Financial Support for Businesses During the Coronavirus Pandemic
As soon as I sat down to write this article, I couldn’t get this song out of my head...“With my mind on my money, and my money on my mind.” Now of course Snoop Dogg goes on to rap about “rollin down the street, smokin indo, sippin’ on gin and juice”.
Sadly, none of that is happening here today at the Hatch Tribe Headquarters (aka my dining room table). But money...yeah it’s on my mind. And I suspect it’s on yours too.
So today we’re digging into all kinds of financial resources you can tap into now and later (when this economic relief bill gets enacted).
INDIVIDUAL SUPPORT
Fortunately there is a lot of financial relief to be had right now, but you need to call your lender and make the arrangements before you skip a payment. I had to wait nearly 1.5 hours to talk to my mortgage company, so use the waiting time wisely and tackle some emails or laundry ;)
Mortgage Relief - Call your mortgage company and ask what assistance they are providing for homeowners. My mortgage company offered a 3 month forbearance, no questions asked and no complicated process.
Car Payment Deferment - You may also be able to defer your car payments.
Student Loan Deferment - In addition to lowering the rate to 0% for 60 days, you can also defer payments.
Credit Card Payments - Yes, even your credit card company may be offering relief in the form of delayed payments, eliminating fees, and more.
GOVERNMENT SUPPORT
Tax Filing & Payment Extension - Federal taxes are now due July 15th. Most states are following suit, but be sure to check with your home state.
Stimulus Payment Checks - The proposed $2 trillion economic relief package includes stimulus payments of $1200 (or more) per person. Here’s a calculator that will show you what you could get. For now lots of details have yet to be finalized, so we’ll all have to wait and see when and how this all shakes out.
Economic Injury Disaster Loan Assistance - Don’t let the name scare you. Small businesses can apply for long-term low interest rate loans to keep their businesses operating. The economic relief bill includes a provision that these loans for “forgivable”, but of course details aren’t fully available yet. But if you need funding, now is the time to apply. Dial up your patience before applying though, because we’ve heard countless stories of the website crashing.
Unemployment Benefits - Under the economic relief bill far more workers would be eligible for unemployment benefits, including self-employed people and part-time workers, so we’ll stay tuned for more on that. In the meantime, if you need to file for unemployment, visit your state’s website. Here’s the link to SC. Similarly to the SBA loans, we hear these websites are crashing on the reg, so be patience.
State or Local Support - There are a number of states and cities that are stepping up with local business support via grants, loans, and more. We encourage you to get involved with local organizations that are advocating for small businesses in your area, for example Lowcountry Local First in the Charleston, SC market. Speak up and make sure your state and local representatives hear what you need!
AMAZING COMPANY’S SUPPORT
Bumble - They’re offering small business grants of $5000. And after all this quarantining, we’re pretty sure their dating app is going to soar with users!
Kiva - We are huge supporters of this organization and we were delighted to see they are making even more 0% interest loans available to businesses right now.
Facebook - They’re offering $100M in small business grants, but we’re still waiting on details about how to apply.
Yelp - They’re providing $25M in relief primarily for restaurants and bars in the form of advertising. Every bit counts right?!
SITES WE LOVE
Tory Burch Foundation - They’ve provided a great, growing resource guide for businesses.
US Chamber of Commerce - They’ve done a bang up job of creating a COVID resource page loaded with resources for business owners.
COVID-19 Business Resource Center - For those of you that live in our home state of South Carolina, this website is a good place to find links to key resources.
Accel Tax and Business - Our accountant has been doing a great job of providing short updates that a real human can actually understand on the economic relief bill.
HATCH TRIBE SUPPORT
We’re on a mission to help entrepreneurs build powerful, purposeful, and profitable businesses. That mission remains unchanged. If you’re an entrepreneur who’s looking for support and connection during this challenging time, join the Hatch Tribe Collective for only $5 for 60 days.
We’ve got your back. Now and always.