It’s no secret that small businesses are facing massive financial challenges due to coronavirus.
But there are some options available to help struggling entrepreneurs make ends meet until they reopen or regain some of the business lost during this unprecedented time.
Coronavirus Grants for Small Business
Below is a list of grants and financial assistance programs available to small businesses. Some are available to certain types of businesses and others are open to all SMBs struggling. Read through to find the opportunities that may be a good fit for your small business.
Facebook Small Business Grant Program
Facebook is offering $100 million in grant funds and ad credits to small businesses affected by coronavirus. To qualify, businesses need to have between 2 and 50 employees. The funds are available to more than 30,000 businesses in more than 30 countries where Facebook operates.
Salesforce Care Grants
Salesforce and Ureeka have partnered to offer $10,000 grants to small businesses experiencing hardships. To qualify, businesses must have between 2 and 50 employees, have at least 2 years in business as of March 2020, and have between $250,000 and $2 million in annual revenue. Applications are open in phases based on location. Qualified businesses can apply online.
Google Ad Credits
Google is offering $340 million worth of ad credits to SMBs around the world. The company has also committed grants to support health organizations and non-profits. The funds available to SMBs are available to those who have had active Google Ads accounts over the past year. And the credits are automatically available, so you don’t need to apply. SMBs can use the funds for ad spend throughout 2020.
Yelp Advertising Credits
Yelp is offering $25 in relief specifically for restaurants and nightlife businesses facing coronavirus challenges. This relief includes free advertising and waived fees, like free page upgrades and three months of free access to Yelp Reservations and Waitlist features. Independent local advertisers in other industries can also apply for relief.
GoFundMe Small Business Relief Fund
GoFundMe’s Small Business Relief Fund provides micro-grants to small businesses affected by coronavirus. To qualify, small businesses must raise at least $500 in a GoFundMe fundraiser, and the company and its partners provide matching grants to provide additional support. Businesses must also be independently operated and use the funds to support employees. Partners include Yelp, Intuit QuickBooks, Bill.com, and GoDaddy.
Verizon Small Business Recovery Fund
The Local Initiatives Support Coalition and Verizon have partnered to provide grants of up to $10,000 for qualified small businesses. Verizon’s total investment includes $7.5 million. Businesses can use the funds to pay rent and utilities, meet payroll, pay outstanding debts, and meet other immediate operational expenses.
Goldman Sachs COVID-19 Relief Fund
Goldman Sachs has made a commitment of $550 million in total relief funds. Much of that is set aside for emergency small business loans. The rest is available in grant funds to organizations, healthcare providers, and communities.
JPMorgan Chase Philanthropic Investment
As part of its $50 million global philanthropic commitment, JPMorgan Chase has set aside grant funds for small businesses throughout the U.S., Europe, and China that are facing economic hardships. The funds will be mainly dedicated to businesses in vulnerable and underserved markets.
The Entrepreneurial Dream Project
This grant and mentorship program from Supermaker includes $100,000 in non-dilutive grant funds and mentorship opportunities with accomplished entrepreneurs like Mark Cuban and Rebecca Minkoff. Two qualified businesses will receive the funds and ten more will receive coaching.
Business For All
Business For All is a mentorship and grant program powered by Alice and Verizon. Small businesses can apply for grants of up to $50,000 to support their growth. There are also $10,000 emergency grants available to support businesses in crisis due to coronavirus. Grants are awarded on a rolling basis. And businesses can apply until September. The program also includes video mentorship sessions with prominent entrepreneurs.
Freelancers Relief Fund
Many freelancers have lost work during the pandemic and don’t have access to traditional unemployment benefits. So the Freelancers Union has set up a fund to distribute emergency aid to members in need. Beneficiaries may receive up to $1,000 to help cover household expenses during this time.
The Workers Fund
The Workers Fund is a program that accepts donations and distributes them to gig workers and low earning contract employees who do not qualify for unemployment benefits but have lost work due to coronavirus. The Workers Lab is working with Canary to get funds out to verified freelancers and gig workers.
Artist Relief
For artists of various disciplines facing financial hardships due to coronavirus, Artist Relief has brought together national arts grantmakers to help. Qualified artists may receive $5,000 grants to help with dire financial emergencies.
Beauty Changes Lives Relief Grants
For beauty industry professionals who are out of work due to coronavirus, Beauty Changes Lives is offering $1,000 Relief Grants. Grants are funded by the Horst Rechelbacher Foundation and CDN Creative Nail Design and are available to working professionals and students of beauty programs.
JBF Food and Beverage Industry Relief Fund
The James Beard Fund has made emergency relief funds available to independent restaurants and food service businesses. The applications are currently suspended due to overwhelming demand. But they may re-open the program going forward.
Stacy’s Rise Project
For female founded businesses, Stacy’s is offering a grant, mentorship, and advertising program to provide support during this time. Fifteen female founders will receive $10,000 grants. And applicants may also receive free ad space and expertise from PepsiCo and Frito-Lay business leaders.
SheaMoisture Fund
SheaMoisture is offering grants for women of color, black business owners, and businesses that assist communities through the pandemic. The company has set aside a total of $1 million to help businesses stay afloat, with funds separated into a few different grant categories.
State and Local Grants
In addition to those listed above, there are plenty of grants available to businesses in specific states and local communities. If your business operates locally, you can search for grants that apply to your area here. The U.S. Chamber of Commerce Foundation also has a list of programs here.
If you know of more grants available to small businesses dealing with fallout from the coronavirus pandemic response, please let us know in the comments section
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This article, "Coronavirus Grants Available for Struggling Small Businesses" was first published on Small Business Trends
May 10, 2020 at 07:23PM
via https//www.brucedayne.com/
Annie Pilon, Khareem Sudlow
