It’s a tough and scary time for many businesses right now and we know different publishers are feeling impacts to their businesses in different ways — whether that’s affiliate income, product sales, ad revenue, etc.
We’re working hard to protect your ad income as much as possible and will do whatever we can to guide you through these trying times! Our finance team has also been working to assemble information from different partners and advisors so we can bring you clear and useful financial resources.
There are several new or expanded assistance programs that small businesses in the United States may qualify for. In this post, we’ve pulled together details on these programs, how to apply, and where you can find more info. As we uncover any opportunities for international publishers, we’ll be sure to share those as well!
AdThrive COVID-19 coverage
Click here to browse all of our posts about the effects of the coronavirus pandemic on the digital media industry.
How the CARES Act can help publishers
You may be eligible for some of the financial relief programs offered through the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
We encourage you to consult with your business banker, CPA, or financial advisor to see if any of these programs could benefit your business.
Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) provides loans that help small business owners continue to maintain payroll and avoid laying off employees — even if the only “employee” is you, as a sole proprietor or self-employed person.
The loan amount can be up to 2.5x your average monthly payroll cost. Loan payments are deferred for six months.
If you meet certain requirements, you can request loan forgiveness for the portion of the loan used to cover the first eight weeks of payroll, employee benefits, and most utilities, mortgage interest, and rent.
Small businesses and sole proprietors can apply starting on April 3; independent contractors and self-employed individuals can apply on April 10. There are financial caps to this program, so while loans are available through June 30, you may want to apply sooner rather than later.
Here’s a handy PDF guide from the U.S. Chamber of Commerce
More information: Paycheck Protection Program (PPP)
Apply: Paycheck Protection Program application
Economic Injury Disaster Loan (EIDL) / Emergency Economic Injury Grant
An Economic Injury Disaster Loan (EIDL) provides support to small businesses facing a temporary loss of revenue. Loans can be up to $2 million, with a 3.75% interest rate for small businesses, and repayment terms of up to 30 years.
You can use the funds to pay fixed debts, keep employees on payroll, make rent or mortgage payments, or pay other bills affected by the disaster.
Once you apply for an EIDL, you can also request an advance of up to $10,000. Emergency Economic Injury Grants provide this advance to small businesses affected by COVID-19, and the advance does not need to be repaid! The full EIDL application can take about 2 hours to complete, but funds will be available within three days of a successful application.
You can apply for an Emergency Economic Injury Grant and a PPP loan. There are some stipulations on how loan forgiveness works with both in play, and funds received from each program have to be used for different purposes.
More information: Economic Injury Disaster Loans and Loan Advance
Apply: Economic Injury Disaster Loan application
You can also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information.
Free business counseling services
SBA also offers small business counseling services (with extra funding right now) to help guide you through these difficult times. Search for a local partner who can help you navigate questions about your business structure or financing options!
State and local opportunities + other small business relief programs
Forbes is running regularly-updated coverage on federal, state, and local programs that help small businesses during COVID-19. It’s worth checking back in regularly for news!
Next steps
We’re seeing that many banks and financial institutions are setting up webinars and training opportunities to help their clients navigate the application processes. If you don’t have a CPA or financial advisor, check with your bank to see what resources they’re offering right now!
And take advantage of free services offered through your local Small Business Development Center or Women’s Business Center.
There are a lot of people helping right now, so while all the different options and avenues can get confusing, there are plenty of great places to turn, and we’re here to help!
