The coronavirus is causing financial difficulties for businesses across the United States. Here are valuable resources that can help you and your business navigate during this difficult situation.
THE CORONAVIRUS RESPONSE TOOLKIT
The U.S. Chamber of Commerce put together this toolkit to help businesses and citizens alike understand how to navigate the coronavirus. There are guidelines on how small business owners can ensure they are keeping their customers and employees safe. The toolkit also includes a business preparedness checklist. This checklist can help you figure out what to prioritize and to create a plan of communication for your employees. View the toolkit here: https://www.uschamber.com/coronavirus-response-toolkit
DISASTER ASSISTANCE LOANS FROM THE SBA
The SBA announced it would offer disaster assistance loans for up to $2 million for small businesses affected by the coronavirus. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the coronavirus. These loans can be used to pay off outstanding debts, payroll and any other bills they are unable to pay. However, small businesses that have access to credit are not eligible. Small businesses with no available credit qualify for an interest rate of 3.75%, and nonprofits will have an interest rate of 2.75%.
The SBA’s Office of Disaster Assistance will coordinate with state governors that submit relief requests. Once a state or territory is approved, these affected businesses will receive more information. You can find a regularly updated list of states where disaster assistance is being offered HERE.
Even if your state is not yet offering disaster assistance you can begin to prepare to apply by looking over the information required. You can get that information HERE. For more info on how to apply for a disaster loan, visit https://disasterloan.sba.gov/ela/Information/ApplyOnline.
Please view the SBA Disaster Assistance Resources for Businesses in English and Spanish:
SBA Disaster Assistance_Resources for Businesses
Asistencia de Desastre de la SBA en Respuesta al Coronavirus
For more information on Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19), please VISIT HERE or contact the SBA Disaster Assistance Division at 1-800-659-2955 (TTY: 1-800-877-8339) or [email protected]. Businesses can apply for the disaster loan online at the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela/.
CORONAVIRUS GUIDE FOR SMALL BUSINESSES
The coronavirus pandemic is affecting small businesses in a variety of ways. From loss of business to remote work, things are changing fast during the COVID-19 outbreak and businesses are being forced to adapt. Here are some of the best resources and information to help you navigate this challenging time: https://www.uschamber.com/co/small-business-coronavirus
STATEWIDE INITIATIVES TO HELP SMALL BUSINESSES
So far, the coronavirus has had a varying effect across different states and responses have also varied by state and even local government.
Since each state’s plan to assist small businesses varies, the best thing small business owners can do is check with their local governor’s office for the latest on state specific assistance, resources and updates. You can also check in with local small business organizations and agencies. Here is a list of state- and local-level small business resources to consult:
- List of local Chambers of Commerce listed by state: https://www.uschamber.com/co/chambers
- Local SBA office finder: https://www.sba.gov/local-assistance/find
- List of SCORE organizations by state: https://www.score.org/find-location
SCORE, a nonprofit organization, is dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship.
ASSISTANCE FROM BANKS AND CREDIT CARD COMPANIES
Capital One, Citi and Wells Fargo have all issued statements indicating that they are willing to work with customers that experience financial difficulties. Citi issued a statement that for 30 days, small business customers are eligible to have their monthly service fees waived.
Citi is also waiving the fees on early CD withdrawals. Wells Fargo donated $6.25 million in aid to help the public relief effort. The bank also encouraged customers that are experiencing financial hardship to contact customer service for assistance.
GRANTS AND OTHER ASSISTANCE FROM COMPANIES & ORGANIZATIONS
Facebook has launched a grant program for small businesses. A little financial support can go a long way, and now Facebook is offering $100M in cash grants and ad credits to help during this challenging time. To learn who’s eligible and how the program can help your business, visit https://www.facebook.com/business/boost/grant.
FEDERAL RESERVE SUPPORT FOR HOUSEHOLDS AND SMALL BUSINESSES
To support the credit needs of American households and businesses, the Federal Reserve Board announced on March 17, 2020, that it will establish a Primary Dealer Credit Facility (PDCF). The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and term funding with maturities up to 90 days and will be available on March 20, 2020. It will be in place for at least six months and may be extended as conditions warrant. Credit extended to primary dealers under this facility may be collateralized by a broad range of investment grade debt securities, including commercial paper and municipal bonds, and a broad range of equity securities. Learn more HERE.
RESOURCES FOR CORONAVIRUS/COVID-19 NEWS
- Arizona Department of Health Services
- Center for Disease Control
- World Health Organization
- Arizona State University
- Northern Arizona University
- University of Arizona
VISIT HERE to view the 2020 Quarantine Resources Page from SciTech Institute, the Council’s foundation, to stay informed and stay on track, whether it’s:
- Helping to keep your kids engaged, happy and learning while schools and daycare are closed;
- Or how to advance your STEM career while everyone is working and taking university classes from home;
- Or how to stay involved with our STEM community, as we work together to get through this challenging time.