COVID-19 Assistance Programs Offered By Private and Nonprofit Entities
March 28, 2020
The coronavirus pandemic continues to burden small and mid-sized businesses. Fortunately, there are private and nonprofit entities who are offering resources to help companies overcome the unprecedented challenges they may face. Here are some private and nonprofit organizations providing coronavirus-related assistance.
Amazon announced a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local Seattle small businesses. From March 26 to April 30, Amazon Lending is also pausing repayment from sellers that have outstanding loans, and seller loans will not accrue interest during this time period.
Bacardi has pledged $3 million in relief to bars and restaurants affected by the COVID-19 shutdowns as part of its #RaiseYourSpirits campaign.
Facebook announced a $100 million grant for small businesses impacted by COVID-19 and launched the Business Resource Hub, which features recommendations to help small businesses stay connected to customers and stay on track.
Fattmerchant, a payment technology provider, has partnered with Gift Up! to allow its clients to sell virtual gift cards. Gift Up! is waiving its usual 3.49% fee for Fattmerchant’s members’ first $5,000 in gift card sales.
GoFundMe has partnered with Yelp to allow independent businesses to start fundraisers and accept donations through Yelp’s pages. The Yelp Foundation and GoFundMe also both pledged to donate up to $1 million to the GoFundMe.org Small Business Relief Fund.
Google pledges to donate $800 million for COVID-19 relief, including efforts to help small and medium-sized businesses gain access to capital.
JPMorgan pledged $50 million to help struggling customers, and $8 million in aid to small businesses, specifically.
MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, 0% interest, 120-day loan for restaurants or other brick-and-mortars affected by the shutdown, in addition to its normal fundraising offerings.
Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest-rate loans to business owners in need.
Yelp CEO Jeremy Stoppelman announced the company is providing $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, and free advertising, products and services.