Posted on by Tiffany LaToi

In an effort to help small business owners find some financial relief during this pandemic, I took some time this week to research funding, grants and resources available to the 30 million small businesses that have been affected.  Thanks to the SBA & Forbes for helping make this easy for me! 

The list is broken down by government agencies, state/local initiatives, private companies and nonprofit organizations who are extending their support during these trying times. 

                                 

Federal Government                    

The $2 trillion stimulus bill will include a $367 billion program to help small businesses continue make their payroll.

The U.S. Small Business Administration (SBA) is offering Economic Injury Disaster Loans up to $2 million per small business. I recommend you CALLING your LOCAL SBA office to get additional information

The Main Street Business Lending Program, a new initiative announced by the Federal Reserve, will complement efforts by the SBA and further support lending to eligible small and medium-size businesses.

The Main Street Emergency Grant Program, proposed by U.S. Senators would allow small businesses to apply and receive grants quickly through the Treasury Department.

 

State/Local Government: 

**If you state/city isn’t listed, it’s because no information has been released or was found**

Atlanta: The Atlanta City Council approved Mayor Keisha Lance Bottoms’ call for a $7 million coronavirus emergency fund that will allocate $1.5 million to small businesses.

Chicago: $100 million Chicago Small Business Resiliency Loan Fund that will provide low-interest loans to the city’s struggling small businesses.

Denver: 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.

Florida: 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.

Iowa: Iowa Small Business Relief Program that will allocate grants ranging from $5,000 to $25,000, as well as tax deferrals.

Los Angeles: The city’s Small Business Emergency Microloan Program is offering loans ranging from $5,000 to $20,000 with 0% to 3% interest rates.

Maryland: 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.

Massachusetts:  $10 million relief fund for Massachusetts businesses affected by the coronavirus. Funds up to $75,000 are immediately available for companies with fewer than 50 full- and part-time employees.

Michigan: 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.

Minnesota: 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.

New Mexico: 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.

Philadelphia: 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.

Portland: 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.

Rhode Island: Governor Gina Raimondo partnered with Microsoft to provide Web-based Microsoft Office applications to Rhode Island small businesses for free for six months.

Sacramento:  $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.

San Francisco: Small businesses with fewer than five employees are eligible to receive up to $10,000 for staff salaries and rent.

Seattle: 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.

Syracuse: 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.

Wisconsin: 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.

 

Private/Nonprofit Companies: 

Amazon announced a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local Seattle small businesses.

Bacardi has pledged $3 million in relief to bars and restaurants affected by the COVID-19 shutdowns as part of its #RaiseYourSpirits campaign.

Facebook  $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.

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. 

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.

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.

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.

Seated launched a hotline for restaurant owners to get advice from finance and law experts in the hospitality industry.  

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  $25 million in coronavirus relief for independent restaurant and nightlife businesses in the form of waived advertising fees, and free advertising, products and services.