Assistance for Small Businesses
Verizon Small Business Recovery Fund
Small businesses across the country are confronting extreme economic challenges as a result of the COVID-19 pandemic. Financial support at this critical time can make the difference between staying in business or closing permanently, leading to lost income, jobs and economic stability.
Thanks to a $2.5 million investment from Verizon, we are offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
Additionally, Verizon recently launched #PayItForwardLIVE, a weekly livestream from big names to pay it forward for small businesses. Viewers can tune in every Tuesday and Thursday at 8PM ET/ 5PM PT on @Verizon’s Twitter, Yahoo, Twitch, and Fios Channel 501. As people support their favorite small businesses with #PayItForwardLIVE, Verizon will commit an additional $10 per use of the hashtag, up to $2.5 million, for a total of up to $5 million in support.
Your application must be completed by
Saturday, April 4th, 11:59 p.m. ET.
for questions and troubleshooting.
Who is eligible?
LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
What it can be used for?
Paying rent and utilities
Paying outstanding debt to vendors
Other immediate operational costs
Your application must be completed by Saturday, April 4th, 11:59 p.m. ET.
F YOU ARE A BUSINESS OWNER, YOU WILL WANT TO ACT ON THIS IMMEDIATELY!
The link to the Economic Development Department is listed below.
The Department of Economic Development will post an
application for funds on April 6, 2020.
Funds are limited, so applicants are encouraged to submit
their applications as soon as possible.
The City of Cleveland is prepared to help businesses through
the economic impact of the COVID-19 pandemic.
The continued vibrancy of Cleveland’s commercial corridors
is vital to our community.
In order to help maintain our business community, the City
has established an EMERGENCY WORKING CAPITAL FUND.
EMERGENCY WORKING CAPITAL FUND
- Up to $10,000 Loan
- Reimbursement for operating costs incurred for the month of March onward
- No fees
- No interest or payments due until January 1, 2021, 1% interest thereafter.
- Payment of $150/month until repaid.
- Business was operating in the City of Cleveland as of March 1, 2020
- Eligible Small Business in line with SBA definitions
- Negatively impacted by COVID-19
- Subject to Credit Review
The Department of Economic Development will post an application for funds on April 6, 2020.
Funds are limited, so applicants are encouraged to submit their applications as soon as possible.
Economic Development Initiatives & Emergency Working Capital Loans
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most
mortgage interest, rent, and utility costs over the 8 week period
after the loan is made; and Employee and compensation levels
Payroll costs are capped at $100,000 on an annualized basis for
each employee. Due to likely High subscription, it is anticipated
that not more than 25% of the forgiven amount may be for
Loan payments will be deferred for 6 months.
When can I apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA Lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
Who can apply?
All businesses-including non-profits, veterans organizations, Tribal business concerns, sole proprietorship, self-employed individuals, and independent contractors-with 500 or fewer employees can apply.
Where can I apply?
You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Paycheck Protection Program(PPP) Information
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Coronavirus Funding Options:
Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.
To learn more about the relief options available for your business, click here.