Small businesses are some parties struggling the most during the COVID-19 shutdown, as many of them entirely lost their ability to generate revenue, with no sign of when they might return to business. There are resources for businesses to seek relief in the form of SBA loans (which have been exhausted) or possible insurance coverage, and some big tech companies have earmarked funds to contribute to help small company owners try to weather this storm.
Google’s parent company, Alphabet, has pledged the following:
Facebook has also set aside $100 million for grants and ad credits for at least 30,000 small businesses in 30 different countries.
Amazon created a Neighborhood Small Business Relief Fund to provide $5.5 million in relief to more than 400 small businesses in the Seattle area. Small businesses might also receive funds from Amazon’s COVID-19 Response Fund.
In total, there has been $681.5 million pledged by big tech companies to benefit small and medium-sized businesses and help them survive this crisis. If you are a small business owner, you should discuss your concerns with a San Francisco business attorney as soon as possible.
At Primum Law Group, we assist small businesses with a wide range of legal questions and issues. If you have legal concerns regarding your small business, including contract disputes or funding questions, discuss the matter with our legal team. Call 415.293.8042 or contact us online today.