We've pulled together a list of resources to help entrepreneurs and small businesses overcome challenges related to COVID-19/Coronavirus. Now is the time to band together and support each other.
Page last updated on 3/28/20
Keep Informed on COVID-19
Stay updated by following credible, official sources like the Centers for Disease Control and Prevention (CDC), World Health Organization (WHO) and your local government health department so you can respond quickly to changes that could affect you or your customers.
Federally, the President signed the $2T stimulus package known as the "CARES Act" on Friday, March 27th, 2020. SEED SPOT continues to monitor the actions of Congress to support entrepreneurs and small businesses.
CARES Act supports many sectors, but for Small Businesses and entrepreneurs here are a few notable items:
Family Direct Support: Direct payments to families of $1,200 per adult and $500 per child for households making up to $75,000.
Unemployment Benefits: Expansion of unemployment benefits to include people furloughed, gig workers and freelancers. Benefits increased by $600 per week for a period of four months.
Emergency grants: $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.
Forgivable loans: $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
Relief for existing loans: $17 billion covering six months of payments for small businesses already using SBA loans.
Last week, SEED SPOT supported Senator Wyden and Senator Cardin’s Save America’s Main Street Act focused on relief for small businesses in these unprecedented times. Press release and here.
Stay up to date in your current state:
Here is a list of resource centers nationally. We suggest checking with your local city government as well.
New Hampshire: https://www.nh.gov/covid19/
New Jersey: https://covid19.nj.gov/
North Dakota: https://ndresponse.gov/covid-19-resources
Rhode Island: https://health.ri.gov/diseases/ncov2019/
South Dakota: https://doh.sd.gov/news/Coronavirus.aspx
West Virginia: https://dhhr.wv.gov/COVID-19/Pages/default.aspx
Washington, DC: https://coronavirus.dc.gov/
Virgin Islands: https://doh.vi.gov/covid19usvi
Capital / Financial Assistance Resources
U.S. SMALL BUSINESS ADMINISTRATION DISASTER LOAN ASSISTANCE
Low-Interest Loans for for-profits and nonprofits. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
Startups: Should be available to all businesses, even if they have only been operating for a month. SBA is attempting to work with all small businesses and case managers will be assigned. They will work to try and get everyone approved to the best of their ability.
Small business owners in the following designated states are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19): Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, and West Virginia.
Find out more here: SBA.gov/Disaster.
Crowdfunded, 0% interest loans for small businesses and entrepreneurs. Kiva is an online crowdfunding platform where borrowers can access 0% interest small business loans for up to $25,000 for 36 months. To access Kiva you have to be endorsed on the platform by a trustee (SEED SPOT is one). When you are endorsed by SEED SPOT, your profile is visible to a number of lenders that are specifically looking to fund businesses in the US.
Update: Our expanded Kiva U.S. loan program: In addition to offering 0% interest, no-fee loans, we’re implementing a 6-month grace period, a $15,000 loan maximum and expanded eligibility. Find more information about these changes here.
Looking for more info on how to partner with SEED SPOT? Send us a note - email@example.com
DreamSpring (formerly known as Accion serving Arizona, Colorado, Nevada, New Mexico and Texas) provides access to a special access to loans to small businesses. They are a 501c3 CDFI. Learn more here: https://www.dreamspring.org/
DC Small Business Grants
District of Columbia is investing $25 million in the COVID-19 Recovery Effort and the DC Small Business Recovery Microgrants Program, which will be housed in the Office of the Deputy Mayor for Planning and Economic Development. The grant can cover employee wages and benefits (including fringe benefits associated with employment, such as health insurance), accounts payable, fixed costs, inventory, rent, and utilities.: Find Out More Here
Other Business Support Resources
GoDaddy: #OpenWeStand is for anyone who is keeping the economic health of small business top of mind in this challenging time. It’s for shop owners minding their customers’ and employees’ safety — and for everyone who stands with small business.
This website has resources, inspiration and connection to other everyday entrepreneurs with creative solutions to keep their business open, even if their doors are closed due to COVID-19.
Perkins Coie LLP:
Perkins Coie, a partner of SEED SPOT’s, built a resource center for their clients and businesses for COVID-19. Lot’s of great resources.
Blank Rome LLP:
Blank Rome’s Coronavirus (“COVID-19”) Task Force (“Task Force”) is monitoring this ever-changing situation and is here to help. The Task Force is an interdisciplinary group of the Firm’s attorneys with decades of experience helping companies and individuals respond to the legal fallout from disruptive crises and disasters.
Lex Mundi Pro Bono Foundation:
The Lex Mundi Pro Bono Foundation designed a legal resource center for social entrepreneurs.
SEED SPOT Alumni Responding to COVID-19
Remote Work Best Practices
Tools to remain productive while working remotely from Jenny Anderson, Co-Founder of Celebrate EDU
Building team culture while working remotely from SEED SPOT
Reduce eye strain with TheraSpecs from SEED SPOT Alum TheraSpecs
- Theraspecs makes glasses that are precision-tinted to block the most harmful blue light coming from screens, thus reducing the likelihood of pain and other symptoms. For a limited time only, get 15 percent off any TheraSpecs order with code SEEDSPOT15.
FAMILY & WELLNESS
Working from Home with Kids - Harvard Business Review
MotherNation - online social support and advocacy community for Mothers. Mamas need each other now more than ever.
Surviving At Home With Kids - a community from our friends at Participate to help you manage being home with kids
Thimble.io is launching 2-week virtual workshops for students (grades 4-8) to build hands-on STEM projects at home using engineering/computer science kits. Learn more here: https://forms.gle/geupze9v1ee87cH26