bake - May/June 2020 - 6

department
management

Crisis Funding for your Business
If the coronavirus pandemic has taught us anything, it's that you

source of information on local offerings. Locate yours at SBA.

can never be assured of tomorrow, especially for small business-

gov/tools.

es. With mandates requiring restaurants and bakeries to stop or
limit serving diners on-premises, many find themselves on shaky

Crowdfunding

financial footing.

There are four main types of crowdfunding that may help you

Following are some financing options for businesses in crisis.
Understand that programs have been changing and may continue to do so.

raise the funding your business needs:
1. Donor: Think GoFundMe. You raise money you don't have
to repay.
2. Rewards: Think Kickstarter. You offer a reward such as a

SBA Financing Options

gift certificate, special recipe or perhaps a video-based

Paycheck Protection Program: The Paycheck Protection Pro-

baking class to backers.

gram (PPP) offers a low interest loan that may be entirely forgiven if spent the right way-mainly on payroll-related expenses.
If you received funding through PPP, your next most important
question is how to qualify for forgiveness. The rules are very specific, so make sure you follow them to a T.
Economic Injury Disaster Loans: The SBA is still working
through a backlog of Economic Injury Disaster Loan (EIDL) ap-

3. Loan: Think Kiva. You borrow funds to pay back. With Kiva
it's a 0% loan for up to $15,000.
4. Equity: Think NextSeed. You'll take on investors who want
to invest in the future of your business.
You're more likely to be successful with crowdfunding if you
have a loyal following and a way to reach them-by email or
social media, for example.

loans of up to $2 million. There is also an option for an advance

Grants

("grant") of up to $10,000 ($1000 per employee), which does

It's not just governments trying to help small businesses right

not have to be repaid. Currently there is no way to check the sta-

now. There are numerous private companies trying to help, in-

tus of your application, so if you've already applied at SBA.gov,

cluding these examples:

make sure you check your email-including your spam folder-

* Yelp, Quickbooks, GoDaddy, Bill.com and GoFundMe have

for a message from the SBA. Keep in mind that an EIDL advance

created the Small Business Relief Initiative and Fund, which

reduces PPP forgiveness if you obtained both.
Small Business Debt Relief Program: If you already have an SBA
loan, such as a 7(a), 504, or microloan, you won't have to make

matches funds raised through GoFundMe up to $500.
* Facebook is offering $100 million in cash grants and ad credits for up to 30,000 eligible small businesses.

payments, including principal, interest, and fees, for six months
under the Small Business Debt Relief Program. The SBA will make

About the Author: Gerri Detweiler

those payments on your behalf, as long as the loan is current.

Gerri's been guiding individuals through the confusing world
of finance and credit for 20+ years. She is the author or coau-

City and State Programs

thor of five books, including her most recent, Finance Your Own

In addition to federal aid, many cities and states offer bridge

Business: Get on the Financing Fast Track. Today, Gerri serves as

loans, grants, and other relief. Your local Small Business Devel-

the education director for Nav, an online platform that matches

opment Center (SBDC) or SCORE office can be an invaluable

small business owners to their best financing options.

06 < MAY-JUN 2020 | bakemag.com

©WAVEBREAKMEDIAMICRO - STOCK.ADOBE.COM

plications. This program provides low-interest working capital


http://www.SBA.gov http://www.Bill.com http://www.bakemag.com

bake - May/June 2020

Table of Contents for the Digital Edition of bake - May/June 2020

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http://digital.bakemag.com/sosland/bake/2020_06_01
http://digital.bakemag.com/sosland/bake/2020_05_01
http://digital.bakemag.com/sosland/bake/2020_04_01
http://digital.bakemag.com/sosland/bake/2020_02_01
http://digital.bakemag.com/sosland/bake/2020_01_01
http://digital.bakemag.com/sosland/bake/2019_12_01
http://digital.bakemag.com/sosland/bake/2019_11_01
http://digital.bakemag.com/sosland/bake/2019_10_01
http://digital.bakemag.com/sosland/bake/2019_09_01
http://digital.bakemag.com/sosland/bake/2019_08_01
http://digital.bakemag.com/sosland/bake/2019_07_01
http://digital.bakemag.com/sosland/bake/2019_06_01
http://digital.bakemag.com/sosland/bake/2019_05_01
http://digital.bakemag.com/sosland/bake/2019_04_01
http://digital.bakemag.com/sosland/bake/2018_07_02
http://digital.bakemag.com/sosland/bake/2019_03_01
http://digital.bakemag.com/sosland/bake/2019_02_01
http://digital.bakemag.com/sosland/bake/2019_01_01
http://digital.bakemag.com/sosland/bake/2018_12_01
http://digital.bakemag.com/sosland/bake/2018_11_01
http://digital.bakemag.com/sosland/bake/2018_10_01
http://digital.bakemag.com/sosland/bake/2018_09_01
http://digital.bakemag.com/sosland/bake/2018_08_01
http://digital.bakemag.com/sosland/bake/2018_07_01
http://digital.bakemag.com/sosland/bake/2018_06_01
http://digital.bakemag.com/sosland/bake/2018_05_01
http://digital.bakemag.com/sosland/bake/2018_04_01
http://digital.bakemag.com/sosland/bake/2018_03_01
http://digital.bakemag.com/sosland/bake/2018_02_01
http://digital.bakemag.com/sosland/bake/2018_01_01
http://digital.bakemag.com/sosland/bake/2017_12_01
http://digital.bakemag.com/sosland/bake/2017_11_01
http://digital.bakemag.com/sosland/bake/2017_10_01
http://digital.bakemag.com/sosland/bake/2017_09_01
http://digital.bakemag.com/sosland/bake/2017_08_01
http://digital.bakemag.com/sosland/bake/2017_07_01
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http://digital.bakemag.com/sosland/bake/2017_05_01
http://digital.bakemag.com/sosland/bake/2017_04_01
http://digital.bakemag.com/sosland/bake/2017_03_01
http://digital.bakemag.com/sosland/bake/2017_02_01
http://digital.bakemag.com/sosland/bake/2017_01_01
http://digital.bakemag.com/sosland/bake/2016_12_01
http://digital.bakemag.com/sosland/bake/2016_11_01
http://digital.bakemag.com/sosland/bake/2016_10_01
http://digital.bakemag.com/sosland/bake/2016_09_01
http://digital.bakemag.com/sosland/bake/2016_08_01
http://digital.bakemag.com/sosland/bake/2016_07_01
http://digital.bakemag.com/sosland/bake/2016_06_01
http://digital.bakemag.com/sosland/bake/2016_05_01
http://digital.bakemag.com/sosland/bake/2016_04_01
http://digital.bakemag.com/sosland/bake/2016_03_01
http://digital.bakemag.com/sosland/bake/2016_02_01
http://digital.bakemag.com/sosland/bake/2016_01_01
http://digital.bakemag.com/sosland/bake/2015_12_01
http://digital.bakemag.com/sosland/bake/2015_10_01
http://digital.bakemag.com/sosland/bake/2015_09_01
http://digital.bakemag.com/sosland/bake/2015_08_01
http://digital.bakemag.com/sosland/bake/2015_07_01
http://digital.bakemag.com/sosland/bake/2015_06_01
http://digital.bakemag.com/sosland/bake/2015_05_01
https://www.nxtbook.com/sosland/bake/2015_04_01
http://digital.bakemag.com/sosland/bake/2015_03_01
https://www.nxtbook.com/sosland/bake/2015_02_01
https://www.nxtbook.com/sosland/bake/2015_01_01
https://www.nxtbook.com/sosland/bake/2014_12_01
https://www.nxtbook.com/sosland/bake/2014_10_01
https://www.nxtbook.com/sosland/bake/2014_09_01
https://www.nxtbook.com/sosland/bake/2014_08_01
https://www.nxtbook.com/sosland/bake/2014_07_01
https://www.nxtbook.com/sosland/bake/2014_06_01
https://www.nxtbook.com/sosland/bake/2014_05_01
https://www.nxtbook.com/sosland/bake/2014_04_01
https://www.nxtbook.com/sosland/bake/2014_03_01
https://www.nxtbook.com/sosland/bake/2014_02_01
https://www.nxtbook.com/sosland/bake/2014_01_01
https://www.nxtbook.com/sosland/bake/2013_11_01
https://www.nxtbook.com/sosland/bake/2013_11_02
https://www.nxtbook.com/sosland/bake/2013_10_01
https://www.nxtbook.com/sosland/bake/2013_09_01
https://www.nxtbook.com/sosland/bake/2013_08_01
https://www.nxtbook.com/sosland/bake/2013_07_01
http://digital.bakemag.com/sosland/bake/2013_06_01
https://www.nxtbook.com/sosland/bake/2013_05_01
https://www.nxtbook.com/sosland/bake/2013_04_01
https://www.nxtbook.com/sosland/bake/2013_03_01
https://www.nxtbook.com/sosland/bake/2013_02_01
https://www.nxtbook.com/sosland/bake/2013_01_01
https://www.nxtbook.com/sosland/bake/2012_11_01
https://www.nxtbook.com/sosland/bake/2012_10_01
https://www.nxtbook.com/sosland/bake/2012_09_01
https://www.nxtbook.com/sosland/bake/2012_08_01
https://www.nxtbook.com/sosland/bake/2012_07_01
https://www.nxtbook.com/sosland/bake/2012_06_01
https://www.nxtbook.com/sosland/bake/2012_05_01
https://www.nxtbook.com/sosland/bake/2012_04_01
https://www.nxtbook.com/sosland/bake/2012_03_01
https://www.nxtbook.com/sosland/bake/2012_02_01
https://www.nxtbook.com/sosland/bake/2012_01_01
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