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COVID-19 Grants

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Employers and employees around the world have experienced the impact of the COVID-19 global pandemic. These individuals have seen stark changes in not only the status of work opportunities but in daily life, as well. Small businesses and organizations are in precarious financial positions as it relates to operating now because of Coronavirus and determining what the future will be.

According to CNBC, there are approximately 7.5 million small businesses right now at the risk of closing altogether. Of those that are operating to some extent, 57% have seen revenue drops of at least 75% or more. In order to stay afloat, it may be necessary to find alternative sources of income and support, like government grants. There are different agencies in the federal government system that are offering applicants the chance to receive a grant.

The Small Business Administration is one entity that has developed funding solutions because of the current challenges. There are a variety of options to help small businesses, such as loans and COVID-19 grant resources. These financial resources are designed to allow businesses to stay functional and not be forced to close their doors. The coronavirus has affected diverse businesses in a number of ways that prevent normal activities. These impacts have to be overcome in order to compete in any field post this pandemic.

What Are COVID Government Grants?

The CDC, which also is offering financial assistance to applicants, defines a grant in simple terms. This is considered to be a funding option where no substantial agency involvement other than oversight is necessary. These are one-time opportunities that must be applied for through demonstration of need.

Currently, there are two standard types of federal government grant solutions for small businesses. The Department of Health and Human Services describes these as discretionary grants and block grants. Each has its own requirements and details, which typically depends on the qualifications of the applicant. Meeting the criteria provides you with operating funds that do not have to be repaid as loans do.

Types of COVID Government Grants

Along with federal COVID-19 grant opportunities there are state options for small business owners, as well. Small business owners may apply for these depending on how their business operates and their qualifications for the resources. One example, in this category there is a $7,500 small business grant offered to those in the state of Colorado. These funds come from the Denver Small Business Emergency Relief Program.

Kentucky also has a COVID-19 grant of up to $3,000, which is offered through the Community and Economic Development Initiative. Although these are state government solutions, they are just as effective when it comes to assisting both employers and employees during these difficult times. It is a good idea to find out what state and federal funding programs there are for small, medium, and large business locations.

How to Apply for COVID Government Grants?

The application process will certainly vary depending on the agency, whether federal or state that you are applying to. Each of these grants may require specific documentation and information to show your eligibility. Due to the coronavirus, agencies have had to revamp processes to meet current needs. Initial forms are being used to locate applicants, while direct applications online are being used also.

In some cases, small business owners may need to show a loss in their ability to operate shops, stores, and restaurants. Other applicants may simply need to prove that their business is registered in a certain city or state to be eligible. Websites and additional webpages are valuable resources to find out more about these options and the complete application process.

Government Opportunities

There are small businesses that were just incorporated when this pandemic hit America. These small businesses are often those that have not had the opportunity to make a profit yet. This does not mean that small businesses have not invested a lot of funds in this endeavor. Small businesses that do not qualify for loans may still be able to receive grants. This, of course, depends on the requirements and your documentation.

The Small Business Administration has emergency SBA Economic Injury Disaster grants of $10,000. These grants are meant to cover sick leave, payroll, and to meet various other needs. Exhausting all of the government opportunities is the best way to find the financial resources that your business needs. If one option doesn’t work, owners have to pursue the next opportunity out there.

Government leaders understand that there is no one solution that will save every small business. This is only the beginning of the recovery process. State and federal agencies are continually trying to provide business owners with programs that meet their current needs and to help them plan and prepare for the unknown future of their businesses.

Forbes is one outlet that has highlighted the different grants, as well as, the details that applicants need to know. Some business owners will opt to take advantage of available loans and the various other financial programs that are being developed to serve those who are struggling.

Researching these individually is the best way to determine which is best for your specific business model. More and more resources will be coming along to assist with reopening strategies for small business owners. Many will utilize these resources to come back bigger and better than before.

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