Economic Relief Resources for Small Businesses during the COVID-19 Pandemic

Apr 17, 2020 3:58:37 PM | tips Economic Relief Resources for Small Businesses during the COVID-19 Pandemic

Learn which economic stimulus and relief programs from the CARES Act may benefit your small businesses with this guide from Wish Local.

Last month, Congress passed a $2 trillion economic relief plan called the CARES Act  which includes several provisions that offer aid to struggling small businesses. Additionally, companies like Google and Facebook are offering grant programs that offer monetary support or discounted services. We know small businesses are in need of resources during this time, so we’ve put together this guide to help Wish Local stores navigate their options and get connected with assistance.

Economic Injury Disaster Loans

This is a pre-existing program that has been updated under the CARES Act. It is also managed by the Small Business Administration. 

Who is eligible?

This program has the same eligibility requirements as the Paycheck Protection Program. Small businesses that employ fewer than 500 people are eligible. This includes sole proprietors.

What help is being offered?

Small businesses can apply for a loan of up to $2 million to help with disaster relief. This program has been updated. Up to $10,000 of the loan will be considered a grant that does not have to be repaid. Borrowers will have to repay any remaining funds (minus the grant) at a 3.75% interest rate for a term of up to 30 years. 

 How can you apply?

You can apply directly on the SBA website. 

Facebook Small Business Grants Program

Facebook is offering $100 million in grants and ad credits to small for-profit businesses. 

Who is eligible?

For-profit businesses that employ 2-50 people and have been open for at least one year are eligible. However, this program is only offered to businesses in certain areas that are being rolled out one at a time. You can find out if you qualify at their website.

What help is being offered?

Grants are offered to help small businesses retain employees and cover rent and operational costs. Facebook is also offering advertising credits to help businesses connect with new customers.

How can you apply?

You can apply through their online portal. 

Google Ads Credits

Google is offering $340 million in advertising credits.

Who is eligible?

Small and medium businesses that have active advertising accounts with Google in the past year.

What help is being offered?

Google is giving away advertising credits that can be used until the end of 2020. This helps small businesses connect with new customers.

How can you apply?

Visit Google’s small business resource site for more information.

We hope this guide helps you connect with resources that benefit your business.. We promise to continue  to bring you more information and updates that can help you during these trying times. We’re in this together.

Written By: leslieylinen