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small business relief initiative

The Small Business Relief Initiative: What You Need to Know

A number of lifelines are starting to open up to small businesses looking for aid amid the coronavirus shutdown.

We’ve previously outlined how the $2 trillion CARES Act set aside well more than $300 billion for small business relief, primarily in the form of loans. Since then, demand for those funds was so heavy that Washington passed another $484 billion relief package. Most of that will go toward additional Paycheck Protection Program (PPP) loans.

But more aid is needed … and thankfully, more aid is coming. Among the programs popping up to help small businesses is one from the private sector: the Small Business Relief Initiative.

What Is the Small Business Relief Initiative?

Popular crowdsourcing site GoFundMe has teamed up with TurboTax maker Intuit and review/reservations site Yelp to provide quick monetary relief to small businesses that have been affected by coronavirus-sparked shutdowns across the country.

The primary aspect of the Small Business Relief Initiative allows small businesses to create fundraising campaigns on GoFundMe’s platform. You can either search for your business to look for an existing campaign or sign up here to get started. The site page currently lists several GoFundMe campaigns – many for hospitality and entertainment-industry groups – that are close to, have met or are exceeding goals. Several have raised hundreds of thousands of dollars.

Many businesses also are eligible for grants from the Small Business Relief Fund.

GoFundMe.org Small Business Relief Fund

The Small Business Relief Fund is an initiative from GoFundMe.org, the company’s nonprofit charity arm, to provide additional funds to small businesses. Small businesses that raise at least $500 via their GoFundMe campaign may be eligible to receive a $500 matching grant from the fund.

The program is open to small businesses that have been negatively impacted by some form of government order tied to COVID-19. GoFundMe also requires the businesses to be “independently owned and operated and not nationally dominant in the field of operation for that business.” They also must intend to use the funds “to either help care for its employees/workers or pay ongoing business expenses.”

Campaigns that earn a grant will pop up as a donation from GoFundMe within a few weeks.

Are You Eligible for Additional Relief?

The COVID-19 pandemic has slammed the brakes on the economy. Now, small businesses across the country are looking for every financial break they can get. If you’re not sure what your options are, now is the time to figure them out.

McManamon & Co., which serves small and midsized businesses, offers a host of services include accounting, tax, forensic and consulting. We’re well versed in the options available to the community, including the government’s various lifelines. Thus, we can help you determine what you’re eligible for and how to apply.

Don’t waste another minute. Give us a call at 440.892.9088 or contact us online today.

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