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Verizon Small Business Recovery Fund
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Small businesses across the country are confronting extreme economic challenges as a result of the COVID-19 pandemic. Financial support at this critical time can make the difference between staying in business or closing permanently, leading to lost income, jobs and economic stability.
Thanks to a $2.5 million investment from Verizon, they are offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
Additionally, Verizon recently launched #PayItForwardLIVE, a weekly livestream from big names to pay it forward for small businesses. Viewers can tune in every Tuesday and Thursday at 8PM ET/ 5PM PT on @verizon’s Twitter, Yahoo, Twitch, and Fios Channel 501. As people support their favorite small businesses with #PayItForwardLIVE, Verizon will commit an additional $10 per use of the hashtag, up to $2.5 million, for a total of up to $5 million in support.
Who is eligible?
LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
What it can be used for?
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Paying rent and utilities
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Meeting payroll
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Paying outstanding debt to vendors
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Other immediate operational costs
Click Here for more information and to apply
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Resources for Businesses:
Key
Coronavirus Aid, Relief, and Economic Security (CARES) Act
updates (
full summary from SC&H here
)
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The key tenets of the Act are to provide liquidity to individuals and businesses and to provide a stimulus to the economy when people can get back to work, shopping, dining out, etc. Certainly, other goals will be to boost consumer and business confidence as best they can during these times.
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There will be $500 billion for loans and loan guarantees made available to businesses who are making difficult decisions right now – furlough people or keep them on the payroll, pay operating expenses now or request relief.
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There is $250 billion allocated to enhanced unemployment for workers displaced by COVID-19 and the related economic shutdown.
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There are a number of tax provisions in this legislation that are geared towards creating liquidity for individuals and businesses – in the form of rebate checks for individuals ($290 billion) and relaxed rules around the utilization of net operating losses, business interest deductions, investments in real estate improvements and payroll tax credits for employers who retain employees
Additional Coronavirus Aid, Relief, and Economic Security (CARES) Act summaries from relevant industry associations:
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Webinar: Information Session on SBA's Economic Injury Disaster Loan
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CNHED is convening a timely information session with
Antonio Doss, the District Director, Washington Metropolitan Area District Office, U.S. Small Business Administration
and his team at the U.S. Small Business Administration (SBA) for a presentation about the agency’s
Economic Injury Disaster Loan Program
. In response to COVID-19, the SBA is providing targeted, low-interest loans of up to $2M to District-based small businesses and nonprofits severely impacted by this public health crisis.
This webinar session will provide an overview about the SBA’s
Economic Injury Disaster Loan Program
. Antonia Doss and his team will cover the following areas:
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Application process
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Eligibility
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Required documentation
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Resource partners to assist with your application
Thursday, April 2, 2020
11:00am - 12:00pm
REGISTER HERE
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From Kathy Hollinger, President and CEO:
As we start this new week, we know many of you are still navigating your temporary business models and continuing to seek guidance and support during these uncertain times. Many in our industry have proactively launched efforts to support their employees, but we understand it is difficult to decide what the right route for you may be. We wanted to share with you some forthcoming employee relief options.
First, know that RAMW is developing a model in partnership with our friends at Hook Hall Helps to modestly support our operators to position restaurants who are interested and have capacity to do so, to open as community kitchens. Through this model, which we will put in action this week, interested restaurants can receive specific funding through the RAMW/Hook Hall Helps Worker Relief Fund to modestly defray costs associated with overhead as they utilize their spaces as community kitchens. The goal being to activate operations to create packaged meals for sale and donation for various needs including meals for hospitality industry workers who need support, hospital and healthcare workers and first responders, senior citizens, and school children. This model allows a group of restaurants to open doors that may be closed, re-hire some employees, purchase goods from local suppliers, and move money through the regional food economy to begin the road to recovery. Please stay tuned as guidelines are available in the next few days.
Secondly, the National Restaurant Association Education Foundation (NRAEF) announced late last week that they are launching a
Restaurant Employee Relief Fund
to support U.S. restaurant workers financially impacted by the COVID-19 crisis. The Fund will be distributing grants to individuals who apply and meet the very simple RERF eligibility requirements. Guy Fieri, industry icon, is leading a nationwide fundraising drive for the Fund.
How It Works:
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Restaurant industry employees complete the RERF grant request, open online on April 2nd.
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Grants are first-come-first-serve. Requests are reviewed, checked for eligibility, and granted by the NRAEF.
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Recipients receive a one-time $500 check to use toward housing, transportation, utilities, child-care, groceries, medical bills, or student loans.
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View details and eligibility criteria here
.
RAMW will continue to provide you the support, resources and information to get you through this period. We are internally considering what that could look like in terms of relief to you, as members, to ensure you feel you can continue to be a part of our community. We will be sharing details on deferral of membership dues and on no-cost marketing programming that we will offer operators as our industry considers what will be needed when we get to recovery mode.
Real-Time Questions From the Day:
Hiring Employees Back
- Earlier today we sent an email about a mechanism for operators to receive some funding via the RAMW Worker Relief Fund to be able to hire back some employees (see full email here). Some of you reached out with questions about the safety of bringing employees back to work. To clarify, what we are suggesting is limited to just a few employees, or expanding hours for those you currently still have working in your operations, and still takes into consideration the guidelines mandated by local jurisdictions on social distancing, safe-food handling, and no-contact service methods. While all businesses and communities are aiming to limit interaction as much as possible, restaurants continue to be a needed source of food and meals for communities who do not have other easily-available sources. Your decision to activate as a community kitchen in this way is up to you and will not be for everyone.
BI Insurance Claim Efforts
- Many of you have questions about Business Interruption Insurance Claims. We are absolutely working with our local and national partners to assist with information to guide you. We are talking daily with the National Restaurant Association, who are closely tracking the details of Phase IV of the Congressional relief legislation. It is likely Business Insurance protocol will be part of Phase IV.
DC
Today, Mayor Muriel Bowser said anyone—regardless of immigration status—with COVID-19 symptoms (fever, cough, and shortness of breath) needs to call a health care provider and seek treatment. First responders will not ask you about your immigration status. Those without a healthcare provider should call Mary’s Center at 844-796-2797. We encourage you to share this information with your current, terminated and furloughed employees.
Essential Letters for Restaurant Workers
As a reminder, across the region restaurants offering takeout and delivery are deemed essential as they act as important sources of food.
Click here for letters
you can share with your employees still working regarding their essential status. We recommend they carry these letters with them in transit to and from work.
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IMPORTANT:
DC Small Business Recovery Microgrants -- applications now open.
Deadline is Tuesday at 6pm!
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If you need assistance with your application, please contact
Kristen Barden
(202-997-0783) or
Brian Barrie
(202-536-9515).
Technical questions about the application should be directed to
dmped.grants@dc.gov
.
Mayor Bowser and the Council of the District of Columbia are investing $25 million in the COVID-19 Recovery Effort and the
DC Small Business Recovery Microgrants Program
, which will be housed in the Office of the Deputy Mayor for Planning and Economic Development.
Pursuant to the “COVID-19 Response Emergency Amendment Act of 2020” effective March 17, 2020 (D.C. Act 23-247), the DC Small Business Recovery Microgrants Program will offer grants to small, local businesses, individual contractors, self-employed individuals, and nonprofits to meet their short-term financial needs. The grant can cover employee wages and benefits (including fringe benefits associated with employment, such as health insurance), accounts payable, fixed costs, inventory, rent, and utilities.
**Application closes at 6pm on Tuesday, March 31st**
Click here for more information and to apply
For more details,
click here
for previous issues of this newsletter
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The District Government needs information about the impact of Covid-19 on your business
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The DC Government wants to know how your business is affected, what your status is, and what assistance the District can provide you at this time. The District developed a
COVID-19 Business Inquiry Form
that will allow local businesses to share their status and help the District put you in contact with the resources you need to expedite your recovery.
Click here to complete the form
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"Buy Restaurant Bonds" campaign encourages customers to support restaurants by gift card purchases
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The Adams Morgan Partnership is trying to help restaurants and bars that have forced to close or severely limit their services by encouraging customers to purchase gift cards for future dining. We are trying to make a splash with this campaign -- modeled after the
Buy War Bonds
campaigns of WWI and WWII -- to help draw attention to our 100+ restaurants and employees that are facing an uncertain future. Please join in via your own social media accounts using the hashtag
#BuyRestaurantBonds
Please tag us in your social media posts about the operating status of your business so we can pass the information along.
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POST YOUR EVENT ON OUR WEBSITE FOR FREE
If your business has an upcoming event happening in Adams Morgan, you can
submit it to our website here
. Submissions are moderated to ensure they are relevant to the Adams Morgan community.
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SPONSORSHIP OPPORTUNITIES
Sponsor one of our community events! Partner with our community while reaching some of the city's most desirable demographics. For details, contact
Kristen Barden
at
202-997-0783.
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©
Adams Morgan Partnership
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