As 2020 comes to a close, many small businesses struggle to earn revenue. COVID-19 is still a huge threat to many small business owners and employees. Early last week we saw Congress pass a new relief package recently signed by President Trump. Within this stimulus bill there are a few key advantages for small business owners. Congress has reserved roughly $284 billion for both first and second Payment Protection Program loans for small businesses and nonprofit organizations. Of this amount, Congress promised that $20 billion would be reserved for extremely small businesses across the country. The bill also ensures that $20 billion will be used for grants through the Economic Injury Disaster Loans program, a program designed to implement aid for lost revenue through utilities, rent, healthcare benefits and much more. Congress has included $15 billion to aid minority businesses located in low-income neighborhoods. Nonetheless, because of the recent delay, what other grants and resources are currently available for small businesses? Below are a few grants offered right now that may fit your small business needs (courtesy of Nav.com):
3 grants for existing and growing businesses:
National Association for the Self-Employed (NASE) Growth Grants
https://www.nase.org/become-a-member/member-benefits/business-resources/growth-grants
https://www.nase.org/become-a-member/grants-and-scholarships
Nav’s “Legitify Your Small Business” Grant
FedEx Small Business Grant Contest
https://www.fedex.com/en-us/small-business/grant-contest.html
Grants for technology startups:
Small Business Innovation Research Program
Department of Energy Grants
https://www.grants.gov/search-grants.html?agencyCode=DOE
1 grant for BIPOC-owned businesses:
Comcast RISE
Before applying for one of these small business grants you must research your options to find one that fits your business’s needs. You must also make sure your business qualifies. Some key qualification assets include: number of employees, revenue, executive summary, ID, social media, website and any other information about you and your business. Understand these are general requirements but each grant will also have unique requirements. If you find a grant that fits your exact needs and you qualify go ahead and send in your application. Most of these small business grants offer up to $10,000 based on your business’s current revenue stream and number of employees, not to mention some even offer free strategic newsletters. Business grants are extremely useful for small businesses, especially during a global pandemic where some have seen zero revenue. It’s important to maintain a customer base, implement new marketing strategies, promote new products and services and pay for expenses. You can limit your small business stress by applying for small business grants. The easiest way to start your search is by checking out a few of the grants listed above, going to Nav.com, going to SBA.gov or simply looking up small business grants. Keep in mind there are large grants and small grants. While each is going to have their own specific qualifications and application, the smaller grants focused more on specific industries will be easier to obtain than larger more broad options. These grants are going to help you get back on your feet. You must take advantage of these great financial and strategic opportunities, all are meant to help you and your employees thrive and continue to improve business plans and goods/services through COVID-19.
