July 27, 2020
All is Not Lost
- There are programs available to shore up small businesses at local and state levels.
- The Paycheck Protection Program has been extended with applications now being accepted until August 8th.
- In addition to loans and grants, there are many resources available to help venue owners manage their operations, and help them to adapt to the current state.
While there has been much speculation and many fingers crossed concerning Federal funds for small businesses suffering from the COVID-19 pandemic, it is important to note that help can also be found elsewhere. There are programs available to shore up small businesses that spring from local and county levels and go all the way up to Federal. Assistance available includes both grants and loans.
One such opportunity can be found at mainstreetlaunch.org. Main Street Launch existed before the onslaught of COVID-19, and their purpose is to assist small businesses with launch and expansion, with a focus in Northern California. In response to the impact of coronavirus, they are now offering grants for eligible businesses in Riverside County.
For small businesses operating in Detroit or elsewhere in Wayne County a relief program has been developed to shore up those businesses that have been hard-hit by the coronavirus. There are criteria to be met in order to qualify, including number of employees, and demonstrable income loss due to COVID-19. Applications are being accepted until August 5th. For more information visit Detroit Economic Growth Corporation.
These examples are only a small demonstration of the opportunities available for small business owners. There are many more potential avenues of relief available, some are grants that will not have to be repaid, which of course is ideal for those whose business is struggling. However, many if not all of the COVID-19 related loans being offered have low interest rates, long terms available, and/or a significant length of time before payments begin.
On June 15th the U.S. Small Business Administration resumed accepting applications for Economic Injury Disaster Loans (EIDL). The loan applications will continue to be processed, although the funds for the Advance program (which was distinct from the loan program) have all been allocated. In addition, the Paycheck Protection Program has been extended with applications now being accepted until August 8th.
In addition to loans and grants, there are many resources available to help venue owners manage their operations, and help them to adapt to the current state. In addition to business counselors and advisors, many of whom are offering their services gratis, there are also avenues to procure mental health support geared to entrepreneurs coping with the coronavirus pandemic.
There are a variety of efforts being made to keep small businesses intact. They may come from your city, county, or state. These efforts may even come in the form of a loyal customer who makes it a point to patronize an establishment more frequently. At every level, there are resources to help beloved local businesses fight the good fight, and come out of this crisis intact.