In response to the COVID-19 crisis, the U.S. Chamber of Commerce Foundation, a private sector 501(c)(3) organization and an affiliate of the U.S. Chamber of Commerce, has launched the “Save Small Business Initiative.” This initiative is a nationwide program focusing on small businesses’ immediate needs, efforts to mitigate closures and job losses, and mobilizing support for small businesses’ long-term recovery. The program is a four-part campaign, which includes financial aid (“Save Small Business Grant Fund”), resources and guidance (e.g., webinars), advocacy and polling to track the impact and eventual recovery of small businesses, as well as a call to action for large businesses and government agencies to help small businesses.
Financial aid takes the form of the “Save Small Business Grant Fund,” which begins accepting applications today, April 20, 2020. To apply you must:
- Be a small business or chamber of commerce with 3-20 employees (including applicant but not independent contractors);
- Have suffered financial harm; and
- Be located in an economically vulnerable community as identified by the Distressed Communities Index.
If those qualifications are met, the applicant needs to fill out a short online application and provide a copy of the W-9 that lists the qualifying address. Grants are awarded on a rolling basis in the amount of $5,000 to be used for business expenses. The U.S. Chamber of Commerce Foundation will follow up with a survey to learn how the grant was spent and to continue to collect information on small businesses. The “Save Small Business Grant Fund” application can be found here.
If you have any additional questions about this initiative or other business issues, please do not hesitate to contact me. Widerman Malek is here to help.