Resources for Small Businesses During the Covid-19 Outbreak

covid 19 help for small businesses

Small businesses are the lifeblood of our business. We're with you from the very first step - forming your LLC or Corporation and we provide service to thousands of small businesses each year. We are proud to be a part of your story.

Our country is experiencing an unprecedented time of economic uncertainty and small businesses are often the most at-risk. As we navigate these waters together, The Incorporators wants to be as helpful as possible. Today we've complied a list of some of the programs we know of that are helping keep small businesses afloat while much of the country is under stay at home orders. 

The Small Business Administration announced that they will be providing Federal Disaster Loans to Businesses, private non-profits, homeowners, and renters. You can find the full list of disaster declarations here.

Every state and several U.S. territories are currently considered disaster areas and therefore many small businesses may be eligible for low interest rate loans from the federal government. If you are interested in applying for an economic injury disaster loan through the U.S. Small Business Administration, start here

Several states have already set up their own loan and grant programs for small businesses during this time. Check your state government websites for updates.

Additionally, cities like New York, Denver, Philadelphia, and more have launched grant and loan programs of their own. Be sure to check your city government websites as well as your local chamber of commerce. Many are rapidly putting together funding programs to keep small businesses afloat during this time. 

For Delaware specifically, last week Governor Carney announced the Hospitality Emergency Loan Program (H.E.L.P.), aimed at providing relief for restaurants, bars, and others in the hospitality industry. Businesses with annual revenue below $1.5 million are able to apply for interest free loans in the amount of $10,000 or less per business per month. Payments will be deferred for nine months. Applications for this program will be available later this week. Interested business owners can check here for updated information when the application becomes available. 

Lastly, Facebook has announced that it will fund over 30,000 small businesses worldwide with $100 million in cash grants. You can sign up for updates on when the application becomes available here.

Employees of The Incorporators are able to work from home and are complying with all local, state, and federal mandates. We remain open and able to assist you with your business needs. The Delaware Division of Corporations is continuing to process orders and as long as they are available, we will be too. We wish you good health as we continue to navigate this challenging time.