Financial Resources to Help Small Businesses Weather COVID-19

In the wake of COVID-19, small businesses are facing unprecedented challenges. As part of our effort to support the SMB community, Enigma has aggregated a list of financial resources to help small businesses from the fintech community and beyond.

This list was last updated April 6, 2020 and will be updated as new resources become available.

• Small business lender Kabbage has launched a platform where any business can sign up to sell gift certificates online, and anyone can purchase them to support participating small businesses.
• Hello Alice is offering $10,000 grants to be distributed immediately to small business owners.
• Many states are allowing deferments of tax payments and/or extensions for filing. The AICPA is keeping an updated list of state changes here.
• The federal government has announced that individuals who owe $1 million or less and corporations that owe $10 million or less will have an extra 90 days to pay their 2019 taxes.
• The SBA is offering low-interest disaster assistance loans for up to $2M for small businesses affected by COVID-19. You can find a guide to their loan resources for small businesses here.
• Facebook is rolling out a $100M grant program for small businesses. You can sign up to be notified when applications open here.
• Yelp and GoFundMe are partnering to enable local businesses to receive donations directly on their Yelp pages, as well as matching up to $1 Million in donations.
• Fundera has put together this helpful list of state-by-state resources to help small businesses affected by the coronavirus.
• Square has a resources page that includes suggestions for how small businesses can safely operate in the wake of new restrictions
• Lendio has published a guide to SBA COVID-19 loans.
• Toast has created a multi-chapter guide for restaurants to manage during COVID, and plans to release a weekly newsletter including a round-up of relevant articles, tips, and case examples of restaurants that are managing.
• Gusto has put together an employer’s guide to navigating coronavirus.
• Aspen Tech Policy Hub of the Aspen Institute has announced a challenge grant: "In light of the ongoing COVID-19 pandemic and the need for civic technologists to build new tools and policy solutions to support communities in need, we thought it was imperative to pilot this model and announce one such opportunity now."
• Crunchbase has published a list of how sales and marketing teams can use their resources during COVID-19.

Are you a financial institution trying to better serve your small business customers through this period? At Enigma, we’ve built one of the most comprehensive sources of alternative data on small businesses, and the infrastructure to rapidly develop new models and insights.

If you’re looking for alternative data to better serve your small business customers let us know.