected by the pandemic, you can receive a matching grant when you raise $500 through your own GoFundMe campaign. More information, instructions to apply, and a donation link are on their page.
Nav, a business financing company, offers annual small business grants. The grand prize winner receives $10,000, and the runner up receives $5,000. Enter to win their next round of funding when it becomes available in April on their website.
You can also check out www.grants.gov to find all of the federal government grants across multiple agencies. Be sure to check the requirements for each grant before applying. You can also visit your local library: librarians are trained researchers with access to tons of databases, and can help business owners find grants for free or at a low cost. They also often work with the local Chambers of Commerce and may be able to connect you with experts to find grants specifically for your community.
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