Keeping in mind that more news is continually unfolding and that every business has different operational requirements, we have compiled a breakdown of financial relief that is available to you, our coffee shop partners.
Please note that resources listed below are not applicable to every business. This is intended as a brief summary of resources that might be helpful for you.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
The SBA has a couple of loan resources available for small businesses. The Economic Injury Disaster Loan Program is currently applicable to all small businesses in all U.S. states and territories. Through work with state Governors, working capital loans of up to $2M are available. Additionally, for more urgent needs, the SBA is offering Express Bridge Loans of up to $25,000. A business can be eligible while waiting for their application for the EIDL to process.
RWCF was founded in 2018 to advocate for gender equality, racial justice, fair wages, and healthy work environments in the restaurant industry. Due to this industry now being in crisis, they have put their full focus on COVID-19 relief. It is yet to be determined how these funds will be distributed.
Functioning much like a savings bond, customers can purchase a dining bond now for a lower price than the actual value that they will receive in the future. This is a great way for businesses to keep revenue coming in during these times. Restaurants decide values. Follow the link to get started and added to the map so customers can find you.
The city of Los Angeles created this program to help their community businesses with working capital. You must apply directly through the city, there is no application fee. Documentation needed: 1 year of tax returns, business financial statement, personal financial statement, personal tax returns, bank statements, and sources/uses of funds. Loan amount $5,000-$20,000.
The city of New York is offering a grant to small businesses with fewer than 5 employees. In an effort to help these businesses retain their staff, the grant covers 40% of payroll costs for 2 months. This is inclusive of nonprofits.w
The city is also offering zero-interest loans for small businesses with fewer than 100 employees. Loan amounts up to $75,000 to help businesses retain their employees. They are now accepting pre-applications through their site.
To help ease the disruptions that are a result of the global outbreak, Facebook is offering $100M in cash grants and ad-credits to up to 30,000 eligible small businesses. They will be accepting applications in the coming weeks, but for now you can sign up for updates.
The state of New Jersey is urging businesses to continue to pay their employees regardless of ability to work, as they are promising a robust relief program for small and mid-sized businesses. You can expect updates this week according to their site.
COVID-19 Business Resource Center
Hello Alice is a free platform that helps businesses launch and grow. They are offering grands of $10,000 to small business owners and are providing free resources and support for small business owners adapting to the impacts of the virus.
We will continue to follow government updates closely and work to understand what they mean for our coffee community. We know these are overwhelming times, so if you have any questions or need assistance understanding your best route forward, we’re here to help. We can’t promise that we’ll have all the answers, but we will do our very best to support you.
For more information on additional resources available to you during the COVID-19 crisis, please see How coffee shops are navigating COVID-19.