The U.S. Chamber of Commerce Foundation has created the Save Small Business Fund to support small businesses in economically vulnerable communities affected by COVID-19. The fund is offering $5,000 grants, which must be used for business expenses. As a grant, the money does not need to be repaid, but recipients will be expected to report on how it was used and its impact on the business.
To apply, organizations must meet the following criteria:
- Be a small business or chamber of commerce
- Employ between three and 20 workers, including the owner but not including workers classified as independent contractors
- Have been harmed financially by the COVID-19 outbreak
- Be located in an economically vulnerable community, identified by zip code, in the U. S. or its territories
Access to the funds is restricted to employers in vulnerable communities, which are determined by the Distressed Communities Index, a measure of economic well-being calculated by the Economic Innovation Group. To determine if your area is eligible, visit https://savesmallbusiness.com/#apply and enter your zip code.
Eligible organizations can begin applying on Monday, April 20, at 3:00 p.m. EST at https://savesmallbusiness.com/#apply. Grants will be awarded weekly until funds are depleted, but applicants need to apply only once to be eligible. If you have applied for or are receiving other grants, loans or other funding, check your documentation to ensure there are no provisions that would prohibit or restrict your access to the Save Small Business Fund.
For questions or to discuss COVID-19’s effect on your business, contact a member of the HBK CPAs & Consultants team at 330-758-8613.