The coronavirus has essentially broken the U.S. economy as more than 20 million residents have filed for unemployment benefits in the last month. However, seven small and large companies are trying to help small business owners keep their dreams alive.
Thanks to a $2.5 million grant, Verizon’s small business recovery fund is offering grants of $10,000 to business owners facing financial issues. The fund particularly focuses on business owners of color, women, and other marginalized groups. Small business owners can apply for a grant here.
Texas Women’s University has created the AssistHer Emergency Relief Grant for female owned businesses that have been impacted by the coronavirus pandemic. Existing woman-owned businesses that have at least 51% directly owned and controlled by one or more women can apply. Those who apply will receive a response within 30 days. The funds can be used for technology upgrades or other items needed to change or adapt business models. The funds can also be used for operating expenses
The India Center Foundation is offering its help art workers and artists of South Asian descent that have been impacted by the coronavirus. Project grants of $1,000-$2,000 will be distributed to dancers, choreographers, poets, actors, musicians, producers and others. More information is available here.
Fashion label Pyer Moss announced March, 18 it would be turning its NYC office into a donation center for N95 masks and latex gloves on its Instagram page. Additionally, the label has created a relief fund has been established for women and minority businesses negatively impacted by COVID-19. The fund, named The Your Friends in New York Business Relief Fund, is awarding grants of different amounts to business owners in need. More information can be found here.
Women’s undergarment company Spanx has announced the Red Backpack Fund. A donation of $5 million is going to support female business owners who have been impacted by the coronavirus. The fund will award 1,000 female business owners with $5,000. Applications will be open until August.
The social networking site Facebook announced, $15 million will be used to help small business owners impacted by the coronavirus. Additionally, chief diversity officer Maxine Williams added 50% of the grants would go to minority, women and veteran-owned businesses. Those who wish to apply can visit the grant website.
Social startup Digitalundivided created a new fund called The Doonie Fund, named after the CEO’s grandmother. The fund will provide relief for African American female entrepreneurs who have been impacted by coronavirus. The fund, created in early April, has already helped more than 93 entrepreneurs by providing micro-investments of $500 or less. Those eligible can apply through the company’s site.
The Small Business Administration was providing loans and grants through the Paycheck Protection Program. However, the fund has already run out of money and lawmakers have yet to agree on how much should be added to the program. Democrats want to make sure additional fund help minority and female owned businesses