March 17: Information and resources amid COVID-19

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The Community Team wants to support pros as small business owners first and foremost during this difficult time. The best way we can do this is to widely share information and direct you to federal resources, state and local resources, and financial institutions to help you navigate uncharted territory.

Federal Resources:

The Small Business Administration’s Resources Partners and District Offices have trained experts who can help you craft a plan specific to your situation to help navigate any rapid changes in demand. The SBA can assist small businesses with accessing federal resources and navigating their own preparedness plan. You can find local assistance here.

The Small Business Administration is also working directly with state governors to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by COVID-19 (Coronavirus). These loans can be used for payroll, outstanding debts or any other bills your business is not able to pay. You can find more information on the SBA’s Economic Injury Disaster Loans at SBA.gov/Disaster

State and Local Resources:

COVID-19 (Coronavirus) has had different impacts across different regions of the country. Some state and local governments have set up their own programs to assist small businesses during this unprecedented time. For example, Washington state is offering no-interest loans to small businesses facing hardship. San Francisco has created a relief fund for impacted businesses and is deferring business taxes and fees. The City of Seattle created a Small Business Stabilization Fund that will offer grants of up to $10,000. And the New York City Department of Small Business Services says it will offer financial assistance to small businesses in the form of loans and grants.

Each state and city’s plan to help small businesses may vary. Small business owners should check with their governor and mayor’s office for the latest information on community-specific assistance.

Assistance from financial institutions:

A number of banks and credit card companies have indicated that they will work with customers who are experiencing financial hardship due to COVID-19 (Coronavirus). For example, Citi is offering fee waivers on monthly service fees for small businesses. Capital One is encouraging customers who need assistance to reach out to help find a solution. Chase has announced that account holders who need assistance should call customer service.

If your business is experiencing economic hardship, you can reach out to your bank or financial institution to seek assistance. As more resources become available we will continue to share what we know.

We also have a separate thread for ongoing and up-to-date support for small businesses. To learn more, click here.

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