The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). 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.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1%.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
This is a grant I found online for artists and creators of all types. A lot of the grants are specific to a type of business, but this seems like it is general creative business, and might be available for international businesses too.
Join the Movement to Lift up Thousands of Small Business Owners.
Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis. Join leaders such as Gwyneth Paltrow, Kristen Bell, Lisa Price, and Zaw Thet to empower every American with an entrepreneurial spirit.
The COVID-19 pandemic has highlighted the important role of small businesses in the U.S., from the over half a million small businesses that launch per month, to the billions who rely on their products and services. Business for All unites this collective voice, ensuring business owners have access to the funding, advocacy and networks needed to succeed. Led by Hello Alice, with the support of Verizon, Silicon Valley Bank, Ebay, and small business owners and advocates across America, Business for All provides $10,000 to $50,000 grants, expert mentorship, a strong community, and a comprehensive suite of small business resources.
Unemployment/Pandemic Unemployment Assistance
In an unprecedented move, The last stimulus bill allowed for all sorts of new people, including business owners, to file for unemployment claims. Are you eligible?
The federal government has allowed states to change their unemployment benefits laws. It lets them provide unemployment benefits for situations related to the coronavirus (COVID-19).
And, the Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded benefits further. It authorizes:
- Self-employed workers and gig workers to receive unemployment benefits
- All unemployed workers to receive an extra $600 a week for up to six months
- Unemployed workers to get an extra 13 weeks of benefits beyond the number a state currently provides
Contact your state’s unemployment insurance program for more information and to apply for benefits.
Apply for Unemployment Benefits
There are a variety of benefit and aid programs to help you if you lose your job. CareerOneStop.orgis a good place to start. It can help with unemployment insurance benefits, job training, and finding a job.
Here is a step by step guide to applying as a gig worker:
https://www.grimygoods.com/2020/04/01/how-to-file-california-unemployment-agig-worker-covid-19-stimulus-pandemic
Here is a guide specific to California:
https://www.sfgate.com/coronavirus/article/edd-California-self-employed-independent-filing-15229367.php
Unemployment assistance will now extend to self-employed workers, including independent contractors, freelancers, farmers and gig workers. Self-employed workers with a limited liability company (LLC) or S corporation qualify.
This is a major change for many gig workers, such as Uber and Lyft drivers, who are typically classified as independent contractors and are therefore not eligible to receive employee benefits, paid leave and health care from on-demand gig companies.Gig workers who’ve experienced reduced demand, and therefore reduced earnings, amid the coronavirus outbreak may now qualify for unemployment insurance to partially replace lost wages.
Unemployment will also be extended to individuals seeking part-time work and those who don’t have the sufficient work history (generally one year) previously required to file a claim.
