Roundup of the Top Financial Resources Available to Business Owners Impacted By COVID-19Mar 28, 2020
Has your business been directly or indirectly impacted by the Coronavirus? I have been seeing some really amazing offers and programs to support those businesses impacted by COVID-19 - below is a round up of everything I have found to date.
I will keep this list updated as I find more, so please share any additional resources you are aware of in the comments.
Protect Your Employees Paychecks
Capital One: They are offering a paycheck protection program for business owners, which provides small businesses with funds in the form of an SBA guaranteed loan to pay up to 8 weeks of payroll costs, and other eligible expenses such as interest on mortgages, rent, and utilities. Learn more here.
Save the Interest and Late Fees on your Credit Cards
Many credit card companies are waiving interest and late fees or deferring payments for those businesses affected by COVID-19.
It is worth it to give your credit card company a call and ask what programs they can offer you. Here are a few we are aware of:
American Express: They are refunding interest charged, waiving or refunding late fees and returned check fees, and reinstating applicable forfeited rewards. Learn more here.
Tip: Contact customer service via the app for the fastest response. They will ask you if your business has been affected by COVID-19. Let them know that it has and they will apply the coverage to your account for one billing cycle. They also have longer term options available to some businesses as needed.
Citibank: They are waiving fees on monthly services. They recommend contacting the number on the back of your card for assistance. Learn more here.
Bank of America: They are offering a client assistance program where you can request payment deferral. Learn more here.
Get Deferred Payments and Lower Interest on Loans
While not all companies are deferring payments or deferring interest on business loans, many are. If you have a business loan, contact your lender to find out what options they offer. Rumor has it that SBA will defer 3 months.
When you call your lender, also inquire about lowering your interest rate.
Apply for a Cash Grant from Facebook
Facebook is offering $100 million dollars in cash grants and ad credits for up to 30,000 eligible small businesses.
*There are limited details currently available but they promise updates and that they will begin accepting applications in the "coming weeks".
Apply for Grants from Tailwind
Tailwind has announced their Small Business Relief Program, a $1 million fund to support small businesses who have been negatively impacted due to the COVID-19 pandemic and resulting economic turmoil, prioritizing those in greatest need. Learn more and apply here.
Leverage Mico-Lending Through Kiva
Kiva has expanded eligibility and made a larger loan amount available to help businesses in the US affected by COVID-19.
They have also provided a longer grace period for greater financial flexibility. You can apply for a loan online.
Apply for Disaster Loan Assistance from SBA
Per the SBA website, "The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19)." You can apply online if your business was affected.
*Many states are eligible, check the list to confirm yours is.
Get Relief on Tax Payments and Extend Filing
The date for filing federal taxes has been extended 3 months to July 15th, 2020. They have also extended tax payments for businesses to July 15th, giving you a few extra months to make payments.
State tax deadlines vary so check your local state tax agency to see if they have adjusted their dates to align with the federal extensions.
Check Local Options Available In Your State
Check your local Governor's website regularly to explore what additional options may be available to you in your state. New programs are being added often.
Lean Out Your Business and Expenses
Now is the time to Lean Out Your Business and focus on only the things that are proving the biggest value for your business and your customers, starting with getting crystal clear on your offers which can have a direct impact on your finances.
As you make pivots in your business and potentially change up your offers, be sure you are cutting out expenses for anything you no longer need. For anything that is left, you can follow some of the techniques above and try to renegotiate interest rates, or defer interest or payments. To optimize your time investment, start with your highest interest or highest payment lenders to try to work with.
Catch a replay of my free 5-part mini-series focused on Leaning Out Your Business. Session 3 is all about leaning out your offers, systems, and finances.
I hope these resources help you and your business. Please continue to share others you are aware of in the comments below so I can keep this list up to date with all of the offers and programs available to help business owners during this unprecedented time. XX
by Crista Grasso
Known as the "Business Optimizer", Crista has the ability to quickly cut through the noise and focus on optimizing the core things that will make the biggest impact RIGHT NOW to grow and scale your business. As a lean business consultant, she specializes in helping businesses gain clarity and focus through strategy, planning, and lean practices. She is the creator of the Lean Out Method and the 90-Day Lean Out Planner, and is also the founder of the global accessories brand Criscara Jewelry.