Industry News – April 8, 2020

Federal Reserves System Survey for Challenges Facing Low-Income Communities

The Federal Reserve System is conducting a survey to understand better the range of challenges facing under-resourced and low-income communities in the wake of COVID-19. The survey is also intended to garner insight on how this crisis is affecting organizations that are supporting community needs.The survey takes approximately 10 minutes to complete. Please share your observations by participating today. The survey will close at 11:59 p.m. EST on Friday, April 10, 2020

Visa Foundation Pledges $210M For COVID-19-Stricken Businesses

The money from the foundation will be divided into two different programs. The first will provide $10 million to charities on the frontlines of the pandemic. The second will make $200 million available over the next five years to micro-businesses across the world to bolster the international economy. Source: Pymnts.com

SheaMoisture Launches $1M Fund for Minority Entrepreneurs
Hair-care brand SheaMoisture launched a $1 million relief fund on Monday, April 6, to support women of color entrepreneurs and minority small business owners affected by the mandatory non-essential business closures. The fund’s goal is to help minimize the financial hardships that many minority- and black-owned small businesses are experiencing during COVID-19
Source: Allure

60 Minutes: Small Businesses and Workers Struggling With Shutdown

Scott Pelley, a 60 Minutes correspondent, sits down with small business owners and workers to discuss their experiences, hopes, and fears surrounding COVID-19. Source: Real Clear Politics

GoDaddy Joins the GoFundMe Small Business Relief Initiative to Bolster Its Support of Everyday Entrepreneurs Affected by COVID-19

GoDaddy and GoFundMe have joined forces to create a new fundraising widget that GoDaddy website members can put on their website that will direct visitors to the businesses GoFundMe page to help with financial struggles brought about by COVID-19. Source: Yahoo Finance

Organizations busy helping small businesses weather economic tough times

The Roanoke Regional Small Business Development Center and other organizations have been hosting webinars and one-on-one calls with small business owners to help clear confusion around new legislation aimed at keeping small businesses open. Source: The Roanoke Times

Newly Available CARES Act Loans: 10 Things Small Businesses Need To Know

Forbes has put together the 10 most important things small business owners need to know about the Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Loans (PPL). Source: Forbes