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We are providing this information to help race directors and timers find financial relief resources. For more information, reach out to the organizations providing the loans and other programs. As with all things coronavirus-related, this is a work in progress and we will continue to add resources as we find them. If you have a tip to add, please email us.
These links have more official information for the PPP and EIDL programs.
Paycheck Protection Program (PPP): An SBA loan that helps businesses keep their workforce employed during the Coronavirus crisis. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
The following entities affected by Coronavirus may be eligible to apply:
Economic Injury Disaster Loan Emergency Advance (EIDL):In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Video from webinar with Shawn Daugherty and Kevin Harris reviewing the current information on the programs is below (or just listen - it's more audio than visual!): https://youtu.be/TfzfRdYLKJY
From the SBA's coronavirus site.
Small business ownders in all U.S.states and territories are currently eligible to apply for a low-interest loan due to coronavirus (COVID-19).
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and nonprofits that have been severly impacted by the coronabirus (COVID-19).The SBA's Economic Injury Disaster Loan program provides small businesses with working campital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Program Basics: The SBA loans provide low-interest working capital loans of up to $2 million to small businesses and nonpofits affected by the coronavirus. These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30years.
Basic Eligibility: Businesses in all states are eligible to apply. The loan can be used to cover accounts payable, debts, payroll, and other bills the coronavirus has affected your ability to pay.
Link: SBA Economic Injury Disaster Loan Program Application
SBA Disaster Assistance Customer Service Center: 1-800-659-2955
This free online tool connects small businesses with participating SBA-approved lenders. This program is not disaster-specific, and is available at any time. Be prepared to answer:
If you're looking for counsel and more local information, reach out to your SBA District and Regional Offices.
America's SBDC has create a resource with CDC guidlines, SBA information, and other organizations providing tips and assistance to small businesses. Additionally, their COVID-19 Resources for Business booklet is a thorough guide - it's designed specifically for California, but much of the information is useful nationally.
Link: America's SBDC Coronavirus Resources Site
Link: COVID-19 Resourses for Business Booklet
We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.
Who's eligible? Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We’ll share more details as they become available.
Link: Sign up for updates on this page
What is Stimulus 2020? Stimulus 2020 is a privately-funded stimulus program intended to support America’s local businesses. We are curating stimulus packages and offers designed to help American businesses stay afloat in this time of crisis.
$1,000 Stimulus: If you’re a local business we’ll give you $1,000 tomorrow to invest in your business. No fees, no interest, and flexible repayment terms.
Womply Free: We created Womply Free so local businesses can make better business decisions and benchmark themselves against other businesses nearby.
Banks and credit card companies are offering assistance to customers experiencing financial hardship due to coronavirus related business closures. Late fees may be waived or customers may receive assistance with minimum payments. A few programs are linked below, but financial institutions throughout the country are encouranging customers to contact custmer service for assistance.
Link: Lets Do This Blog review of the potential impacts of the US Economic Stimulus Bill on the Endurance Industry
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