Coronavirus Financial Relief You Can Apply For (Besides The $350 Billion Aid Bill)

A lack of income due to COVID-19 could irrevocably hurt many small businesses. While the $350 billion aid package has been passed, there is more support available to you. If your small business is suffering, read through the following list of federal, state, and city-wide grant/loan programs to see if you may qualify.

Nationwide Coronavirus Financial Aid

The Small Business Administration

The SBA has opened applications for federal disaster loan assistance. They are offering low-interest assistance for businesses experiencing "substantial economic injury" due to COVID-19.

Small business owners operating from any US state or territory are currently able to apply for loan advances up to $10,000. Learn more.

Facebook

The social media giant is offering $100 million in small business grants for 30,000 small businesses. These will be rewarded as cash grants and advertising credits for its platform.

The grants can be used by businesses to pay rent, maintain operational costs, and more for those operating in countries where Facebook has a presence. Find out more.

Honeycomb Credit

The financial service is offering crowdfunded small business relief loans. They are offering perks for these loans such as reduced fees and 45-day payment free periods. Business owners can choose from several options to fit their needs.

All states with the exception of California, Texas, South Dakota, and Alabama are invited to apply. View website for details.

State & City-Funded Financial Relief

Alabama

Leaders in Birmingham are working to create a loan program for small businesses impacted by the virus. These zero-interest loans will be available to companies with fewer than 50 people. More details to follow.

California

Several CA cities have launched city-based initiatives.

Los Angeles is offering emergency microloans between $5,000 to $20,000 to businesses that provide low-income jobs. Applications are available online.

In San Francisco, businesses with 1-5 employees can apply for emergency funding (up to $10,000) to help cover rent and salaries. That application is available online as well.

Sacramento business owners are eligible for up to $25,000 in loans with 0% interest. Learn more.

Berkeley created a $3 million relief fund for businesses in its community who experience significant loss. Get more details.

Colorado

The state's capital started a monthly cash grant program aimed at small businesses that have lost the ability to operate. Interested organizations should fill out the interest form by March 31, 2020 to be eligible for up to $7,500.

Additionally, business owners in Glenwood Springs can apply for up to $40,000 in funding through the USDA for working capital. Find out more.

Florida

The Florida Small Business Emergency Bridge Loan program opened on 3/17/2020 for companies with 2-100 employees. Small business owners can apply for short-term interest-free loans of up to $50,000 until May 8th. For more information, email disaster@FloridaSBDC.org or call (866) 737-7232.

For businesses in Leon County, you can also apply for a grant from The Office of Economic Vitality. Between $1,500 and $5,000 is available depending on your size/number of employees. Apply online.

Illinois

A state-funded loan program is providing small business owners with loans up to $50,000. To be eligible, you must be located outside of Chicago, have experienced a 25% drop in revenue, and make less than $3 million. Apply online.

For Chicago residents, a resiliency fund is available. That includes up to $50,000 in loans to organizations that have experienced a 25% drop in revenue and 50 employees or less. More details and the application can be found here.

Iowa

The state has opened a relief grant program for businesses in the state experiencing disruption due to COVID-19. If you have less than 25 employees, apply now.

Maryland

A new grant offered by The Maryland Department of Commerce aims to provide working capital to small businesses. Eligible companies (must have less than 50 employees) can receive grants up to $10,000. Get more information.

Massachusetts

Applications for Mass Growth Capital Corporation's Small Business Recovery Loan fund closed March 19, 2020.

Michigan

The state plans to launch grant and loan programs to help affected small businesses beginning in April 2020. The amounts range from $10,000 to $200,000 for organizations that can prove economic loss. Visit the Michigan Economic Development Corporation for more information.

New Jersey

The New Jersey Economic Development Authority (NJEDA) is offering up to $100,000 to small businesses and non-profits affected by COVID-19. Organizations must have less than $5 million annual revenue and have been in business for more than one year to qualify. Visit the NJEDA website.

New York

The City of New York is offering loans to businesses that have seen sales decreases of 25% or more and have less than 100 employees. Eligible companies can receive zero interest loans of up to $75,000. See details.

North Carolina

The state is providing loans to small businesses and family farms. Loans are available up to $50,000, based on two months of revenue. They include six months of no interest followed by 48 months at 5.5% interest. Submit your application.

Oregon

Beaverton is offering small businesses rent or mortgage reimbursement up to $2,500. Get more information.

Hillsboro is providing grants to businesses affected by COVID-19. See details.

For Jade District businesses, up to $190,000 is available from various local and government sources. Apply for financial assistance.

Texas

Austin is working to create additional support fpr its small businesses. The proposed program would provide working capital loans up to $35,000 for companies that can prove economic injury as a result of the virus. More information to follow.

Washington

Businesses in certain Seattle neighborhoods can apply for a grant from Amazon's $5 million small business relief fund. To qualify, companies must be largely reliant on foot traffic, have 50 employees or less, and generate less than $7 million in annual revenue. Apply now.

Wisconsin

The Wisconsin Economic Development Corporation (WEDC) has deployed $5 million in ememgerncy capital. Service and retail businesses can receive up to $20,000 to cover two months of payroll and operating expenses. They must have 20 employees or less and make less than $2 million in revenue. Begin application.

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As the communities around the globe get back on their feet, we will be there for you every step of the way. Feel free to give us a call at 1-888-575-2235 or email us with any questions or suggestions on ways we can help.

You can also join our small business Facebook group to discuss this unprecedented situation and its affect on your business with like-minded community members.