UPDATE: Congress has approved another round of emergency small business funding including $310 billion for the Paycheck Protection Program, $60 billion for Economic Injury Disaster Loan (EIDL) and $60 billion for small, medium and community-based lenders. Prepare and APPLY TODAY
Available financial resources
Loan and grant programs are available for small businesses, non-profits, sole proprietorships, and independent contractors and affected by COVID-19
More information on these programs is becoming available on a daily basis, so please check back frequently for new information
Below are some of the relief options from the SBA – you can find additional information on the SBA’s website
UPDATE: Congress has approved another round of emergency small business funding including $310 billion for the Paycheck Protection Program, $60 billion for Economic Injury Disaster Loan (EIDL) and $60 billion for small, medium and community-based lenders.
What to do now:
This is an emergency lending program that provides loan amounts up to $10 million, based on average payroll, to help small businesses cover payroll costs
The Main Street Lending Program - Announced on April 9th (more details to come)
The program will provide support to small and medium businesses that were in good financial standing prior to the crisis by offering 4-year loans to companies employing less than 10,000 employees or with revenues of less than $2.5 billion. Principal and interest will be deferred for a year and the loans will be processed through eligible lenders.
What to do now:
More details forthcoming, Federal Reserve Press Release here
The Atlanta City Council approved Mayor Keisha Lance Bottoms’ call for a $7 million corona virus emergency fund that will allocate $1.5 million to small businesses.
The Birmingham Strong Emergency Loan Fund is providing zero-interest, 180-day loans up to $25,000 to small businesses with less than 50 employees
Mayor Lori Lightfoot revealed a $100 million Chicago Small Business Resiliency Loan Fund that will provide low-interest loans to the city’s struggling small businesses
The city’s business owners can apply for cash grants up to $7,500 as part of Denver Economic Development and Opportunity’s emergency relief program. Denver Mayor Michael Hancock also announced the creation of a $4 million small business relief fund
The Florida Small Business Emergency Bridge Loan Program is providing loans up to $50,000 with one-year terms to small businesses with 2 to 100 employees
Governor Kim Reynolds announced the creation of an Iowa Small Business Relief Program that will allocate grants ranging from $5,000 to $25,000, as well as tax deferrals.
The city’s Small Business Emergency Microloan Program is offering loans ranging from $5,000 to $20,000 with 0% to 3% interest rates
The state’s Department of Commerce released two initiatives for small businesses: a $50 million Emergency Relief Grant Fund that offers grant amounts up to $10,000 and a $75 million Emergency Relief Loan Fund that will provide businesses with 50 or fewer employees loans up to $50,000
Governor Charlie Baker announced a $10 million relief fund for Massachusetts businesses affected by the corona virus. Funds up to $75,000 are immediately available for companies with fewer than 50 full- and part-time employees
The Michigan Economic Development Corp. received approval to implement a Michigan Small Business Relief Program that will allocate $10 million in small business grants and $10 million in small business loans to local business owners
The state’s Department of Employment and Economic Development will be providing interest-free emergency loans ranging from $2,500 to $35,000 to Minnesota-based businesses in need
The New Mexico Economic Development Department created the COVID-19 Business Loan Guarantee Program to aid small businesses seeking emergency loans or lines of credit. The program can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000
New York City
The NYC Small Business Services is offering businesses with fewer than five employees grants to cover 40% of payroll costs for two months. Businesses with fewer than 100 employees and sales decreases of 25% or more will be eligible for zero-interest loans up to $75,000
The city’s COVID-19 Small Business Relief Fund is providing immediate relief to local small businesses in the form of grants and zero-interest loans
Small businesses located in Portland’s Jade District or Old Town Chinatown are eligible to receive support through the city’s $190,000 emergency fund. Asian and Pacific Islander business owners will be prioritized
Governor Gina Raimondo partnered with Microsoft to provide Web-based Microsoft Office applications to Rhode Island small businesses for free for six months
The city established a $1 million economic relief fund for businesses that provides 0% interest loans up to $25,000 per business
Salt Lake City
Business owners based in the area can apply for 0% interest loans up to $20,000 as part of the city’s emergency loan program
Mayor Kevin Faulconer announced a $6 million Small Business Relief Package that will give microloans ranging from $10,000 to $20,000 to local small businesses with 100 or fewer full-time employees
Small businesses with fewer than five employees are eligible to receive up to $10,000 for staff salaries and rent
The city’s Office of Economic Development is providing $1.5 million in grants up to $10,000 to small businesses. The mayor is also deferring tax payments for business-owner candidates and will set up a small-business recovery task force
The Syracuse Economic Development Corp. created a $500,000 fund to provide 0%-interest, 180-day emergency loans up to $25,000 to the city’s small businesses
The Wisconsin Economic Development Corp. launched Small Business 20/20—a $5 million grant program that will give companies with fewer than 20 employees up to $20,000
Amazon announced a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local Seattle small businesses. From March 26 to April 30, Amazon Lending is also pausing repayment from sellers who have outstanding loans, and seller loans will not accrue interest during this time period.
Bacardi has pledged $3 million in relief to bars and restaurants affected by the COVID-19 shutdowns as part of its #RaiseYourSpirits campaign.
Facebook announced a $100 million grant for small businesses impacted by COVID-19 and launched the Business Resource Hub, which features recommendations to help small businesses stay connected to customers and stay on track.
Faire, an online marketplace startup, launched a financial calculator tool that helps small businesses understand the changes in their finances before and after COVID-19.
Fattmerchant, a payment technology provider, has partnered with Gift Up! to allow its clients to sell virtual gift cards. Gift Up! is waiving its usual 3.49% fee for Fattmerchant’s members’ first $5,000 in gift card sales.
Freelancers Union created a relief fund that will offer financial assistance of up to $1,000 per freelance household.
GoFundMe has partnered with Yelp to allow independent businesses to start fundraisers and accept donations through Yelp’s pages. The Yelp Foundation and GoFundMe also both pledged to donate up to $1 million to the GoFundMe.org Small Business Relief Fund.
Google’s pledge to donate $800 million for COVID-19 relief includes efforts to help small and medium-sized businesses gain access to capital.
Honeycomb Credit, an investment crowdfunding platform, announced a small business relief loan program that’s providing $10,000 to $50,000 in working capital to qualifying businesses.
James Beard Foundation started a Food and Beverage Industry Relief Fund to provide microgrants to independent food and beverage small businesses in need.
JPMorgan pledged $50 million to help struggling customers, and $8 million in aid to small businesses, specifically.
Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date.
Kangaroo wants to support business owners who are unable to be physically present at their offices: The security startup is offering free (for three months) security camera and monitoring kits.
Kiva is urging small businesses to apply for 0% interest loans for up to $15,000. The company is also offering a longer grace period: New borrowers can access a grace period of up to six months.
Loom launched a cash runway scenario planning tool that helps small business owners gauge the impact COVID-19 could have on their companies.
MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, 0% interest, 120-day loan for restaurants or other brick-and-mortars affected by the shutdown, in addition to its normal fundraising offerings.
Mark Cuban Cos. will reimburse employees for any lunch or coffee purchases from local independent small businesses.
Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest-rate loans to business owners in need.
Ring announced its Neighbor Pledge initiative, which encourages individuals and groups to create pledge groups to support local businesses.
Seated launched a hotline for restaurant owners to get advice from finance and law experts in the hospitality industry.
The National Restaurant Association Educational Foundation announced the Restaurant Employee Relief Fund that will provide grants on a first-come first-served basis to restaurant owners and employees in need.
The Restaurant Workers’ Community Foundation formed a COVID-19 Emergency Relief Fund for small businesses and their restaurant workers, and is accepting donations.
Wefunder, an investment crowdfunding platform, launched a Coronavirus Crisis Loans program enabling small businesses to crowdfund loans of $20,000 to $1 million from supporters.
Yelp CEO Jeremy Stoppelman announced the company is providing $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, and free advertising, products and services.
Business Relief Trackers
(These are made available by business-focused news publications and organizations and are updated regularly)
Minority & Women-owned small business resources
$5k U.S. Chamber of Commerce Save Small Businesses Grant for businesses with 3-20 employees in economically underserved communities
Sole Proprietors & Independent Contractors
Helpful Webinars & other resources
INC & US Chamber of Commerce: Stimulus 2020 Q&A – these are a series of videos to answer many questions about the stimulus – including, but not limited to, PPP (payroll loans), new businesses, sole proprietors & independent contractors and application preparation
ESSENCE: CARES Act Virtual Session (Hosted on April 7th )
Local COVID-19 Business Resource Guides
Most local small business development agencies and local chambers of commerce provide locally-relevant resources. Check your city’s small business agency or local chamber of commerce’s website
Examples of local resource guides: