Resources for Small Businesses
The U.S. Small Business Administration on Wednesday released a simpler Paycheck Protection Program loan forgiveness application for small business owners that, at three pages, is almost 75% smaller than the original form SBA published late last month. Described by SBA as “borrower-friendly,” the revised form also requires less documentation and fewer calculations from the recipients. To view it, click here.
SBA also published a new EZ version for borrowers who:
- Are self employed and have no employees
- Or didn’t reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees
- Or experienced reductions in business activity as a result of health directives related to Covid-19, and did not reduce the salaries or wages of their employees by more than 25%.
To view the EZ application, click here.
Both applications give borrowers the option of using the original 8-week covered period if their loan was made before June 5 or an extended 24-week covered period.
Institute for Entrepreneurial Excellence
Oakland’s Local Small Business Development Center is the Institute for Entrepreneurial Excellence (3520 Forbes Ave). They offer a private, no cost consultation service for business owners, as well as employees who seek .
Specialty Group is offering COVID-19 Relief Loans to Bars, Restaurants, & Beer Distributors. The loans feature 3 Months without payments, no prepayment penalty, waived filing fees, and terms from 2 to 5 years in length. Eligible businesses can borrow up to $75,000. The application process is quick, and funding can occur in as little as 5 business days. Additionally, Specialty Group can help businesses acquire the proper licenses and approvals to sell bottles of wine to-go and deliver beer.
Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of their broader mission to ensure Business for All
Bridgeway Capital is offering a COVID-19 Response Fund
Kiva Pittsburgh has made changes to the Kiva U.S. loan program, including
Expanded eligibility: More businesses in the U.S. will be eligible for a Kiva loan; Larger loans: The maximum loan available to U.S. businesses has increased from $10,000 to $15,000; Grace period: New borrowers may access a grace period of up to 6 months.
International Downtown Association
COVID-19 (Coronavirus) Resources
Honeycomb Credit is offering a Small Business Relief Loan Program for small business owners affected by the Coronavirus. These loans up to $50,000 will offer a 45-day payment free period and a six-month interest-only period. Honeycomb is also streamlining its diligence process, accelerating the speed that it launches campaigns onto its platform, and reducing fees across the board.
Hebrew Free Loan Association
HFLA has announced a Coronavirus Financial Bridge Loan Program to provide INTEREST-FREE LOANS on a nonsectarian basis for up to $5,000
Matching Small Business Relief Grants from GoFundMe
As part of the Small Business Relief Initiative, GoFundMe, Yelp, and Intuit QuickBooks have each donated $500,000 to the Small Business Relief Fund. GoFundMe.org, the company’s charitable and advocacy arm, started the Small Business Relief Fund to benefit small businesses. Supporters can donate to the Small Business Relief Fund and GoFundMe.org will provide grants to small businesses across the United States, starting with the hardest-hit areas. The Small Business Relief Fund will be issuing $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe.
Yelp Resources for Restaurants & Small Businesses
Yelp has announced $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products, and services.
Restaurants will also receive three months of free access to Yelp Reservations and Waitlist. For restaurant clients that offer delivery and/or takeout, we’ll provide $100 in free search advertising. In addition to waiving advertising fees for independent restaurant and nightlife clients during this period when they’ve been most impacted, we’re also offering support for independent local advertisers in other categories that are struggling to pay their bills during this difficult time. Learn more.