Many states have issued shelter-in-place orders, forcing many businesses to close their doors. For those who were deemed essential and continue to operate, they may be dealing with diminishing profit margins as many Americans hunker down to ride out the COVID-19 pandemic.
Worried that your business may endure severe financial hardships before social distancing comes to an end? Or maybe you’re at the end of your rope as a small business owner and desperately need relief to stay afloat?
Below, you will find a comprehensive list of national and state relief funds that were created to assist small businesses and independent contractors negatively impacted by COVID-19.
Corporations, nonprofits, philanthropists and many other entities have stepped up to create national relief funds for small businesses and independent contractors. They understand that millions have been left with little to no income as a result of COVID-19, and want to do their part to help.
A few viable national relief funds to look into:
- Facebook Grants: The social media platform is offering $100 million for ad credits and cash grants to small businesses with 2 to 50 employees in locations where Facebook operates.
- Hello Alice: You may qualify for a COVID-19 Business for All Emergency Grant of up to $10,000 from the machine-learning platform Hello Alice.
- Opportunity Fund: This fund lends financial assistance to both new and existing small business patrons.
- Restaurant Workers’ Community Foundation (RWCF) Crisis Relief Fund: This fund will support restaurants and employees that have been adversely affected by COVID-19.
- Small Business Administration (SBA) Loan Program: Your small business may qualify for a low-interest Economic Injury Disaster Loan of up to $2 million through the SBA.
A Final Thought on COVID-19 Help
If you’re having trouble finding resources to help you weather the COVID-19 storm, consider applying for unemployment. The CARES Act extended the list of those who qualify to include independent contractors, gig workers and sole proprietors. Check your eligibility on CareerOneStop and refer to this resource to learn more.
All links and information are current as of date of publish.