If the COVID-19 crisis has put you in a position to make some tough decisions about your business, you’re not alone. We know you care deeply about your mission, product, and team, so we put together a round-up of relief resources for small businesses that you may be eligible for.
Local & Industry Resources
Start with the bank you’re already using for your business.
Many banks are offering relief loans for their customers, or deferment on existing loans, as well as waiving fees. Existing customers of WaFd Bank, for example, are able to apply for the WaFd Bank Small Business Lifeline. We recommend contacting your bank directly for the best information. This article highlights relief support from most major banks in the United States.
The National Coffee Association has an incredible list of information and resources their team is updating daily. “The mission of the National Coffee Association’s Covid-19 Resource Center is to provide the most up-to-date information on the new coronavirus (and the disease it causes, COVID-19) to coffee industry members so that your business, customers, and consumers can mitigate risk and weather this public health crisis.” Check it out here.
Are you #stillroasting? Sprudge wants to know about it!
From Sprudge: “Our team wants to keep you up to date on all the COVID-19 news as it relates to the coffee industry. We’re offering a few ideas on ways to continue to support the companies you love via purchase, tip, and virtual tip jar donations. Order coffee from home, set yourself up a nice subscription, and contact your congressperson. We’d also like to share a map of incredible coffee roasting companies that continue to roast and ship coffee during this crisis.” You can view everything here.
Nationwide Loan & Relief Options
There are many nationwide loan and relief options your business may be eligible for. We’re listing a few below so you can research to see what might be the best fit for you.
Economic Injury Disaster Loan through Small Business Administration
The Small Business Association (SBA) is offering low-interest loans of up to $2 Million, and advance loans of up to $10,000 to small businesses who qualify. To read about eligibility and repayment terms for low-interest loans, and to learn more about the advance loan option, click here. If you’re ready to apply, click here to get started.
Paycheck Protection Program
Small businesses may also be eligible for Paycheck Protection Program (PPP) funding, which is encouraging businesses to keep employees on payroll for eight weeks. And, up to 100% of the loan is forgivable. To read more about the program, click here. To apply, reach out to your bank directly and ask if they’re an SBA-approved lender. If not, SBA has a network of 1,800 approved lenders you can work with. Applications can be submitted starting Friday, April 3 2020 through your lender.
Businesses can receive both PPP and Economic Injury Disaster Loans (EIDL). To see a brief comparison of EIDL and the PPP, click here.
Facebook Small Business Grants Program
Facebook has launched a Small Business Grant Program for up to 30,000 eligible small businesses, including an offering of $100M in cash grants and ad credits. Click here to apply and sign up for more information as it becomes available.
You got this.
We hope this list helps. Remember, you’re not alone. We’ll continue to update this list as we find new information. Since time is of the essence, be sure to act fast once you’ve decided how you’d like to proceed. As always, let us know how we can help.