It isn’t just the federal government throwing an economic lifeline to small businesses, like those in the insights business, harmed by the COVID-19 crisis. Private entities are trying to do their part, too.
For example, last month, tech entrepreneur Pete Snyder launched an initiative to provide small businesses in Virginia immediate grants to “meet payroll, preserve healthcare coverage for employees and save jobs while they await recently approved federal funding.” The Virginia 30 Day Fund takes applications that include basic details and a short video from the business applicants in exchange for up to $3,000 in grants per business (in theory, within three days). Pete and his wife Burston launched it with $100,000 of their own funds, aiming to raise a lot more to keep the fund going, and encourage other people in other regions to launch the same concept.
Facebook also go into the act in March with their Small Business Grants Program: “Up to 30,000 eligible small businesses in more than 30 countries where we operate will be able to receive the grant. To be eligible to apply, you must: Be a for-profit company; Have between 2 and 50 employees; Have been in business for over a year; Have experienced challenges from COVID-19; and Be in or near a location where Facebook operates.” The social media company is staggering the ability to apply by location: April 18 – New York City and Seattle; April 20 – San Francisco Bay Area; and April 22 – All other eligible US cities.
This week, the U.S. Chamber of Commerce launched a Save Small Business Fund to offer short-term relief for small employers in the United States and its territories, in the form of $5,000 grants. Eligibile small businesses will employ 3-20 people, are located in an economically vulnerable community and have been harmed financially by the COVID-19 pandemic. According to the Chamber, applications open on April 20 and applying will be short and sweet (primarily requiring a company’s W-9). “Grants will be awarded on a weekly basis, but you only need to apply one time to be eligible for funding.”
Finally, Google has committed a Grow with Google Small Business Fund to “allow community development financial institutions (CDFIs) to support both the short-term recovery and long-term financing needs of America’s small businesses” with “low-cost, fixed-rate loans of up to 10-year money with interest deferred in year one.” However, their Fund isn’t yet open for applications.
This information is not intended and should not be construed as or substituted for legal, accounting or financial advice. It is provided for informational purposes only. It is advisable to consult with private counsel, accountants, or financial advisors on the precise scope and interpretation of any laws/regulation/legislation and their impact on your particular business.
NewsBusinessHoward Fienberg, CAE – The Insights Association