US Chamber of Commerce’s Grant Show
By Jana Baltazar
Small businesses are a vital part of the economy but with the ongoing outbreak, many small businesses are in danger of going bankrupt due to the stay at home policy.
Neither the Small Business Administration (SBA) nor the Employment Development Department (EDD) is not providing much needed financial help, disappointment millions of small business owners. With the ongoing pandemic, people are forced to adapt to changes. Small businesses are a vital part of the economy to thrive. But with the outbreak going on, many small businesses are in danger of going bankrupt due to the stay at home policy.
According to their announcement, the U.S. Chamber of Commerce Foundation launched the Save Small Business Fund, a program offering $5k in assistance to small business owners affected by COVID-19. The total amount allotted for this program was never disclosed and the public was not informed as to how many small businesses received these grants; maybe there was only one given. Maybe more…
To qualify for this grant, applicants must have between three and 20 employees, be located in an economically vulnerable community, and have been financially harmed by the virus. According to Marc DeCourcey, Senior Vice President of the U.S. Chamber of Commerce Foundation, grants will be awarded weekly until all funds have been dispersed.
Grant applications opened on April 20, 2020. However, thousands of hopefuls were disappointed as the website immediately crashed due to overwhelming demand, leaving many applicants unable to process their needs.
A few hours later on the same day, when the website was finally working again, there was already a notice saying that the slots had been filled and the funds were already exhausted. But no further details were provided as to the number of approved applicants and whether it was a loan or grant. That makes a huge difference to companies as a loan must be repaid but a grant does not.
The Save Small Business Fund website did note that there are some non-financial resources available. As of this writing, the applications are still closed. Some of the Solvang small business owners commented on the Chamber of Commerce Grant announcement “only a show and just pretending to do something to look nice. They have huge budgets, coming from grants, donations, fundraisings, and membership fees but they use the money only for their own agendas but not helping their members”.