Understand Resources For Young Businesses During COVID-19

2020 is a year that many people will remember and study for decades. COVID-19, a respiratory virus originating in Asia, has shifted the way the world works. In March 2020 the unemployment rate grew from 1.4 million to 7.1 million in the United States according to the U.S. Department of Labor (https://www.bls.gov/news.release/pdf/empsit.pdf). COVID-19 has virtually shut down the world - and in these unprecedented times, the government is taking appropriate actions to help sustain the U.S. economy through a $2 trillion stimulus package. To understand the stimulus package in more detail here’s a great article that breaks down how each chunk of the package might be spent.

(https://www.politico.com/news/2020/03/25/whats-in-stimulus-package-coronavirus-149282)


This article is meant for young entrepreneurs that may not know of the opportunities available, or might be a bit overwhelmed with all the opportunities and doesn’t know how to start. Something to keep in mind is that many of these resources are time-sensitive - and may potentially be missed by the time you read this article. Let’s break down resources available to you during the COVID-19 crisis.





Financial Support Resources

Disaster Relief Loan (Opportunity for a free $10,000

Background Information: https://www.youtube.com/watch?v=dwuUAGpWtlo&t=187s

How to Apply: https://www.youtube.com/watch?v=1AXQt1iI4C4

Advertisement credits from Google ( https://support.google.com/google-ads/answer/9803410), Facebook (https://www.facebook.com/business/boost/grants) , Yelp (https://blog.yelp.com/2020/03/yelp-covid-19-response-and-support-for-local-businesses)

List of resources organized by state:

https://www.zenefits.com/workest/the-big-list-of-covid-19-financial-assistance-programs-for-small-businesses-by-state/


Mental Health Resources

Founder psychology during a downturn:

https://www.nfx.com/post/psychology-winning-founders-downturns/

Great read from CDC on coping with COVID 19 Stress

https://www.cdc.gov/coronavirus/2019-ncov/daily-life-coping/managing-stress-anxiety.html


Personal Development

Free courses on Coursera

https://blog.coursera.org/coursera-together-free-online-learning-during-covid-19/

Online museums, classes, and so much more:

http://www.amazingeducationalresources.com/


Highly Recommended Additional Reading:

A fantastic article with resources from investors/founders and a list of their presentations for how to cope with COVID-19:

https://medium.com/foundergym/how-can-my-business-survive-the-coronavirus-industry-experts-weigh-in-136f4b737755

A list of over 50 financial relief resources a good friend, Jacob Sheldon:

https://medium.com/@jacobsheldon/50-financial-relief-resources-for-startup-founders-and-small-business-owners-3c56fc277dc3


We hope you use this time to stay safe, get closer with family, be productive - and reach your goals! This is a crazy time in the world, but remember to stay positive - and here are a few words of positivity from the VyB team to help you smile :) https://www.instagram.com/p/B-iAS5QAF9m/

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