Business Grants Available to Small Businesses in Vulnerable Areas
By Diane Giordano, Partner, Tax & Business Services
Small businesses are the foundation of our communities and our economy. However, many small businesses are suffering now due to the COVID-19 situation. These businesses need resources and relief soon. In recognition of this, the U.S. Chamber of Commerce Foundation, a 501(c)(3) organization, has launched the Save Small Business Grant Fund. This program is a grantmaking initiative offering short-term relief for small employers in the United States.
This program is funded by contributions from corporate and philanthropic partners and provides $5,000 supplemental grants to small employers in economically vulnerable communities. This fund is a key pillar of the U.S. Chamber’s Save Small Business Initiative.
These one-time supplemental cash grants are for businesses that:
- Employ between three and 20 employees, AND
- Operate in an economically vulnerable community, AND
- Have been financially harmed.
To determine if a business is located in an economically vulnerable area, visit savesmallbusiness.com and navigate to the section “See if Your Business Qualifies.”
The online grant application will go live on Monday, April 20 at 3:00 PM EST.
The application will take less than 10 minutes to complete. Applicants will need to provide a W-9 Form. Grants will be awarded weekly until all funds have been disbursed. Upon approval, it will take 3-5 days to process a payment.
Coronavirus Resource Center
Have more questions about the impact of the coronavirus on your business? Visit Marcum’s Coronavirus Resource Center for up-to-date information.