Published on September 1, 2020
Small businesses will be key to economic recovery from the COVID-19 crisis. According to the U.S. Small Business Administration, small businesses employ just over half of all private-sector employees and have generated 64% of net new jobs over the past 15 years. Unfortunately, small businesses are being hit hardest by the coronavirus. Half of the 1,500 small businesses surveyed by Goldman Sachs say they will be out of business within 3 months under current conditions.
The stakes are high. Fortunately, some large, established businesses are reaching down to help small business owners adjust to the new reality.
A company that wants to support the communities where it operates must demonstrate that it means what it says. The Purpose Report shows the importance of alignment in positioning a brand’s purpose. Consumers want to see tangible action. For every demographic group we surveyed, respondents viewed direct cash donations to social causes (over 60%) as the top indicator that a brand or company has a purpose beyond making money. Also frequently cited was the brand’s role in efforts that help others (over 50%). Direct action is widely seen as having more substance and impact than words.
COVID-19 has given brands the opportunity to put their money where their mouth is, and many are doing so by supporting small and medium-sized businesses (SMBs) in this difficult time. Below is a list of loans, grants and other resources from large purpose brands, financial institutions, and nonprofits and government agencies.
NOTE: This is a national list. Consult your state or city for local COVID-19 small business grants, funds, donations or gifts.
| RESOURCE DESCRIPTION | |
| Beauty Changes Lives grant | Beauty Changes lives is offering $1,000 grants for licensed beauty professionals who are out of work due to the coronavirus. |
| Local Initiatives Support Corp. (LISC) grant | Verizon and Sam’s Club have allocated $6 million for grants to small businesses. |
| Beauty Changes Lives grant | Beauty Changes lives is offering $1,000 grants for licensed beauty professionals who are out of work due to the coronavirus. |
| Council of Fashion Designers of America (CFDA) and Vogue grant | CFDA and Vogue are offering grants up to $100,000 to any small to medium-size business in the fashion industry that has been running for more than two years. Applicants can include fashion designers, retailers, factories and other fashion, jewelry or apparel companies. |
| Digitalundivided grant | A nonprofit that supports black and Latinx women entrepreneurs is providing quick grants of $100 to black women business owners. |
| Facebook grant | Facebook is offering $100 million in cash grants and ad credits to up to 30,000 eligible small businesses in more than 30 countries. |
| Go Fund Me grant | The GoFundMe.org Small Business Relief Fund will provide microgrants to qualifying small businesses. |
| Google ad credit | Google is giving $340 million worldwide in 2020 ad credits across Google Ads platforms. |
| Honeycomb Credit loan | Honeycomb is offering 45-day payment-free periods, 6-month interest-only periods and lower fees for loans from local investors in the Honeycomb crowdfunding platform. |
| Revel Systems relief | Clients of the Revel point of sale system can apply for grants. |
| SheaMoisture Hair Products grant | The SheaMoisture Minority Business Fund addresses minority-owned businesses that are finding creative ways to support their communities. |
| Spanx grant | Spanx and the Spanx by Sara Blakely Foundation are providing 1,000 grants of $5,000 to women-owned small businesses. |
| Yelp ad credit | Yelp is providing $25 million in free advertising products and services for independent restaurant and nightlife businesses. |
| IFundWomen COVID-19 relief fund | Crowdfunding platform is giving microgrants on a rolling basis to women-run businesses who start crowdfunding campaigns. |
| RESOURCE DESCRIPTION | |
| Goldman Sachs loan | Goldman Sachs has committed $250 million to fund low-interest small business loans. |
| JPMorgan Chase relief | $50 million fund will address immediate and long-term impacts of COVID-19 including small businesses assistance. |
| Kiva loan | Crowdfunding platform offers small businesses 0% interest loans for up to $15,000. |
| MainVest loan | Main Street Initiative offers $2,000, 0% interest, 120-day loans for restaurants or other brick-and-mortar retailers. |
| Wefunder loan | Coronavirus Crisis Loans program enables small businesses to crowdfunded loans of $20,000 to $1 million from supporters. |
| Hello Alice grant | Digital fundraising and advocacy platform is offering emergency grants of up to $10,000 for companies impacted by the coronavirus pandemic. |
| RESOURCE DESCRIPTION | |
| U.S. Chamber of Commerce Foundation grant | The Save Small Business fund helps struggling small employers. |
| U.S. Small Business Administration relief | SBA offers loans and debt relief options. |
| U.S. Chamber of Commerce info | State-by-state guide outlines loans, grants and funds from state and local governments and private organizations. |
| U.S. Department of Labor info | States are allocated $100 million in National Health Emergency Dislocated Worker Grants. |
| Small Business Majority info | Business network lists available public and private relief options. |
| IRS Coronavirus Tax Relief info | The IRS administers automatic stimulus payments to taxpayers. |
| U.S. Chamber of Commerce info | Guide covers the Paycheck Protection Loan and SBA Economic Injury Disaster Loan programs. |
| U.S. Senate Committee on Small Business & Entrepreneurship info | Frequently asked questions on the Paycheck Protection Program and other federal relief. |
| Paycheck Protection Program (PPP) info | SBA loans helps businesses keep their workforce employed during the COVID-19 crisis. |
| Minority Supplier Development Agency info | The Minority Business and Technology Initiative provides online training through Amazon Business. |
| US Economic Development Administration Economic Adjustment Assistance Program (EAA) grant | Grants can fund market and environmental studies, planning or construction grants, and capital for revolving loan funds. |
| Center for Disease Control (CDC) info | The CDC gives interim guidance on workplace safety. |
| Federal Reserve info | The Main Street New Loan Facility is intended to facilitate lending to small and medium-sized businesses. |
| James Beard Foundation grant | The Food and Beverage Industry Relief Fund will provide microgrants to restaurants, bars and other food and beverage operations. |
| The National Restaurant Association Educational Foundation grant | The Restaurant Employee Relief Fund will provide grants to restaurant owners and employees. |
| Local Initiatives Support Corporation (LISC) grant | Verizon has allocated $5 million for grants to small businesses. |
| RESOURCE DESCRIPTION | |
| FundWomen Grant Tracker | A collection of grants for woman-owned businesses from IFW partners like Adidas, Barbara Corcoran & Systane, GingerBread Capital, Unilever and Visa. |
| Tally & Twine tracker | COVID-19-related resources for black-owned businesses. |
| Inc. tracker | Programs that could help keep your small business afloat during the coronavirus crisis. |
| Forbes tracker | Funding, grants and resources for business owners grappling with coronavirus. |
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