7 grants for small businesses affected by coronavirus – WWD
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the coronavirus the pandemic impact on the fashion, beauty and retail sectors is amazing, like large retailers have closed their doors, production stop and even put most of their employees on leave in response to the virus.
As big business experiences setbacks, small businesses nationally and globally bear the brunt of the losses with many independent fashion brands going out of business, streamlining their collections and making other changes in anticipation of an uncertain future after COVID-19.
Several large businesses and cities across the country have responded to the challenges small businesses face amid the pandemic by creating grants to keep them afloat, including people like Facebook, Google and the Council of Fashion Designers of America.
the $ 2 trillion coronavirus stimulus package signed by President Donald Trump last week also offers a breathing space for small business owners, with a $ 350 billion federal small business loan program.
Here, WWD lists seven grants for small businesses affected by the COVID-19 pandemic.
Amazon Established a $ 5 Million Small Business Relief Fund to provide cash grants to small businesses with fewer than 50 employees or less than $ 7 million in annual revenue in the Seattle area, including neighborhoods of South Lake Union, Bellevue and Regrade.
The grant is intended for small businesses, which depend on foot traffic, to pay their employees, rent and other fixed costs.
Claims can be submitted on smallbusinessreliefffund.com and will be reviewed by a third party.
Fashion Designers Council of America
The Council of Fashion Designers of America is reorienting its CFDA/ Vogue Fashion Fund and rename the initiative, A common thread. The new grant program will benefit fashion designers affected by the pandemic.
Applicants can be designers and industry brands and do not need to be CFDA members. Anyone in the fashion industry who has been in business for more than two years can apply as of April 8.
The grant program targets small and medium-sized businesses, including designers, retailers, factories and other fashion companies. Grants will be awarded up to $ 100,000. The CFDA has raised more than $ 3 million in fundraising for the grant since its inception on March 24.
The application process involves designers and brands submitting videos that show their fashion stories, including how they have been affected by the virus.
COVID-19 Small Business Resilience Fund
San Francisco has created the COVID-19 Small Business Resilience Fund for businesses affected by the pandemic. The fund gives businesses up to $ 10,000 to pay their employees and rent.
To be eligible for the fund, companies must have between one and five employees and show a 25% loss in revenue due to the pandemic. Businesses must also have gross revenues of less than $ 2.5 million and participate in activities regulated by the City.
Businesses can apply for the fund on the San Francisco Office of Economic and Workforce Development website.
Facebook COO Sheryl Sandberg announced on March 17 that the company create a $ 100 million small business grant program experiencing financial hardship due to the COVID-19 pandemic.
The grants will go to approximately 30,000 companies in the 30 countries where Facebook has employees. A portion of the grants will be “advertising credits” that businesses can use to advertise on the social media platform.
Facebook will begin accepting grant applications in the coming weeks.
Google is offering $ 800 million in grants to support small and medium-sized businesses affected by the COVID-19 pandemic.
Of the $ 800 million, $ 340 million will be paid in advertising grants to those companies with active accounts. Advertising grants can be used until the end of the year on the company’s advertising platforms. A grant of $ 200 million will also go to financial institutions and nonprofits that help provide capital to small businesses.
The company is also offering $ 250 million in advertising grants to the World Health Organization and more than 100 government agencies around the world that provide information to stop the spread of COVID-19.
New York City Employee Loyalty Scholarship Program
New York City has launched the Employee Retention Grant Program in response to the growing number of businesses negatively affected by COVID-19.
The program is available to New York City businesses with one to four employees who can demonstrate a 25% loss in revenue due to the pandemic. Eligible businesses will receive a grant covering up to 40% of their payroll for two months and will be able to access up to $ 27,000.
Small businesses can apply for the program on the nyc.gov website.
Paycheque Protection Program
The US government’s $ 2 trillion Coronavirus Stimulus package signed last week includes $ 350 billion in federal funding small business loan program called the Paycheck Protection Program.
The program aims to encourage small businesses to keep their employees on the payroll by providing up to $ 10 million in loans to pay salaries, rent and other fixed costs. The program’s metrics show that companies that keep their employees on their payroll for eight weeks will be eligible for partial or full loan forgiveness.
Small businesses eligible for the program are those with fewer than 500 employees.
Details on applying for the program are expected to be posted on the Small Business Administration website in the coming days.
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