The current economic outlook may look grim for small business owners, sole proprietors, and freelancers. The return to sustainable economic prosperity will take both time and persistence. With that in mind, governments and tech giants have created programs to help those most in need of some relief, in the form of ad credits, grants, and loans. Below is a compilation of resources for businesses impacted by Covid-19:
Google is Offering $340 Million in Adwords Credits Around the Globe
Google is offering generous credits for use on the Adwords advertising platform, egoistic altruism or not. The sooner small businesses and the confidence of consumers are restored, the sooner the tech behemoth's ad business will resume the ROI it had become known for. You can claim and review the benefits and limitations here:
Facebook is Offering Grants to Small Businesses in 30 Countries
Like Google, it is in the best interest of Facebook to help restore the economy to a state of normality as soon as possible. The small business grants program from Facebook is a welcome initiative. There are, however, some conditions that must be met in order to qualify. Sign up for Facebook grant updates using your work email:
AppSumo is Giving Away $1 Million in Software for the #RecessionProof Campaign
Beloved by startups and small businesses for their many lifetime deals, AppSumo has extended a helping hand to companies impacted by Covid-19 in the form of a resource hub. This hub is contains helpful information and resources for freelancers and remote workers. You can apply for their software giveaway and sift through the guides, checklists, and more here:
The $2 Trillion CARES Act includes the Paycheck Protection Program (PPP) - (US Only)
The most vulnerable group, aside from established business owners, consists of sole-proprietors, freelancers, and gig economy workers. Luckily the CARES Act includes those who are classified as self-employed in the Paycheck Protection Program's eligibility requirements. In addition to having been in business as of February 15th 2020, there are other requirements and documents you'll need handy to apply 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: Cyberia does not receive any commission nor compensation for the links contained in this post. This information is offered as a courtesy to decision makers in the hopes that it helps someone. Stay safe and may the Lord bless you & yours.