Federal / State / Local Assistance
Federal government
- The stimulus package of $2 trillion includes $377 billion for small and medium businesses.
- Economic Injury Disaster Loans offer up to $2 million in assistance to small businesses.
- The Main Street Business Lending Program will support lending to small-to-mid-sized borrowers facing temporary financial difficulties.
State and local governments
- Alabama: The Birmingham Strong Emergency Loan Fund will provide zero-interest, 180-day loans to small businesses (fewer than 50 employees) of no more than $25,000 (with an average loan size of $10,000) to:
- Prevent staff reductions.
- Offset losses related to the coronavirus.
- Help companies sponsor sick pay for workers.
- Arizona: A cooperative agreement with the state’s banks to protect small businesses and families from eviction and foreclosure. Banks also committed to expediting the application and approval of small-business loans as part of the $349 billion Paycheck Protection Program passed by Congress and signed into law last week.
- Arkansas: The Quick Action Closing Fund will allocate $4 million, and eligible companies may apply for a loan or loan guaranty of up to $250,000. The Community Development Block Grant (CDBG) will make available up to $12 million in CDBG assistance.
- California: The Disaster Relief Loan Guarantee Program provides loan guarantees of up to $1 million for small-business borrowers in declared disaster areas. Jump Start Loan Program offers loans from $500 to $10,000 to low-wealth entrepreneurs in declared disaster and emergency areas. The Small Business Emergency Microloan Program will provide loans of $5,000 to $20,000 for small-business enterprises in Los Angeles that have been affected by the COVID-19 outbreak. The COVID-19 Small Business Resiliency Fund was created for small-business owners in San Francisco to access up to $10,000 for employee salaries and rent. The Workers and Families First program will include $10 million in public funding that will provide businesses with funding to provide an additional five days of sick leave pay to workers beyond their existing policies.
- Colorado: A $4 million relief fund with priority to support local small businesses and others involved in the food industry. The Denver Economic Development and Opportunity (DEDO) is creating cash grants of up to $7,500, with the highest priorities being those most affected by the coronavirus such as the food industry.
- Delaware: HELP (Hospitality Emergency Loan Program) will provide financial relief for restaurants, bars and other hospitality industry businesses that employ thousands of Delawareans. The no-interest loans are capped at $10,000 per business per month. The money can cover rent, utilities and other unavoidable bills but cannot be used for personnel costs.
- Florida: Emergency Bridge Loan Program will provide short-term, interest-free loans up to $50,000 per eligible small business. Loans of up to $100,000 may be made in special cases as warranted by the need of the eligible small business.
- Georgia: A $7 million coronavirus emergency fund that will allocate $1.5 million to small businesses.
- Kansas: HOST Relief Program will provide up to $2 million in economic stimulus for businesses and workers affected by COVID-19. The program will provide both private sector dollars to Shawnee County small businesses through purchases and public sector dollars through emergency grants.
- Illinois: Chicago Small Business Resiliency Fund is providing $100 million to provide small businesses with emergency cash flow during this immediate health crisis. Funds will be provided to eligible businesses as low-interest loans. The Hospitality Emergency Grant Program provides $14 million to help hospitality businesses with working capital like payroll and rent, as well as job training, retraining and technology to support shifts in operations, like increased pick-up and delivery.
- Louisiana: NOLABA is standing up a relief fund to meet the needs of gig economy workers who have been directly impacted by the loss of income. They are committing $100,000 to initiate the fund, with a goal of increasing the fund assets to a minimum of $500,000.
- Maine: Finance Authority of Maine (FAME) and participating lenders will make special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Various benefits include: loans up to $50,000 offered at reduced interest rates; interest-only payments; up to 75 percent pro-rata loan insurance on loans up to $100,000; interim financing in conjunction with the SBA wherein FAME makes loan proceeds available while approved SBA borrowers await federal funding.
- Maryland: The Maryland Small Business COVID-19 Emergency Relief Fund will allocate more than $175 million to assist small businesses and nonprofit organizations. Up to $130 million in new funding, through the Maryland Department of Commerce, will help support new loan and grant programs as well as manufacturers, and $7 million in funding through the Maryland Department of Labor is designed to help small businesses retain their workforce.
- Massachusetts: The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits.
- Michigan: Small Business Relief Program Funding will provide up to $20 million in grants and loans to provide economic assistance to Michigan’s small businesses.
- Minnesota: Small Business Loan Guarantee Program provides another option for financing to help small businesses weather this difficult time. DEED estimates that this $10 million will guarantee $20 million to $25 million in loans for Minnesota small businesses.
- Nebraska: Community Development Block Grant (CDBG) funds are allocated to assist qualified businesses that have been impacted by the COVID-19 outbreak. The guide outlines eligible activities for providing loans or grants to private, for-profit entities to support a range of eligible activities.
- New Jersey: The New Jersey Economic Development Authority (NJEDA) includes a grant program for small businesses, a zero-interest loan program for mid-size companies, support for private-sector lenders and Community Development Financial Institutions (CDFIs), funding for entrepreneurs, and a variety of resources providing technical support and marketplace information. Taken together, they will provide more than $75 million of state and private financial support, with the opportunity to grow to more than $100 million if additional philanthropic, State, and federal resources become available.
- New Mexico: The Economic Development Department (EDD) has created the COVID-19 Business Loan Guarantee Program to assist businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. EDD can guarantee a portion of a loan or line of credit up to 80 percent of the principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory, and payroll. New Mexico Recovery Fund will provide discounted, short-term loans to businesses struggling to stay afloat during the coronavirus crisis. All Together NM Fund will provide a phased response to the pandemic. First, it will address immediate needs in New Mexico communities, including procurement of food and medical and cleaning supplies for at-risk communities, support for childcare workers who are supporting our front-line employees, and grants to address income insecurity among smaller businesses and employees affected by COVID-19 disruptions.
- New York: The NYC Employee Retention Grant Program is for businesses with fewer than 100 employees who have seen sales decreases of 25 percent or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit. The City is also offering small businesses with fewer than 5 employees a grant to cover 40 percent of payroll costs for two months to help retain employees. Additionally, consumers and small businesses experiencing coronavirus-related financial hardship may defer paying premiums for property and casualty insurance for a 60-day period.
- North Dakota: North Dakota Development Fund Loans and equity investments are available to companies certified as a primary sector under the North Dakota Development Fund, Revolving Rural Loan Fund and the Venture Capital Program with up to $1 million at a lower-than-market interest rate, which can be in the form of a loan or equity investment. This funding can be used for working capital, equipment or real estate.
- Oregon: With the Beaverton Emergency Business Assistance Programs, businesses ordered to close as a result of government coronavirus guidelines can apply for $2,500 per month in rent or mortgage reimbursement while the city is in a declared state of emergency. Hillsboro (Oregon) Small Business Emergency Relief Program offers grants of $5,000 for businesses in Hillsboro, Oregon, to offset losses associated with the coronavirus.
- Pennsylvania: The Small Business First Fund has $61 million available initially for business assistance. This will be providing working capital loans of up to $100,000 directly to small businesses and hopefully nonprofits (those that employ 100 or fewer persons. The interest rate is currently 3 percent, however, the PIDA board can adjust the interest rates to as low as 0 percent. Also, the Small Business Relief Fund offers grants or zero-interest loans to Philadelphia small businesses impacted by the COVID-19 pandemic.
- Rhode Island: Pawtucket, R.I. has emergency loan resources for local small businesses.
- South Carolina: A $6 million COVID-19 emergency economic stimulus package will include $500,000 for zero-interest forgivable loans for small businesses with fewer than 100 employees and allows bars and restaurants to delay and avoid penalties for hospitality tax payments through June.
- Utah: Utah Governor’s Office of Economic Development is offering a bridge loan to Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic. Loan amounts range from $5,000 to $20,000 with 0 percent interest for up to a 60-month period.
- Washington: The $2.5 million City of Seattle fund will invest directly in small businesses financially impacted by COVID-19. The fund is an expansion of the Office of Economic Development’s (OED) Small Business Stabilization Fund, which the Mayor created to support small businesses whose operations were jeopardized by a destabilizing event. Eligible small businesses will receive a grant of up to $10,000 to mitigate revenue lost by COVID-19.
- Wisconsin: Small Business 20/20 is a $5 million grant program that will give companies with fewer than 20 employees up to $20,000.