COVID-19 Business Resources
At Peterson Companies, our centers are home to many small and mid-sized businesses, and we want to keep you informed about any resources that are available to help through these challenging circumstances. The federal and state governments have established programs to minimize the economic impact of the novel Coronavirus (COVID-19). We encourage you to research any such programs that may be applicable to your situation or business. Please keep checking this page as we will continuously update it with the latest information relevant to your business. In addition, we have compiled a helpful list of Re-Opening Resources as it becomes necessary for you and your business here.
Getting Started and Navigating Legislation
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses. As part of an end-of-year pandemic relief package, Congress has passed several changes to PPP and created a “Second Draw” PPP for small businesses that have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. Updated informational links below:
- The U.S. Chamber of Commerce has issued a NEW guide to help small businesses and self-employed individuals navigate the new pandemic relief package, changes to PPP, and more.
- The National Restaurant Association provides a summary of the CARES Act’s key provisions pertaining to restaurants, food service establishments and employees. The outline can be found here and you may sign up for updates via email.
U.S. Small Business Association
The U.S. Small Business Administration will provide capital and liquidity to certain businesses affected by the Coronavirus. Please visit the SBA website for guidance for businesses and employers impacted by Coronavirus. On the SBA website, you will find:
- Economic Injury Disaster Loan Program
- Express Bridge Loan Pilot Program
- Guidance for Businesses and Employers
- SBA Products and Resources
- SBA Disaster Assistance Loan
- NEW: SBA Coronavirus Relief Options
- NEW: Paycheck Protection Program
- NEW: SBA Restaurant Revitalization Fund
If You Need Access to Capital
The SBA Loans page can connect you to lenders available to provide you the capital needed to keep the doors open during uncertain times. The Lender Match Program is a free referral tool that can connect you with participating SBA-approved lenders. Additionally, the SBA’s Local Assistance Directory can connect you to several local partners to counsel, mentor, and train small businesses.
CDC Recommendations for Businesses and Employers
State and Local Resources
Several states are offering guidance and assistance for businesses and individuals impacted by COVID-19. You can access such information through your local and state government websites. The links below include information for the states in which Peterson Companies conducts business.
COVID-19 Information for Businesses
Department of Health
Montgomery County Resources
Maryland Strong: Economic Recovery Initiative
Small Business Development Financing Authority (MSBDFA)
Montgomery County Public Health Emergency Grant
Prince George’s County Resources
Department of Health
Virginia Small Business Development
NEW: Virginia 30 Day Fund
Fairfax County Resources
Loudoun County Resources
Loudoun County Tourism and Hospitality Relief Fund
Prince William County Construction & Renovation Permit Rebate
Other Industry Resources
GoFundMe.org Small Business Relief Fund
The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. To learn more on how to qualify and apply, visit: https://www.gofundme.com/f/smallbusinessrelieffund
Ballard Spahr Entrepreneur Legal Relief Program
Ballard Spahr has established the Entrepreneur Legal Relief Program (ELRP) to ensure that entrepreneurs have the resources and counsel required to endure the current coronavirus crisis. To learn more, please visit here.
Honeycomb Crowdfunded Small Business Relief Loan
Honeycomb is offering 45-day payment free periods, 6-month interest-only periods and reducing our posting, success, and investor fees to help deliver the working capital that businesses need. To learn more, please visit: https://www.honeycombcredit.com/relief
James Beard Foundation Food and Beverage Industry Relief Fund
The purpose of the James Beard Foundation Food and Beverage Industry Relief Fund (the “Fund”) is to provide critical financial assistance to small, independent restaurants that, due to the COVID-19 (Coronavirus) national disaster, have an immediate need for funds to pay set operating expenses and keep from going out of business. To learn more, please visit: https://www.jamesbeard.org/relief
Verizon-LISC COVID-19 Recovery Fund
Verizon has invested $2.5 million for LISC to offer critical relief support to small businesses facing immediate financial threat due to COVID-19. The funding will go to make grants of up to $10,000. To learn more, visit here.