In the News: Small Businesses and Entrepreneurs Unprepared for Emergencies Could Get Financial Help

Weekly RoundUp - April 24, 2020

The response to the coronavirus pandemic has put a lot of strain on small business owners across the country. Those struggling to stay afloat while their business abilities are limited or shut down entirely right now worry about the future.

This week, we learned in new data from the BlackRock Emergency Savings Initiative, that about one-third of all sellers on Etsy may not have been prepared for an emergency like a pandemic. Now, some Etsy sellers are currently extremely busy filling orders but others may be waiting for sales to come back. If the pandemic teaches us one thing, it’s to learn to save for situations like these in the future.

Luckily, for small businesses who may be feeling financially strained right now, we learned about two new grant opportunities from companies that cater to small companies. Facebook has created a $100 million grant that could benefit up to 30,000 small businesses in the U.S. And Salesforce announced a grant initiative, too. Each grant from them could be worth up to $10,000.

For more on these initiatives and more headlines from this week affecting small businesses, check out our news roundup:

Small Business News

Shutterstock Announces New HD Video Subscription Plan

If you are thinking about using videos in your marketing campaigns, then there is good news for you. Shutterstock, a leading global technology company offering high-quality licensed photographs, vectors, illustrations, and music, announced the launch of video subscription plans for marketers and businesses.

7.5 Million Small Businesses in Danger of Closing Due to Coronavirus Pandemic Response

Almost 7.5 million small businesses in the United States are at risk of closing over the next five months. The closures are a result on the coronavirus crisis. This was the finding of a new report published by Main Street America, a program of the National Trust for Historic Preservation.

OnePlus and Verizon Set to Release a 5G Phone Priced for Business Owners

At $799, the OnePlus 8 5G variant is going to support Verizon’s ultra-fast millimeter wave (mmW). This means speeds of 1 Gbps and more at some locations with Verizon’s super-fast, super-short-range version of 5G. The OnePlus 8 5G UW (Ultra Wideband) as it is officially called is going to be available starting April 29th.

Payroll Vault Named the Top Franchise Business for Women

Payroll Vault has been named a top franchise by Franchise Business Review Magazine in its 2020 report. The payroll company is 2020’s Top 50 Franchise for Women by the magazine. It is also ranked at the top of the list of franchises in the financial and tax category Top Franchises for Women Report.

30% of Etsy Sellers Don’t Save for Emergencies

A new survey and report carried out as part of BlackRock’s Emergency Savings Initiative reveals 30% of Etsy sellers don’t save for emergencies. The survey highlights the financial positions of non-traditional workers, not only on Etsy but across the board.

66% of Employees Now Working from Home Due to Coronavirus Outbreak

The United States is now the epicenter of the COVID-19 pandemic. With stringent lockdown measures in place, a growing number of people work from home during coronavirus regulations. With 66% of employees now working from home, businesses are having to adapt to this new team dynamic. This statistic was unveiled by Clutch, a leading software provider for professional services companies.

Facebook Creates $100 Million Grant Program for Small Businesses

Facebook has announced a grant program for small businesses impacted by the Covid-19 pandemic. The $100 million fund is comprised of cash grants and ad credits. It is estimated that up to 30,000 businesses could benefit. Small businesses all the over the world have either closed for public safety or suffered revenue losses due to lockdowns.

How the Pandemic Could Impact Your Small Business Insurance Risk

Many small businesses need to change their business models. COVID- 19 is the reason. That’s left owners open to liability.  Some don’t have the right insurance. Bold Penguin, matches SMBs with insurance companies. They’ve seen a four-fold spike in inquiries for business interruption coverage since February.

COVID-19 Also Impacts Online Sellers on Shutterstock, Amazon

The unprecedented impact of the COVID-19 pandemic continues to threaten supply chains and how businesses operate, all of which add to the COVID-19 impact on ecommerce. Across industries, storefronts have been shuttered and sales have declined. Businesses have tried to weather the storm by pursuing models that could help them mitigate possible damages by the coronavirus pandemic.

Nearly 16% of Those Newly Working from Home Have Connectivity Issues

A new survey and report from Waveform reveals 15.5% of its respondents are facing daily internet connectivity issues working from home. This is in addition to those facing weekly (22.2%) and monthly (15.2%) connectivity issues. Considering more than half (57%) of the U.S. workforce is now working from home because of the COVID-19 outbreak, the 15.

Salesforce Grants for Small Biz Recovery

The $2 trillion stimulus package approved by Congress is on its way, but in the meantime, small businesses are struggling. This has led some companies to start offering grants to help them deal through the COVID-19 recovery. Salesforce is one of those companies. The announcement of the Salesforce Care Small Business Grants initiative will offer $10,000 to keep businesses afloat.


Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.