BCW members are continuing to come forward to assist in the COVID-19 crisis. Verizon is the latest and this week announced that his has launched a small businesses recovery fund.
A trailblazing investment of $2.5 million from Verizon is making it possible for them to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic. The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital. The money can be used to pay rent and utilities, meet payroll, pay outstanding debt to vendors and pay immediate operational costs.
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“Many of our small businesses are suffering at this time,’’ said Marsha Gordon, President and CEO of The Business Council of Westchester. “Financial support can make the difference between staying in business or closing permanently. We are grateful to Verizon for providing this assistance in this time of economic need.’’
Verizon will highlight and bolster its recovery fund efforts through its inaugural “Pay It Forward Live” online concert series.
Pay it Forward Live, a weekly streaming entertainment series that will include music, gaming, comedy and more in support of small businesses affected by COVID-19. The 30-minute performances, where artists will create intimate concerts from their homes, will give viewers a way to connect during this time of social distancing and a way to support their favorite small businesses now. The weekly series debuted yesterday with a performance from Dave Matthews. Future concerts will stream live at 8 p.m. ET on Twitter @verizon and on Yahoo Entertainment. Additional artists and partners will be announced at a later date.
“Small businesses are being impacted in extraordinary ways as we all fight against the spread of COVID-19,” said Hans Vestberg, Chairman and CEO, Verizon. “These companies provide employment opportunities, goods, services, and gathering places that are the soul of local communities. Pay it Forward Live will give all Americans an opportunity to help their favorite small businesses survive this unprecedented hardship.”