We have compiled a list of resources for all Small Businesses during this time. We love you all and we're here to support you in any way that we can.
Please feel free to reach out with any questions, or just for a chat. We are here, just email us at firstname.lastname@example.org.
SBDC: Meet-up organized by our very own Celeste Sipes
Retail Virtual Meetup (Next meetup is Tuesday, April 21, 12PM PST) - This is a challenging time for brick and mortar retailers. It’s difficult to know how to continue to operate, or if to continue to operate, without the normal flow of physical customers. Now is a good opportunity to use creativity, drive, innovation, and alternative resources to support your business during these times of adversity.
The Retail Virtual MeetUp will meet virtually 2x/month. Oregon residents can also request 1:1 advising sections (non-Oregon residents please contact your local SBDC for advising). The Retail Virtual MeetUp is available at no-cost. Information and the Zoom link can be accessed via this page.
EcoEnclose: Strategic Guidance for Small Businesses During COVID-19
EcoEnclose is a wonderful packaging company that we have used from the start of Thunderpants USA. We love them so much and are so proud of their efforts to support and provide guidance for all small businesses.
They are offering a framework for how small businesses might think about their strategies and next steps in the light of COVID-19. Below are the two articles they have published with helpful guidances and strategies for small businesses. Both are extremely helpful with loads of information compiled into one place.
- COVID-19 Resources: Summary of Funding Opportunities for Small Businesses
- Strategic Guidance for Small Businesses During COVID-19
Paycheck Protection Program
Makers/Employers: The feds new disaster relief programs are here to help you keep people working for you. Check out the Paycheck Protection Plan now.
Summary: The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interests, rent, and utility costs over the 8 week period after the loan is made.
- Employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis for each employee.
Due to high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months.
When can you apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for a receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
New Economic Injury Disaster Loan (EIDL) Grant
- A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA).
- SBA must distribute the Emergency EIDL within 3 days of the request.
- The up to $10,00 advance will be considered an Emergency EIDL grant.
- The borrower will not be required to pay back the Emergency EIDL grant even if they are subsequently denied for an EIDL loan.
- In advance of disbursing the advance payment, the SBA will require that the borrower file a certification, under penalty of perjury, that they are eligible to apply for the EIDL loan.
- What can the advance payment be used for?
- Providing paid sick leave to employees
- Maintaining payroll
- Making rent or mortgage payments
- Repaying obligations that cannot be met due to revenue losses
- When the loan documents be submitted?
The Small Business Association (SBA) is offering disaster assistance loans up to $2 million for small businesses affected by COVID-19. These low-interest loans are available to businesses that have sustained “substantial economic injury” due to the spread of the virus. Read more here to determine if your business is eligible.
Facebook has announced a small business grant that is offering $100 million in cash grants and ad credits. More information about eligibility is to be announced, but it will be available to 30,000 businesses in over 30 countries where Facebook currently operates. Read more here.
Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants, and people of color, is soon launching a coronavirus relief fund. It will provide grants and low-interest rate loans to business owners. Read about it here and stay tuned for more information.
Hello Alice‘s Business for All offers up to $200,000 business grants and mentorships from influential leaders like Gwyneth Paltrow and Rebecca Minkoff. Read more here.
Oregon Business Advisory Plan Regarding COVID-19
Guidelines and Resources for Managing Your Business Through Challenging Times
The Oregon SBDC Network has developed a set of guidelines for you to consider in not only this unprecedented situation created by COVID-19, but in any situation that may create significant impacts to your business operation. The reason for developing these guidelines is simply to help you be prepared in advance to respond to an abrupt decline in sales or profit, and to identify any changes to your operations that would make your business more resilient. The objective is to develop a plan of actions that you can implement quickly should they become necessary. The PCC SBDC and Global Trade Center is available to assist you in assessing the appropriate actions for your business. Please contact us at email@example.com if we can assist you in this planning process, or if you have any questions regarding these guidelines.
REVIEW THE ENTIRE PLAN HERE
Jade District-Oldtown COVID-19 Small Business Response Fund:
Due to fear of xenophobia, many small businesses in Portland's Jade District have been experiencing a dramatic downturn in business. Up to $190,000 in grants will be available for disbursement, with priority to Asian and Pacific-Islander-owned businesses. Read more here.
Hillsboro Small Business Emergency Relief Fund:
The city of Hillsboro is developing an emergency loan for small and medium sized businesses. Read more here.
PCC SBDC and Global Trade Center
PCC SBDC continues to assemble resources for small business at their website: PCC SBDC Adversity Response.