The current economic outlook is grim for SMB owners, sole proprietors, freelancers, and those working in the gig economy. It goes without saying that it will take months, if not years, to resume a healthy growth curve across the private sector. With all that in mind, government institutions and tech giants alike are chipping in with ad credits, grants, and loans for businesses as well as those most vulnerable to the current recession. We’ve created a compilation of resources for small businesses impacted by Covid-19:
Google is Offering $340 Million in Adwords Credits Around the Globe
It makes sense for tech giants like Google to offer generous credits to their advertising platforms, and not for completely altruistic reasons, either. The sooner the private sector starts healing and consumer money begins changing hands again, the sooner Google can return to business-as-usual (and optimistic earnings calls) for its investors. Google is offering Adwords credits to any business with active advertising within the past year. You can claim the benefits and read up on any limitations here:
Facebook is Offering Grants to Small Businesses in 30 Countries
Like Google, it is in the best interests of Facebook to help restore the economy to a state of normality as soon as possible. None-the-less, the small business grants program from Facebook is welcome. Though it appears they are working out the exact details for grants, there are some base requirements already established, such as being in business for at least 1 year and having no more than 50 employees. Sign up for Facebook grant updates using your work email:
AppSumo is Giving Away $1 Million in Software for Their #RecessionProof Campaign
Beloved by startup founders and small business owners for their lifetime deals, AppSumo has extended a helping hand to businesses impacted by Covid-19. AppSumo has put together a hub of sorts teeming with resources for freelancers and those who now work remotely. You can apply for the software giveaway and sift through tons of guides, checklists, and more on their hub:
The $2 Trillion CARES Act includes the Paycheck Protection Program (PPP) – (US Only)
Arguably the most vulnerable group in the private sector, aside from established business owners, is made up of sole-proprietors, freelancers, and gig economy workers. Luckily the CARES Act includes those who are classified as self-employed alongside small business owners in the Paycheck Protection Program’s eligibility requirements. In addition to having been in business as of February 15th 2020, there are a few more requirements and documents you need handy before applying for a loan through PPP:
- Your business start date
- Your bank account and routing number
- Your tax forms for 2019
You can review the full list of requirements and documents by clicking here.
The maximum amount available through a PPP SBA loan is $2 Million and can be fully forgiven if it is used for payroll, rent, or mortgage related costs within 8 weeks of being issued and the # of employees stays the same (as well as compensation). For loans that cannot be forgiven, a flat 1% interest rate applies. Check out this comprehensive guide to see more details. Applications are open as of April 3rd, 2020 for PPP SBA loans.
Want to apply for a loan through PPP? Here are two services that make the application process easy:
Please note: we do not receive any commission nor compensation of any kind for the links contained in this post. We offer the information above as a courtesy to business owners and clients in the hopes it is found useful. Stay safe and may God bless you & yours.