We have compiled a selection of the top resources for financial relief that are being spearheaded by Private and Nonprofit Corporations.
- Verizon | #PayItForwardLive
- Yahoo Small Business | Get Online Free for a Year
- LISC | 2.5 million recovery fund
- Freelancers Union | $1,000 per freelance household
- Yelp | $25 million relief package for SMBs
- Facebook | Grant Program
- Banks Waive Monthly Service Fees
- Hello Alice | $10,000 grants being distributed immediately
- Bacardi | #RaiseYourSpirits campaign
- Amazon | $5 million Neighborhood Small Business Relief Fund
- MainVest | zero-interest 120 day $2,000 loan
- Kiva | 0% loans up to $15,000
- Honeycomb Credit | $10,000 to $50,000 in working capital
- James Beard Foundation | Microgrants for food and beverage businesses
- Paypal | Waiving fees and deferring repayments
- SheaMoisture | $1 million relief fund for minority-owned businesses
- Spanx | $5 million to support women-owned businesses
- Square | Paycheck Protection Program (PPP) through Square Capital
- Goldman Sachs | $250 million in emergency loans and $25 million in grants
- FedEx |40% off Shipping, $30 off printing, Grants and More
- Otto Bremer Trust | $50 Million Emergency Fund
Verizon | #PayItForwardLive
Yahoo Small Business | Get Online Free for a Year
This new, free offering in response to COVID-19 provides several valuable services, including:
- Domain name registration (yourbusiness.com) with private domain registration included.
- Professional, custom business branded email with 5 email addresses.
- A website builder package with design tools and templates to help you quickly build and publish a professional website.
- A business plan creator to help you plan your next steps and potentially help with documentation you many need for SMB relief initiatives.
- A Localworks Scan to see how your business appears online in more than 70 directories and to help you decide what changes might be needed to keep customers up to speed with any changes you’re making with your business and services.
- 10 GB storage and unlimited bandwidth so you don’t need to worry about running out of digital space.
- Consultation time from a small business expert. We’ve been helping small businesses succeed for more than 20 years, and we want to share this expertise with you to be sure we’re both here working together for 20 more.
- And of course, because we are in this with you, our support representatives are available 24/7 to make sure we address any questions you may have.
LISC | 2.5 million recovery fund
This non-profit that was founded by the Ford Foundation in 1979 is working with Verizon to distribute a 2.5 million recovery fund that is designed to offer grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available. Apply for your small business grant here.
Freelancers Union | $1,000 per freelance household
Freelancers Relief Fund will offer financial assistance of up to $1,000 per freelance household to cover lost income and essential expenses not covered by government relief programs, including:
- Food/food supplies
- Utility payments
- Cash assistance to cover income loss
Yelp | $25 million relief package for SMBs
Restaurants/nightlife businesses that remain open will receive free access to Yelp page upgrades, including Business Highlights and Call To Action, as well as Connect, which will help them communicate timely information to their customers.
For restaurant clients that offer delivery and/or takeout, Yelp will provide $100 in free search advertising (which businesses can use to promote their delivery service).
More details on our restaurant and nightlife business relief program can be found here.
This morning, Yelp announced a partnership with GoFundMe where Yelp is adding donate buttons for local businesses, and promises to match up to $1M in donations. It’s a really great way for consumers to be involved in providing monetary relief to the local businesses they love.
Facebook | Grant Program
The social media company has set up a small business grant program of $100 million in cash grants and ad credits. The program is slated to help:
- Keep your workforce going
- Cover rent and operational costs
- Connect with more customers
Banks Waive Monthly Service Fees
As is typically the case with natural disasters and emergency situations that impact the public, many financial institutions have released public statements and sent customer emails communicating their willingness to work with customers experiencing financial difficulties. Banks like Capital One and Wells Fargo are among these, along with Citi, which notes that, for 30 days, small business customers are eligible to have their monthly service fees waived.
Hello Alice | $10,000 grants being distributed immediately
Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.
Bacardi | #RaiseYourSpirits campaign
Family-owned spirits firm Bacardi has pledged $3 million in financial aid to support bars and restaurants “debilitated” by the coronavirus shutdowns as part of its #RaiseYourSpirits campaign.
Amazon | $5 million Neighborhood Small Business Relief Fund
Amazon announced a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local Seattle small businesses. From March 26 to April 30, Amazon Lending is also pausing repayment from sellers who have outstanding loans, and seller loans will not accrue interest during this time period. Visit smallbusinessrelieffund.com to apply for grant funding consideration, or get additional information and details.
MainVest | zero-interest 120 day $2,000 loan
If you have an existing brick & mortar business that has been negatively effected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately. Then through your capital raise, you can receive over $100,000 of investment from your community.
Kiva | 0% loans up to $15,000
Effective immediately, U.S. applicants for a Kiva loan will have access to the following:
- Expanded eligibility: More businesses in the US will be eligible for a Kiva loan.
- Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000.
- Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.
Honeycomb Credit | $10,000 to $50,000 in working capital
The investment crowdfunding platform, announced a small business relief loan program that’s providing $10,000 to $50,000 in working capital to qualifying businesses. Honeycomb is offering 45-day payment free periods, 6-month interest-only periods and reducing their posting, success, and investor fees.
James Beard Foundation | Microgrants for food and beverage businesses
The foundation launched a Food and Beverage Industry Relief Fund to provide microgrants to independent food and beverage small businesses in need.
Paypal | Waiving fees and deferring repayments
PayPal‘s efforts to assist its business customers impacted by the coronavirus include:
- Business loans and cash advances: Customers can request to defer repayment, with no additional cost.
- Chargeback fees: PayPal is waiving chargeback fees for merchants if their customer files a dispute with a credit card issuer through at least April 30, 2020.
- Instant funds transfer: PayPal is waiving fees to instantly withdraw money from a PayPal business account to a bank account, Mastercard Debit or Visa Debit card through at least April 30, 2020.
- Customer disputes: PayPal is extending the window in which merchants must respond to a customer dispute from 10 to 20 days through at least April 30, 2020.
- PayPal Business Debit Mastercard: In partnership with Mastercard, PayPal is doubling the instant cash back reward on eligible purchases beginning April 1 through at least April 30, 2020.
PayPal continues to focus on providing access to the tools, products and financing on which its small business customers rely.
For the latest information about PayPal’s response to the coronavirus, please visit the company’s newsroom.
SheaMoisture | $1 million relief fund for minority-owned businesses
SheaMoisture created a $1 million relief fund for minority-owned businesses impacted by COVID-19.
The grant aims to show the power of small businesses to help communities, while also hoping to minimize the financial disruptions many are experiencing from the global outbreak of COVID-19.
Spanx | $5 million to support women-owned businesses
The Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish The Red Backpack Fund making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by the COVID-19 crisis.
Square | Paycheck Protection Program (PPP) through Square Capital
Whether you’re a sole proprietor, self-employed, a small business owner with employees, or an independent contractor, the Paycheck Protection Program (PPP) offers low-interest loans that may be 100% forgiven. If you’ve already applied elsewhere but have not received funding, you can still apply through Square Capital.
Goldman Sachs | $250 million in emergency loans and $25 million in grants
The Goldman Sachs Group, Inc. announced it will deliver $300 million across two separate initiatives to help small businesses and communities around the world navigate the current health and economic crisis. Goldman Sachs has committed:
- $275 million to create a Small Business Stimulus Package, including:
- $250 million to provide emergency loans to small businesses across the country
- $25 million in grants to Community Development Financial Institutions (CDFIs) and other mission-driven lenders to ensure they have the necessary capacity to underwrite and deliver loans to small businesses as soon as possible
- $25 million as part of the Goldman Sachs COVID-19 Relief Fund to support communities in most urgent need globally, with the firm contributing to match employee donations up to an additional $5 million
FedEx |40% off Shipping, $30 off printing, Grants and More
FedEx knows that we need the energy and innovative thinking small businesses bring to our communities so they are offering up to 40% off shipping, up to $30 off printing and with their #SupportSmall Grant initiative FedEx is giving away $1 million to help small businesses fill critical gaps and stay afloat. FedEx has also compiled a wealth of information and support for small businesses to help them through this time. You can find all of the Covid-19 resources that FedEx is offering here.
Otto Bremer Trust | $50 Million Emergency Fund
The Otto Bremer Trust has created an emergency fund to provide financial support to Minnesota, Wisconsin, North Dakota, and Montana nonprofits and community organizations impacted by the pandemic.
Stay safe and remain strong in this turbulent time. And remember to check back on this article for updates as details of the above guidance and resources change.
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