The world is finally recovering from the post-pandemic economy hit, and governments are handing out COVID grants and funding in different shapes and forms. The news we’re hearing is mixed and varies from country to country. Some governments are handling the situation very well, while there’s still room for worry in some other countries.
Economy injury disaster loans (EIDL) were handed out back in April when the news of COVID vaccination was fresh. A great number of small businesses were left out due to the rush, which left space for worry in smaller businesses. The risk looked higher than ever, especially for the hospitality industry workers (restaurants, hotels, hostels) with the massive COVID hit. However, once again, headlines are filled with good news about kickstart grants and relief funding! The news, however, is very scattered, and there isn’t really a singular news source to cover it all. Nevertheless, we’ve dug down the rabbit hole!
What is a COVID Grant?
A COVID grant is basically a governmental supportive scheme. The main goal is to keep businesses running. The truth is, it differs from country to country, so we can’t provide a direct answer. For example, in some countries like the US and UK, kickstart funding is being handed over. This means if you’re starting a business, or in some cases, reopening your business, the government covers a portion of the costs. We’ve actually had hostels and hotels from Japan, Malaysia, and the US, starting up on Goki with their governments paying 80% to 100% of their costs!
Before you ask around for COVID grants policies in your area, we think it’s essential for you to understand the difference between different governmental grants.
Firstly, it appears most countries are prioritizing small businesses over corporations in support schemes, understandably. In most countries (US, UK, Malaysia, Japan, EU, etc.) SBA (Small Businesses Administration) grants are being distributed for the said reason. In some cases, these grants are not even meant to be repaid. ~It’s just free money!~
Second, almost all COVID grants require lots of online paperwork. You’ll have to go through it anyway. And almost all of them are refundable. It’s also worth mentioning, there are surely helping hands and assistance from the side of governments, so we encourage you to apply for whichever COVID grants you suspect you might be eligible for.
With all that being said, the situation is not all dire and dry for bigger businesses and properties! You can apply for COVID Job Retention Scheme in almost all countries. This grant helps you pay your personnel regardless of how badly your business is hit.
Please also take note, experts strongly advise you to take records of all the paperwork and the data for up to 6 years.
Where to Apply for the COVID Grants?
As mentioned before, unfortunately, the data is very scattered across the internet for the time being. However, we believe that the most reliable source for news about COVID funding and grants is your local government website. Therefore, we’ve searched the internet for you to find the right websites for different locations:
US: Government Grants, Benefits, and Loans
UK: Financial Support for Businesses
Europe: Funding & Tender Opportunities: Europa