The Federal government and state governments have established programs and guidance to provide individuals and small and mid-sized businesses with assistance to minimize the economic impact of the novel Coronavirus (COVID-19). The U.S. Small Business Administration, for example, provides capital and liquidity to certain affected businesses.
The information provided herein is intended for informational purposes only. We encourage you to research programs and resources that may apply to you or your business.
Where to Start
Please visit the SBA website for information concerning:
- Economic Injury Disaster Loan Program
- Guidance for Businesses and Employers
- SBA Products and Resources
- Government Contracting
- Local Assistance
Access to Capital
- The SBA Loans page can connect you to lenders that may be able to provide you with capital.
- The Lender Match Program is a free referral tool that can connect you with participating SBA-approved lenders.
- Learn more about loans of up to $2 million that are being made available by the SBA for payroll, accounts payable and other business obligations.
- You can apply online at Kabbage for a line of credit of up to $250,000 to be paid over 6 to 18 months with no origination fees, provided you have been in business for more than 1 year and generate more than $50,000 in business revenue per year.
- Invest Atlanta has established a Business Continuity Loan Fund with $1.5 million in loan funds available for small businesses to address working capital, cash flow and loss of jobs. Available distributions range from $5,000 to $30,000 per applicant. The loans are zero interest and offer a 6 to 12 month repayment deferment.
- Visit Forbes’ Small Business Relief Tracker to stay updated on funds, grants and other capital resources that may be avialble to you and your business.
- Facebook has created a Small Business Grants Program that is offering $100 million in funds and ad credits for up to 30,000 small businesses.
- Yelp has announced $25 million in relief for small independently-owned, local restaurants and nightclubs.
- GoFundMe offers a platform for individuals and businesses struggling to pay bills to create a fundraiser: Read more here.
Information & Guidance
- SBA’s Local Assistance Directory can connect you to several local partners for counseling, training and mentoring.
- Business Interruption Insurance: Contact your business insurer to file a claim for business interruption insurance. The claim may be denied due to coverage restrictions; however, filing a claim now will preserve your right to insurance coverage in the event the government mandates insurance companies cover claims for loss of business due to the COVID-19 crisis.
- Restaurant Delivery and Pickup: Restaurateurs and similar businesses can create delivery options for customers through GrubHub, DoorDash, UberEats and other delivery services. Visit Restaurant Den for more information.
- Stay Connected with Customers on Nextdoor: Create a free Nextdoor Business Page to connect with people in your community and keep them updated about your business operations during this time.
- 67% of Nextdoor users share recommendations
- 88% shop at local businesses at least once a week
- Engage Customers Through Social Media & Email: Posting regular updates to your social channels helps keep your business top-of-mind with customers. Mailchimp offers a free email marketing plan that can help you stay engaged with your customers, even if your business has been forced to temporarily close.
- Facebook has created a Business Resource Hub, providing information, guidance and resources for operating and promoting your business.
- Managing Newly Remote Employees: The Harvard Business Review has written a helpful guide on how to manage newly remote employees.
CDC Risk Assessment
We encourage you and your employees, vendors, contractors and customers to follow all health department and CDC recommendations within your premises and on the property, including advising sick employees to stay home, and communicating closures or altered business hours to customers. Please make extra efforts to clean and sanitize common areas and equipment used for services.
Visit https://www.cdc.gov/coronavirus/2019-ncov/php/risk-assessment.html for more information.