To combat the economic destruction threatening the survival of small businesses in every town across America, the U.S. Chamber of Commerce launched the Save Small Business Initiative — a nationwide program to address small businesses’ immediate needs, mitigate closures and job losses, and mobilize support for long-term recovery.
The Save Small Business Initiative features a four-part campaign including financial aid, resources and guidance, advocacy, and polling, as well as a call to action for the larger business community and government to help small businesses.
The Save Small Business Fund will provide $5,000 supplemental cash grants to help as many businesses as possible meet their most pressing needs—from rent and making payroll, to overall business operations.
Grant applications opened on April 20, 2020. Grants will be awarded weekly on a rapid and rolling basis until all funds have been dispersed. Once the grantee has been notified and submitted payment information that meets compliance checks, it will take 3-5 days to process the payment. The number of grants awarded will be scaled in proportion to the demand and available funds.
To learn more about the Save Small Business Fund or apply for a grant, visit www.savesmallbusiness.com. You can also sign up for an email reminder on the site.
To qualify you must:
- Employ between 3-20 people.
- Be located in an economically vulnerable community.
- Have been harmed financially by the COVID-19 pandemic.
With demand expected to be high, please be patient as the site performance may be slow or even interrupted at times. Please have your information readily available to ensure completion of the application without any issues. While we do not know all of the information that will be required, we recommend, at a minimum, you have a signed 2020 Form W-9 available to upload, your business tax ID# and the number of employees you have on payroll (currently and prior to the COVID-19 pandemic).
COVID-19 Resources and Planning Services
Congress is currently deliberating an additional $250 billion to small businesses loan funding. GPP will keep you posted through our COVID-19 Business Assistance and Resource Center. If your small business needs loan assistance during this challenging time, our COVID-19 Business Advisory and Planning Services Group is ready to assist.
For immediate questions, email CARETEAM@GPPcpa.com
Note: This content is accurate as of the date published above and is subject to change, as definitions change. Please seek professional advice before acting on any matter contained in this article.