COVID-19 Business Resources
Provided by the ACE Women’s Business Center
ACE Women’s Business Center will continuously update these resources to provide you with the best information to aid your small business during this time. To ensure the health and safety of our clients and staff, ACE is being proactive by making a few adjustments to our regular business practices. All of our training programs will be presented by webinar and individual consultations will be done by telephone or videoconferencing.
We look forward to continuing to assist Georgia’s entrepreneurs!
SBA COVID-19 Relief Options
Paycheck Protection Program (PPP)
Loans up to $10M, 2-year term @ 1.0% interest, available through June 30, 2020. SBA will forgive loans if the borrower spends eligible funds during the 8-week period (after disbursement) and there is not a reduction in employment. Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Small businesses and sole proprietorships can apply beginning Friday, April 3rd. Independent contractors and self-employed individuals can apply beginning Friday, April 10th. If you are interested in applying, please contact your bank immediately to see if they will be participating in the program.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan.
SBA Debt Relief
As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
Economic Disaster Loan Program (EIDL)
SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations up to $2M with $10,000 upfront to cover expenses while they wait for a loan decision on the EIDL, up to 30-year term at 3.75% for-profit companies and 2.75% for non-profits.
*Applications are now open only for agricultural businesses.
If you have questions about your EIDL application status contact the SBA’s Customer Service Center: 1 (800) 659-2955 or email firstname.lastname@example.org
Small Business Resources
Travelers announced the launch of a robust suite of industry-leading risk management resources to help businesses safely reopen amid the COVID-19 pandemic. The resources include a series of webinars, articles, podcasts and interactive tools designed to provide straightforward guidance on protecting employees, customers and property as businesses resume operations.
The Red Backpack Fund: Spanx and the Spanx by Sara Blakely Foundation have been dedicated to elevating and supporting women through entrepreneurship. The application will open on May 4th. Who is eligible to apply? Majority women-owned businesses and nonprofits with annual revenues less than $5M and with fewer than 50 individuals on staff. Businesses must be in good standing and incorporated as a legal entity and be able to demonstrate that the COVID-19 pandemic is causing hardship.
Microsoft is providing six months of Office 365 tools for free to enable remote collaboration, file sharing, and video conferencing.
To help alleviate some of the costs for small and medium-sized businesses (SMBs) to stay in touch with their customers during this challenging time, Google is giving small businesses $340 million in ad credits to businesses around the globe.
Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.
The James Beard Foundation’s mission is to celebrate, nurture, and honor chefs and other leaders making America’s food culture more delicious, diverse, and sustainable for everyone. To help bring swift economic relief to these essential businesses, the Foundation launched a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need.