These are unprecedented times for small business owners.
REV has been engaged with our entrepreneurial ecosystem partners to ensure we are being as collaborative and clear as possible in messaging to our community the resources available to them during the COVID-19 pandemic. How can we help you?
HOW REV IS SUPPORTING SMALL BUSINESSES
Understanding the CARES Act
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed by Congress are intended to assist business owners with whatever needs they have right now. This guide from our friends at Alabama SBDC provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Comparing loan programs
Among (many) other things, the CARES Act provides for two types of attractive loans for small businesses: the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program Loan (PPP). This summary from our friends at Balch & Bingham provides a comparative overview of each type of loan and describes how to apply.
Loan Application Checklist
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
WORKSHOPS FROM REV & PARTNERS TO SUPPORT SMALL BUSINESSES DURING COVID-19
As your business coaches, we encourage you to use this time wisely, to analyze your business model, to diversify your revenue streams, to solidify your financial foundation. We’ve put together a calendar of virtual programming to support you during this time of disaster recovery.
Birmingham Small Business Relief Fund raised over $90K, helped 14 downtown establishments repair damages
More than 200 people and nine organizations joined forces to raise money through the Birmingham Small Business Relief Fund for brick and mortar locations that sustained damage on the night of May 31.
Filed Under: Small Business
Introducing Rebound Bham, a group effort focused on small business support that highlights partners’ passion for mom-and-pop shops and the people behind them.
The state of small business in downtown Birmingham: REV's observations, analysis and recommendations to rebound from COVID-19
REV has pulled together a report that is intended to communicate qualitative and quantitative data along with business intelligence gathered from boots-on-the-ground conversations between REV team members and downtown stakeholders.
Birmingham is strong
… and the challenges of 2020 are pushing Birmingham to emerge an even stronger city. As Birmingham once again raises its collective voice against racism and continues to adjust to the impacts of COVID-19, REV Birmingham’s team is working hard to find ways to build community and resources in support of an ever-increasingly vibrant city.
If you are able, please also consider a donation to support REV as we navigate the repercussions of COVID-19. As a nonprofit, we rely on donations from our community to continue this important and necessary work—helping businesses persevere to ensure Birmingham is vibrant after COVID-19.