GoFundMe Small Business Relief Fund
GoFundMe has partnered with Yelp and Intuit QuickBooks to create a Small Business Relief Fund to help small businesses negatively affected by the COVID-19 pandemic. Each of these three companies has contributed $500,000 to the Fund, and it’s receiving additional donations from the public. The fund will provide $500 grants to any small business that raises $500 on GoFundMe.
Many small business owners don’t realize that GoFundMe has ALREADY generated a crowdfunding website for every business that has been claimed by its owner on Yelp, with a generic crowdfunding goal of $2,500.
Please consider creating a GoFundMe page to raise money to help cover rent, payroll, utilities, and other expenses while you are closed or operating in some limited capacity due to the pandemic.
The GoFundMe Small Business Relief Fund also offers an opportunity for those want to support their favorite businesses to make a donation. The site is very user friendly.
Be sure to read all the fine print as there is a small processing fee.
Emergency Injury Disaster Loans (EIDL)
This program is run out of the Small Business Administration and you apply here: https://covid19relief.sba.gov/#/
This program allows small businesses (under 500 employees) and non-profits to apply for a disaster loan. This includes self-employed and sole proprietorships.
Payment of the loan is deferred for at least 6 months. Loan rates are 3.75% for small businesses and 2.75% for private non-profit organizations with a term of up to 30 years.
This loan can be used to pay for standing debt, payroll, and any other bills that can’t be paid because of the crisis.
Applicants can receive a $10,000 grant as a first step in the loan. SBA will award this GRANT within 3 days of an application submitted to help provide a bridge of funding to the business or non-profit while applications are reviewed.