Small business owners across America are fighting to keep their workers employed and their dreams alive. Amid the pandemic and the economic fallout, too many already have shuttered, and millions more are on the brink of permanent closure.
We are committed to mobilizing and maximizing the impact of the nation’s response. Join us in supporting small businesses, their workers, and the families and communities that depend on them.
"We cannot and will not allow our country’s critical small business sector to collapse."
U.S. CHAMBER OF COMMERCE PRESIDENT
RESOURCES AND WEBINARS
The latest resources, advice, and information to help small businesses navigate this challenging time, including financial aid guides, remote working tips, best practices articles, webinars and town halls, and more.
In partnership with Inc., CO— by the U.S. Chamber of Commerce hosted a weekly virtual town hall event series to help small businesses navigate financial aid programs and answer questions. View the recorded sessions.
CO— by the U.S. Chamber of Commerce is now hosting “Workshop Wednesdays” – a weekly series of virtual events focusing on a single topic related to COVID and its impact on small companies. Register to attend the next workshop.
As part of the Save Small Business Initiative, we are also partnering with local and state chamber of commerce, associations, and corporate partners to offer custom webinars and Q&A sessions.
Use this interactive state map to navigate the different guidelines, timelines, and other important information for businesses starting to reopen amid the pandemic.
The CARES Act allocated $350 billion to help small firms keep workers employed. Called the Paycheck Protection Program (PPP), the initiative provides 100% guaranteed loans that can be forgiven if borrowers maintain or restore payrolls.
Download this step-by-step guide to calculate your PPP loan forgiveness amount, navigate record-keeping requirements, and determine repayment terms on amounts not forgiven.
The CARES Act expanded the SBA’s long-standing Economic Injury Disaster Loan Program (EIDL), which includes additional loan programs and $10,000 emergency grants.
The CARES Act created a new employee retention tax credit for employers that are closed, partially closed, or experiencing revenue losses as a result of COVID.
Congress has created new temporary paid sick leave and paid Family and Medical Leave Act (FMLA) programs that are 100% reimbursable by the federal government.
If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for lost income.
As a result of the CARES Act, the Federal Reserve created the Main Street Lending Program to provide a total of $600 billion in financing for small and medium-sized businesses. Check eligibility, calculate borrowing parameters (loans start at $500,000), and learn how to apply for one of the program’s three new lending facilities using this guide.Thank you to Facebook, our partner on these guides and resources. Visit the Facebook Business Resources Hub for more resources and information.
We are fighting for legislation, executive actions, and other government efforts to support small businesses devastated by the pandemic – ensuring that financial aid and support programs are both available and accessible.
The U.S. Chamber played a central role in shaping and securing passage of the CARES Act, including the law’s unprecedented small business emergency loan programs and other relief measures. We are now working to ensure:
- Congress, the U.S. Small Business Administration (SBA), and the U.S. Department of Treasury make three key changes to the Paycheck Protection Program (PPP) to help ensure that the assistance provided through the program can be deployed in a manner that is most likely to allow a small business to remain operational.
- repeal the Paycheck Protection Program’s (PPP) 75%-25% rule,
- extend the eight-week period for purposes of calculating loan forgiveness, and
- extend the June 30 safe harbor date for rehiring and restoration of pay.
In partnership with MetLife, we have transformed the quarterly Small Business Index survey into a monthly Small Business Coronavirus Impact Poll. The online survey of 500 small business owners provides insights on the pace of recovery and which small businesses need the most support.
One in Four Small Businesses on Brink of Permanent Closure, Half Eyeing Temporary Shutdown
Small Businesses Adopt New Practices Due to Coronavirus Closures
SAVE SMALL BUSINESS FUND
The Save Small Business Fund is a way for larger businesses and philanthropies to help the small business community suffering from the impacts of the COVID-19 pandemic. This fund is the result of a few of those corporations and foundations (Vistaprint, Merck, the S&P Global Foundation, and Travelers) stepping up to help the small employers who have been hit hardest by the shutdowns.
Grants have already been awarded to employers in 50 states, DC, and Puerto Rico.
Because of the high demand, the Foundation is no longer accepting applications, but they continue to make new awards to the small businesses that have already applied as new funds become available.
If your company or foundation is interested in contributing to the Fund, please contact us.
CALL TO ACTION
We are calling on the larger business community to marshal any available resources, talent, and unique capabilities to help small businesses in any way they can.
Recognizing that many midsize and larger companies have also been hit hard by the pandemic, we are developing recommendations for those that are able and looking for more ways to assist small businesses.
Suggestions for consideration include:
- Contribute to the Save Small Business Grant Fund
- Host regular virtual information sessions and distribute guidance and financial aid information to small business vendors, customers, suppliers, and partners
- Prioritize accounts payable processing for small business vendors and suppliers
- Provide lines of credit to small business suppliers that are struggling
"Small businesses touch every family and every block of every town across America. And they need our help right now."
U.S. CHAMBER OF COMMERCE PRESIDENT