COVID-19 Resources for Small Businesses
The Coronavirus (COVID-19) outbreak is first and foremost a human tragedy. It is having a significant impact on the global and local economy. We have compiled a list of resources to help Kansas City area small businesses navigate through this outbreak. Check back frequently as we will be sharing updates as we receive them.
Small Business Relief Loan Fund – In response to the COVID-19 pandemic, a community-backed $5 million small business relief loan fund was launched by AltCap, supported by the Greater Kansas City Chamber of Commerce (KC Chamber), the Kansas City Area Development Council (KCADC) the Civic Council of Great Kansas City (Civic Council) and the Ewing Marion Kauffman Foundation.
U. S. Department of Labor issues guidance on the Families First Coronavirus Response Act that takes effect on April 1, 2020. For businesses with fewer than 500 employees, the legislation provides funding, via tax credits, for additional paid sick leave and expanded FMLA benefits for employees impacted by COVID-19. (March 25, 2020)
Kansas City Missouri Proposed Small Business Assistance Grants – Mayor Quinton Lucas proposed an amendment to the city budget to add a $500,000 fund to assist small, locally owned businesses. Funding could range from $5,000-$15,000. The City Council is expected to vote on Thursday, March 26. More updates coming. (March 23, 2020)
Facebook Small Business Grants Program – Facebook is $100M in cash grants and ad credits for 30,000 small businesses in 30 countries. More details will be shared as they are available. Sign-up on the grant program site for updates. (March 24, 2020)
Financial Disaster Assistance Funds
Small Business Administration Economic Injury Disaster Loans – low interest loans for businesses impacted by COVID-19. These loans are administered directly from the SBA.
The SBA advises us that the most authoritative source of assistance with the EIDL application is via their toll-free number and/or e-mail:
SBA Express Bridge Loans Pilot Program – allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
Fast Start Loan Fund – microloans (under $20,000) for businesses in need of fast access to capital. Administered by AltCap, a Kansas City-based Community Development Financial Institution.
LoanUp Program – Kansas City Economic Development Corporation continues to offer revolving loan funds to small businesses that have previously been turned down by a financial institution. During these challenging times, monthly loan payments are flexible.
Kiva – Kiva has expanded eligibility to more businesses in the U.S. and increased loan size to serve small businesses impacted. Borrowers may now directly request funding and the maximum loan size will increase from $10,000-$15,000. Kiva is a non-profit that expands access to capital to entrepreneurs across the world using a crowdfunding strategy.
Resources for Small Business
KCSourceLink – a website developed by KCSourceLink, a Kansas City network of small business resources, provides frequent updates and access to local resources that can help businesses navigate the outbreak.
Women’s Business Center – provides free telecounseling and email counseling for businesses seeking guidance on helping their businesses throughout the outbreak.
Johnson County (KS) Updates – resources for businesses/employers and sign-up for daily emails from Johnson County.
Sign up for daily updates from Johnson County government on COVID-19 at https://www.jocogov.org/coronavirus-covid-19-update