COVID-19 Resources for Freelancers and Small Business Owners
COVID-19 Resources: Last updated June 8, 2020
If you’re a small business owner in North America, the past couple of weeks have certainly been anxiety-inducing.
According to a recent survey by the National Federation of Independent Business, 23% of U.S. small business owners are already feeling negative impacts from the COVID-19 pandemic. Another 43% of small business owners anticipate they will feel the impacts very soon, especially if the virus spreads.
No matter how your business is being affected, we want you to know that FreshBooks is here for you. It’s why we’ve curated this list of helpful resources specifically for American and Canadian small business owners affected by COVID-19.
Although we’ve created our own list of resources here and on our resource hub, there are also some amazing roundups already available from:
*Note: We will update our resources weekly to ensure they reflect the most accurate information and news available. Please feel free to add a comment if you have found a great resource we can share on this list.*
U.S.-Specific Information
Government Announcements
Centers for Disease Control and Prevention outbreak update [Learn more]
How the U.S. government is supporting small businesses [Learn more]
Federal Reserve Announcements
Interest rates cut down by 150 basis points to 0.25% [Learn more]
Short-term loans available to banks increase to keep money markets stable and ensure banks have more cash on hand [Learn more]
The Commercial Paper Funding Facility allows the Federal government to purchase short-term, unsecured loans to help cover everyday expenses incurred by businesses [Learn more]
The Primary Dealer Credit Facility to support the increased credit needs of households and businesses [Learn more]
Funding, Grant, and Loan Sources
On a federal level, the Small Business Administration (SBA) provides Disaster Loans including PPP and EIDL [Learn more]
Calculate how much you’ll receive from the $1,200 (or more) coronavirus government checks [Learn more]
A breakdown of loans and grants available for small business owners by state [Learn more]
*IMPORTANT NOTE: As of April 27, 2020, the Paycheck Protection Program (PPP) is accepting applications again, after $310 billion was made available for small business owners. If you had trouble getting funded when the PPP was last open, you may want to check with community banks and credit unions, as $60 billion of this funding is earmarked for small lenders. Some online lenders are also facilitating loans through the PPP. Furthermore, the Economic Injury Disaster Loan (EIDL) program will be accepting applications again. Check their website here for the dates on when you can apply. This program is likely to run out of funding again, so if you want to apply, do so as soon as possible.
BDC business continuity plan checklist and templates [Learn more]
Office of the Superintendent of Financial Institutions lowered the Domestic Stability Buffer requirement to increase the lending capacity of Canada’s large banks by an extra $300 billion and in turn, support the supply of credit to the Canadian economy [Learn more]
Funding, Grant, and Loan Sources
A roundup of financial relief programs available, including the Canada Emergency Response Benefit, Temporary Wage Subsidy for Employers, and Canada Emergency Business Account [Learn more]
$10 billion business credit line with be available through the Business Development Bank of Canada (BDC) [Learn more]
Bankers’ Acceptance Purchase Facility to launch as a key source of financing for small- and medium-size corporate borrowers [Learn more]
Temporary Business Closures
Every Canadian province has proclaimed its own version of the Emergencies Act. This includes temporary closure of bars and restaurants (except for delivery or takeout) and banning public gatherings of more than 50 people. [Learn more]
Microfinance Ireland COVID-19 Business Loans from €5,000 to €50,000 [Learn more]
Enterprise Ireland €5,000 COVID-19 Business Financial Planning Grant [Learn more]
Other Help & Resources
Many businesses are rallying behind their customers and communities. Here’s a list of businesses currently offering relief:
Bench: Providing free consultations to any small business owner regarding PPP loans such as eligibility, how to apply, and loan forgiveness. [Learn more]
Facebook: $100 million in cash grants and credits available to 30,000 small businesses in over 30 countries [Learn more]
Square: Purchase gift cards from your favorite Square merchants through the Give and Get Local program (U.S.-only) [Learn more]
HelpOthers.io: A digital gift card marketplace that allows you to prepay for goods and services from local businesses to be redeemed when businesses re-open [Learn more]
Canada’s Top 6 Banks: Allow mortgage payment deferrals of up to 6 months for customers facing financial difficulty due to COVID-19 [Learn more]
Crowdfunder: Pay it forward to UK-based small businesses, sports clubs, creatives, and social enterprises [Learn more]
Promo.com: The video creation platform is offering 2 months free with no credit card required [Learn more]
OneLocal: COVIDsafe Services Hub provides industry-specific best practices based on Canadian public health guidelines [Learn more]
Contently’s take on how to keep writing and making money [Learn more]
Moonlighting Inc. is offering its platform and services for free so that freelancers and part-time workers can find and manage gigs [Learn more]
The Power of Community
While we understand many of you are experiencing difficulties, it’s important to look to your own local community and support those who really need it by:
Checking in on your elderly neighbors, and high-risk friends or family members
Supporting local small businesses by pre-buying in advance [Learn more]
Donating to charities that need your support at this time, such as:
We are all in this together. Even as we practice social distancing, we can still be a strong community that supports and lifts each other up during these difficult times.
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Senior Content Marketing Manager, FreshBooks
Lisa is passionate about small business success, having managed funding programs for hundreds of Canadian start-ups and entrepreneurs. She is presently Senior Content Marketing Manager at FreshBooks.