COVI-19 Small Business Resources in response to COVID-19
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RatingLink & Title Short DescriptionKnown Limitations / RiskResource Value EstimatePhone #EmailFor < 20 Employees?Notes
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Full text of HR 748 Bill or CARES Act https://www.govtrack.us/congress/bills/116/hr748/textFull text of HR 748 Bill (CARES Act)Multiple Layers of Oversight in the CARES Act: The Appetite for Accountability Will Long Outlast the Current Crisis
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SBA Disaster Assistance LinksLoans with low interest rates and up to 30 year terms - loan relief - bridge loans - loan advances up to $10k (sm biz grant up to $10k)These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.up to $2MM1-800-659-2955disastercustomerservice@sba.govBy 3/31/20 the $10k loan advance application took less than 10 minutes and doesn't ask for bank records or tax return docs - all online - very simple
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SBA ECONOMIC INJURY DISASTER LOANapplication to Economic relief loans including the $10,000 grant, takes 2 hours to complete applicationIf you submitted the EIDL under the longer form before the week of 3/30/20, you most likely need to reapply. The process went through iterations and a large batch of applications were lost during the transition. Also, the checkbox for the 10k grant was not included.To check on EIDL status in the East Coast facility 817-868-2300
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SBA Debt Relief SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020, SBA will pay the principal and interest of current 7(a) loans for a period of six months.
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SBA Paycheck Protection ProgramPPP: a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses (FAQs link)Up to $10MM loan for certain expenses; 1% rates - 6 months free of interest - 6 month forgiveness of an already existing SBA loan (work with your lender directly for this - there are some last minute adjustments from the SBA who may merge this with the EIDL - banks are not quite ready on 4/3/2020 but soon).PPP vs EIDL visual 3/27/20 date
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NC Department of CommerceNC Employment Security - unemployment benefitsYou must have had an employment relationship Unemployment benefits are not helping self-employed unless you paid unemployment insurance for yourself. 1099 contractors are not getting unemployment benefits at this time March 25,2020
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Bank of America Small Business AssistanceFor BofA small business customers
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NC Tech AssociationNC TECH Members Offer Assistance During COVID-19 Pandemic
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JP Morgan Chase $8 MM to help Small Biz$8 million to assist small businesses vulnerable to significant economic hardships in the U.S., China and Europe.
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List of Resources from Tenessee CongressmanGuide to understanding the CARES Act. Includes good synopsis of the benefits listed above from the SBA
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Crowdfunding Emergency funding for your business during the coronavirus crisis. Raise funding from your fans on very generous terms. Payments based on revenue and deferred until 2021. Reward investors with perks when business is back.
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COVID-19 Startup Resources for Colorado
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Amazon Seattle Small Business Relief FundNeighborhood small biz relief fundTo be eligible for a grant, recipients must have fewer than 50 employees or less than $7 million in annual revenue
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Facebook Small Business Grants ProgramFacebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up to get more details from the company when they’re available.
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Google: Small business Ad creditsWe want to help alleviate some of the cost for small and medium-sized businesses (SMBs) to stay in touch with their customers during this challenging time. That’s why we’re giving our SMBs worldwide $340 million in ad credits, which can be used at any point until the end of 2020 across our Google Ads platforms.
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List of Banks offering relief
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Verizon and LISC Come Together to Support Small Businesses with COVID-19 Recovery FundThanks to a $2.5 million investment from Verizon, we are offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.Applications for the 1st round of grants must be completed by April 4th, 11:59 PM ET What it can be used for?

Paying rent and utilities
Meeting payroll
Paying outstanding debt to vendors
Other immediate operational costs
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US Treasury - IRS moves return date to July 15Notice 2020-18 supersedes Notice 2020-17 and provides that the due date for filing federal income tax returns and making payments of federal income taxes due on April 15, 2020, is automatically extended to July 15, 2020. A taxpayer need not apply for an automatic extension of time to file to obtain the relief provided in the notice. Notice 2020-18 also removes the limitations on the amount of federal income taxes that may be postponed from April 15 to July 15.This is only Federal - check with your CPA for state guidelines. Example: NC has extended the filing date, but will still charge fees and interest if any tax due is not paid by 4/15.
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Can the government take equity stake in my company if I accept CARES Act funding?Federal government agencies, government-controlled corporations and some government contractors must comply with robust federal laws that govern federal agencies’ privacy and information security practices – the Privacy Act and FISMA, respectively. Now, these laws may apply to companies that accept federal government aid under the Coronavirus Aid, Relief, and Economic Security Act. The Privacy Act and FISMA may apply to companies in which the federal government takes an equity stake as part of the rescue. The CARES Act gives the government the power to take equity in such companies, and reports suggest the government will exercise that power (e.g., in rescuing the travel industry).
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Employers Have an Opportunity to Provide Tax-Free Reimbursements and Payments to EmployeesOverview of section 139: Section 139 excludes from gross income "qualified disaster relief payments" received by individuals. Employees may exclude qualifying section 139 payments from gross income for federal income tax purposes, and employers may take a corresponding income tax deduction. Generally, qualified disaster relief payments include amounts paid to or for the benefit of an individual to reimburse or pay reasonable and necessary personal, family, living or funeral expenses incurred as a result of a qualified disaster to the extent the expense is not compensated for by insurance or otherwise. A qualified disaster includes a federally declared disaster, which is defined as a disaster subsequently determined by the president to warrant assistance by the federal government under the Stafford Act and includes the COVID-19 pandemic.There is no specified dollar limitation on the amount of payments that may be excluded from income for federal income tax purposes by operation of section 139. However, the payment cannot be in the nature of income replacement, such as a payment for lost wages or unemployment compensation. Moreover, the amount of the payment should be commensurate with the expenses for which the payment is being made. The limitation on income replacement will make it difficult, in the absence of guidance from the IRS to the contrary, for severance payments to qualify for exemption from federal income taxation under section 139.
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1000 grants of $5k each from Spanx for female entreprenerusThe Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish the Red Backpack Fund. GlobalGiving will be overseeing the fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.Applications will be accepted beginning April 6 at 12pm ET and will close after 5,000 applications have been submitted. Check back then to learn about the criteria and apply for $5,000 to support your business. You can also learn more by visiting our FAQs on the Red Backpack Fund here. We also invite recipients to pay it forward if and when they are able, to join our mission in supporting female entrepreneurs.you must have taken out fed payroll taxes for at least one employee
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 http://startup.choosewashingtonstate.com/covid-grants/
State of Washington 5 M$ for companies less than 10 people
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https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdfFAQ on PPP program as of april 8th
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Charlotte, North Carolina - Mecklenburg Co Stabilization LoansMecklenburg County Provides COVID-19 Stabilization Funds for Small Businesses and Micro Businesses. In response to the local economic impact of the current health crisis, Mecklenburg County has created a COVID-19 Small Business Emergency Stabilization Loan Fund and a Micro Business Stabilization Fund. The funds were created through the County's partnerships with Carolina Small Business Development Fund and Centralina Council of Governments.In response to the local economic impact of the current health crisis, Mecklenburg County has created a COVID-19 Small Business Emergency Stabilization Loan Fund and a Micro Business Stabilization Fund. The funds were created through the County's partnerships with Carolina Small Business Development Fund and Centralina Council of Governments. The Mecklenburg Board of County Commissioners approved the establishment of these funds during its regular meeting on Tuesday, April 7. Funds will be distributed to qualifying small businesses and micro businesses that have been affected in the recent weeks as a result of the COVID-19 pandemic. The application process for both funds is simple and quick, with disbursements available within 10 days of a completed application.The County has committed $5,000,000 for this fund. Small businesses (up to 50 employees) located in Mecklenburg County can apply for loans of $5,000 - $35,000. Funds may be used to cover the day-to-day operating expenses of the business, such as payroll costs, rent, routine real estate and equipment financing payments, utilities or losses due to destabilizing events. Loans will be available with up to 10-year terms at an interest rate of 3%.
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Alice & Verizon $10k Grants for small businesses & entrepreneurs (business ideas)
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Facebook Small Business Grants Application
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Charlotte, NC Arts & Science Council - Creative Practitioners FundASC will provide flat $500 awards to applicants meeting the fund criteria as long as funding is available. Only one request for support will be considered per Mecklenburg County applicant who demonstrates lost compensation or expenses at least equal to $500, incurred as a result of COVID-19 precautionary measures.
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Other Small Business Grants in North Carolina
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Are you eleigble for unemployment benefits in NC?A chart to help you identify whether or not you are elible to collect unemployment benefits in NC specifically. NOTE: After filing a claim, it will take about 14 days to receive first payment. The additional $600 in federal benefits will be for weeks ending April 4 – July 31. DES is still awaiting guidance for issuing those payments. Benefits owed will be paid retroactively. They do not yet know exactly how to qualify people for or pay out the new federal benefits and they cannot yet answer questions about it.HAVING TROUBLE WITH NC UNEMPLOYMENT? If you have an account and you're having trouble using it you can reach out to this email: NCDESPASSWORDHELP@NCCOMMERCE.COM - If you have general unemployment questions you can text UI to 336-882-4141 to get answers from the department.
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Allstate Insurance Provides Automatic Relief for CustomersSHELTER-IN-PLACE PAYBACK -- On average, personal auto insurance customers will receive 15 percent money back based on their monthly premium in April and May.* -- Allstate will automatically deposit money back to the bank or credit card account used for payment, or apply credits to accounts, depending on customer preferences. Please check your payment information to make sure it is up to date. --Customers can get payment faster through the Allstate Mobile App. And, since our lives have become more digital, we are providing free identity protection for the rest of the year, also through the App. Payments for the Shelter-in-Place Payback will occur during the months of April and May for our auto insurance customers.$600 million
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America Family Insurance Sends $50 Checks to Each Insured CustomerAuto Insurance Premium Relief Payment Because fewer cars are on the road.
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Liberty Mutual Insurance Give 15% Back To CustomersFewer drivers are on the road, which means fewer accidents. With this in mind, we are announcing our Personal Auto Customer Relief Refund, which will return approximately $250 million to our customers. Here's how it works:Personal auto insurance customers will receive a 15% refund on two months of their auto premium, based on your premium amount as of April 7, 2020.1
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SBA PPP Alternative Financing Options
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Grants & Loans for Microbusinesses in Charlotte NC$10k grants and $25k loans May 2020