WIBO Small Business Resources
We did extensive research to find every financial resource for small businesses.
Please apply for as many as you think you qualify for.
Small Business Loans
CARES Act Updates
There is still some confusion about the CARES Act and what it means for small businesses, independent contractors and nonprofits. This PDF file is the best document that I have found that answers many questions related to applying for the funds. Download the Small Business Guide to CARES Act.
- US Small Business Administration Economic Injury Disaster Loan Program
- US Small Business Administration Disaster Loan Assistance
SBA Coronavirus Economic Injury Disaster Loan
SBA is offering low-interest federal disaster loans for working capital to (a) small businesses or (b) private nonprofit organizations that are suffering substantial economic injury as a result of the Coronavirus.
If you are a New York State-based business, we can help guide you through this loan process. If you are based in another state, go here to see if your state qualifies.
- Your business must be experiencing a business loss due to COVID-19
- Entities may qualify for loans up to $2 million
- The maximum unsecured loan amount is $25,000
- Interest rates: 3.75% for small business; 2.75% for private nonprofits
- Term – up to 30 years
- Use of funds: working capital, paying fixed debts, payroll, accounts payable, other bills that could have been paid had the disaster not occurred
- Loans are NOT intended to replace lost sales or profits or for expansion
- There is no obligation to take the loan if offered
- Applicants can have an existing SBA loan or other SBA loan and still qualify for this disaster loan. Loans cannot be consolidated.
- Acceptable credit history
- Proven ability to repay the loan
- Collateral for loans over $25,000
BEFORE YOU BEGIN THE APPLICATION PROCESS, we strongly encourage you to complete all of the necessary forms. We would like to also manage expectations: it is NOT a quick process.
LOAN APPLICATION PROGRAM:
You will need to set up a username & password at the SBA loan application program:
You will be applying for an Economic Injury Disaster Loan (EIDL).
For help in applying, here’s the SBDC’s handy guide for “Applying for SBA’s Economic Injury Disaster Loan Using the Disaster Loan Application Portal
TRUFUND LAUNCHES $5 MILLION COVID-19 RELIEF FUND TO SUPPORT DISADVANTAGED MINORITY AND WOMEN OWNED BUSINESSES!
The fund will include grants up to $10K (to qualified applicants), no application or closing fees for loans up to $75K. Loan interest will accrue at 3% and payments may be deferred for 9-12 months. These funds may be used for operating expenses.
Fill out the survey to receive the application: https://form.jotform.com/trufund/covid19survey
NYC Department of Small Business Services opened applications for the NYC Small Business Continuity Loan Fund. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more are eligible to apply for loans of up to $75,000 to ensure business continuity. Learn more about this and the Employee Retention Grant for small businesses with four or fewer employees here: nyc.gov/covid19biz
Get Help with your Application
Small Business Assistance will become available next week for businesses struggling from COVID-19 impacts. There are two programs: 1. NYC Employee Retention Grant Program and 2. NYC Small Business Continuity Fund
Eligibility Criteria for the NYC Employee Retention Grant Program
Businesses, including non-profits, must:
- Be located within the five boroughs of New York City
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
- Employ 1-4 employees in total across all locations
- Have been in operation for at least 6 months https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program
- Have no outstanding tax liens or legal judgementsCLICK HERE – TO APPLY
Small Business Grants
Salesforce is planning to offer $10,000.00 grants to small businesses to provide capital to help businesses survive this pandemic. https://essentials.salesforce.com/salesforce-care-for-small-business
Business For All
Offering grants up to $50,000.00 to support business growth, including $10,000.00 emergency COVID-19 Business For All Grants to help small businesses in crisis.
Thryv Foundation is providing grants for up to $15,000 for small and mid sized businesses. https://www.thryv.com/thryvfoundation/
The GoFundMe.org Small Business Relief Fund will provide micro grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. GoFundMe.org will issue $500.00 matching grants to qualifying businesses. Additional companies are expected to contribute to this fund.
Verizon and LISC: Small Business Recovery Fund
Verizon has donated $2.5 million to the Local Initiatives Support Corporation (LISC), who will use that money to offer grants to help small businesses fill urgent financial gaps. Priority will be given to applicants who are entrepreneurs of color, women-owned businesses, or are part of an enterprise in historically under-served places without access to flexible, affordable capital.
SheaMoisture announces a $1M relief fund to women of color entrepreneurs affected by COVID-19.
Haircare and beauty brand SheaMoisture and its parent company, Sundial Brands, has announced a $1 million relief fund to help support women of color entrepreneurs and minority-owned businesses affected by COVID-19.
The Community Commerce fund is an extension of SheaMoisture’s long-established Community Commerce program. The fund aims to minimize financial hardships that minority and black-owned businesses are facing from COVID-19 and show the power of small businesses.
SheaMoisture is also rolling out new initiatives under the fund that include cash grants and an e-learning lab for women of color entrepreneurs.
Funds will be awarded to businesses that are finding innovative ways to reach and support their community and customers.
To start, 10 business owners will be selected and awarded $10,000 each. Following these awards, through a partnership with We Buy Black, the largest marketplace for black-owned businesses, SheaMoisture will continue to award additional funds throughout the month. The company is encouraging business owners to reach out to be considered.
A portion of the proceeds of every SheaMoisture purchase will go toward the Community Commerce program that supports funding, education and coaching for small-business owners of color, the company says.
Businesses can visit sheamoisturefund.com to learn more and apply. Applications will be available starting April 8.
The Robin Hood Foundation is supplying grants to nonprofits that are on the front line providing resources to those affected by COVID-19. Relief fund application – https://www.robinhood.org/relief-fund-application/
Their website also lists other resources for businesses/people impacted by COVID-19 – https://www.robinhood.org/rh-relief-effort-resources/
If your business is based in Northern Manhattan here is an emergency fund for you. Northern Manhattan Emergency Recovery Fund – Learn more and apply https://hispanicfederation.org/nomafund/
Kabbage is offering to help small businesses raise cash by offering gift certificates that can be redeemed at a later date. Through Kabbage Payments™, any business can sign up to sell gift certificates online, and anyone can purchase them to support participating small businesses. https://www.kabbage.com/helpsmallbusiness
Help for Nonprofits
The stimulus package is providing assistance for nonprofits and this is the best resource that I’ve found that explains how the CARES Act: How to Apply for Nonprofit Relief Funds works. https://independentsector.org/resource/caresact
Resources For Your Employees
ConEd and National Grid have suspended shut-offs for anyone who may have difficulty paying their utility bills.
The Emergency Coronavirus Bill recently passed by Congress has provided some additional relief to Americans affected by the Coronavirus. For affected employees, the bill provides two weeks of paid sick leave, three months of paid family and medical leave, free virus testing, and food aid. For more information, including a basic breakdown of the bill, click here.
New York state has waived the 7-Day waiting period for unemployment insurance benefits for people who are out of work due to COVID-19 closures or quarantines. What’s more, employees who have experienced a reduction in hours, by 50% or more for full-time personnel, are also eligible for this benefit. For more information, click here.
MENTAL WELLNESS RESOURCES
- NYC Health Guidelines on coping with stress during infectious disease outbreaks
- SAMSHA (Substance Abuse and Mental Health Services) Hotline 1-800-662-HELP (4357)
- National Eating Disorders Association Helpline 1-800-931-2237
- NYC Human Rights or call 311 and say “Human Rights”
- NYC Well or call 1-888-NYC-WELL
Resources to Assist our Business Community
I’ve been keeping a watch on resources that are coming out to help small business owners during this crisis. Here are some of the ones that was posted in our Facebook Group. If you know of any please add them to our FB or LinkedIn group.
Facebook Announced $100 million in small business grants https://www.cnbc.com/2020/03/17/facebook-announces-program-for-small-businesses-impacted-by-covid-19.html
Essence announced Build Your Legacy for African American Women can $100,000.00 grant https://www.essence.com/yourlegacy/?fbclid=IwAR3zdL2Z5hig4azHZosg57Xjgsq-Whj8uPCSYLvbMxLwg8W-B-xnWGvhFJc
How do deal with shrinking income https://www.nytimes.com/article/coronavirus-money-unemployment.html
LinkedIn online courses are free. https://www.socialmediatoday.com/news/linkedin-makes-linkedin-learning-courses-on-working-from-home-available-for/573963/
Make sure that you and your staff’s home computers are secure. https://www.crainsnewyork.com/coronavirus/beware-hackers-working-home-requires-ramped-cybersecurity
Never worked from home, this guide can help. https://www.nytimes.com/2020/03/12/smarter-living/how-to-work-from-home-if-youve-never-done-it-before.html
A series of tweets about starting and growing a business during economic upheaval – taken from 2008 economic slump https://threadreaderapp.com/thread/1238298350077669377.html
Facebook has a good resource page with a link to its grant program. https://www.facebook.com/business/boost/resource
300,000 books available to download from the NY Public Library https://www.timeout.com/newyork/blog/you-can-now-download-over-300-000-books-from-the-nypl-for-free-071216
Free online college courses https://www.freecodecamp.org/news/ivy-league-free-online-courses-a0d7ae675869/
Charter is offering free 60 day Internet access for K-12, college students and more. https://corporate.charter.com/newsroom/charter-to-offer-free-access-to-spectrum-broadband-and-wifi-for-60-days-for-new-K12-and-college-student-households-and-more
Working out from home is a great way to increase endorphins which makes you feel better and to reduce stress which when left unchecked can worsen your health. Here are some online workout resources https://www.techlicious.com/guide/online-fitness-classes-to-stream-when-your-gym-is-closed/