This is How Large Organizations are Helping Small Businesses During the COVID
The SARS-CoV 2 identified in Wuhan — the capital city of Central China’s Hubei province has a devastating impact on small businesses and their staff across the globe.
Small businesses are the very fabric of our community, providing over 55% of all private jobs in the US. There are around 30.2 million small businesses in the US alone. They’re the backbone of our communities, and their shutdown could lead to disparity and unemployment. But thankfully, many large organizations, along with government institutions, have come forward to help pandemic affected small businesses survive the crisis.
These large enterprises are offering a variety of support. Designhill, for example, has launched a dedicated SOS micro website where coronavirus impacted businesses can raise much-needed working capital by selling vouchers, coupons, or deals to their loyal customers who can redeem them later once things get better. While Delaware is offering interest-free loans of up to $10,000 per month to businesses related to hospitality. The list is long, and that’s a big sigh of relief for small businesses to fight corona.
“The ever decreasing consumer demand is likely to impact the economy, so we think there’s an urgent need to get planning to local businesses,” said Amanda Ballantyne, executive director of Main Street Alliance — a public policy group for small businesses.
The largest public companies taking payroll loans to small businesses:
We have another list of companies that have announced aid for small businesses and nonprofits to save their companies and employees during the Covid.
SBA to provide disaster loans
The U.S. Small Business Administration (SBA), through its Economic Injury Disaster Loans program, is providing up to $2 million in loans to a small business impacted by the pandemic. The organization announced March 13, 2020, that it will continue helping every small business affected by the epidemic with the most effective and customer-focused response possible throughout these times of uncertainty.
Facebook pledges $100 million to aid small businesses.
Facebook Inc has announced $100 million in cash grants, along with ad credits for up to 30,000 affected small businesses to stay afloat during the pandemic.
The company’s amount earmarked amounts to 1.4% of the company’s net income for the 4th quarter of 2019.
Designhill sets aside 40% of its resources.
In the wake of this unprecedented crisis, Designhill has stepped up to support affected communities, be it creative professionals or businesses across the world. The company has set aside 40% of its resources for helping these communities during these hard times.
The company has created a comprehensive microsite with a range of corona resources and guides, free events, free logos, and promotions. Designhill has also launched a not-for-profit initiative www.SOSlocalbusiness.com through which businesses can raise much-needed working capital by selling vouchers, coupons, or deals to their loyal customers who can redeem them later once things get better.
JPMorgan pledges $50 million in aid.
JPMorgan Chase has announced a $50 million package in global humanitarian aid and grants for eligible small businesses and nonprofits amid increasing fears of the upcoming recession forced by Covid-19.
Verizon to waive late fees
Verizon announced on March 13, 2020, that it would help affected small businesses and customers by waiving their late fees off. The company signed onto “Keep Americans Connected” — a new pledge of the Federal Communication Commission to help ensure connectivity and provide assistance to small businesses and customers struggling to survive the coronavirus crisis.
Amazon pledges $5 million to small businesses near its headquarters.
Amazon, on March 10, 2020, announced that it is building a corpus of $5 million as a “Neighborhood Small Relief Fund” for providing cash grants to help local small businesses having less than 50 employees or annual revenue less than $7 million. To avail of the grants, the company should have a physical presence within a few blocks of Regrade and South Lake Union office buildings.
Hootsuite to offer free access to small businesses, nonprofits
Hootsuite is offering free use of its professional version of social media management software until July 1, 2020, to businesses in impacted industries like hotels, restaurants, event venues, and performing arts.
Final thoughts
Although cases of coronavirus are increasing every day, creating panic amongst people and business owners, it’s not too late to revamp strategies to fight the corona pandemic. These are some of the large organizations that have stepped up to support affected small businesses during the Covid.