A lot of information has come out over the past few weeks about funding for small businesses due to COVID-19. Below is a good starting point for many of the opportunities.
SBA Loans for Small Businesses
The SBA has two special loans that are available.
Paycheck Protection Loans
The Paycheck Protection Loan is a new type of Section 7(a) loan made on or before June 30, 2020, by partner lenders of the Small Business Administration (SBA) and guaranteed by the SBA.
Maximum Loan Amount: The lesser of $10 million or 2.5 times the average monthly payroll. Apply through a SBA partner lender.
Economic Injury Disaster Loan
The Economic Injury Disaster Loan (EIDL) expands the existing EIDL loan program under the SBA.
Maximum Loan Amount: Capped at $2 million. Apply directly through the SBA.gov website. Up to $200,000 available without a personal guarantee.
May businesses borrow under both loan programs?
Yes. Borrowers may apply for an EIDL loan in addition to a loan under the Paycheck Protection Program, provided the loans are not used for the same purpose.
SBA Loan Forgiveness Program equal to the amount spent by the borrower during an eight-week period after loan origination date on payroll costs, interest payment on any mortgage, rent on any lease, and utility payment prior to February 15, 2020
Private Company Grants and Offers
$100 million to the Facebook Small Business Grants Program, which will make free online advertising and grants available to 30,000 small businesses in over 30 countries where the social-media company’s employees live and work.
Google Ad credits
Financing type: Advertising credits
Funding Limit: Total fund is $340 million
Who it’s for: Small and medium businesses, who advertise directly with Google or its partners around the world with active accounts since the beginning of 2019.
GoFundMe Small business relief fund
Financing type: Donation-matching micro-grants
Funding limit: $500, total fund is more than $1.5 million
Who it’s for: Independently owned and operated small businesses with GoFundMe campaigns to offset negative impacts from the COVID-19 pandemic
University of Chicago Grant
Independently owned and operated businesses within the University’s nine-community footprint with a lease with the University or a University-controlled affiliate are eligible to receive rent relief as well as up to $7,500 in direct financial support depending on the number of employees.
Kiva
Kiva lenders provide financial assistance to all by making 0% interest loans to entrepreneurs in the U.S. In today’s difficult circumstances, Kiva would like to make it as easy and impactful as possible for small businesses in the U.S. to have access to affordable capital on the Kiva platform – capital that may be the difference between shutting down and keeping their doors open.
LISC and Verizon Wireless
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 do not have access to flexible, affordable capital.
City / State Opportunities
Chicago Small Business Resiliency Fund
Loans up to $50,000 to provide Chicago-area small businesses with emergency cash flow during the coronavirus pandemic.
State of Illinois Hospitality Emergency Grant Program – April 1 Deadline
Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Businesses are selected based on a lottery system. Sounds like business who have a food business licenses in Chicago are eligible, which should open it up to food manufacturing businesses operating out of shared kitchens as well.
Delaware Hospitality Emergency Loan Program (HELP)
No-interest loans of up to $10,000 per business/per month available to eligible businesses in the hospitality industry.
Maryland Small Business COVID-19 Emergency Relief Grant Fund
Grants up to $10,000 for Maryland small businesses and nonprofits.
San Francisco COVID-19 Small Business Resiliency Fund
Access of up to $10,000 for employee salaries & rent for eligible businesses in the San Francisco area.
Los Angeles City Small Business Emergency Microloan Program
Loans ($5,000-$20,000) for eligible businesses in the Los Angeles area.
Denver Small Business Emergency Relief
Cash grants of up to $7,500 to small businesses in Denver that have lost the ability to operate because of coronavirus.
Florida Small Business Emergency Bridge Loan COVID-19
Loans of up to $50,000 available to small businesses in Florida experiencing economic damage as a result of COVID-19.
Michigan Small Business Relief Program
Grants & loans to small businesses affected by the coronavirus.
NYC Employee Retention Grant Program
Grants of up to $27,000 to cover 40% of payroll costs over the course of 2 months; for small businesses or nonprofits with 1-4 employees that have lost 25% of revenue due to coronavirus.
NYC Small Business Continuity Fund
Up to $75,000 in interest-free loans to NYC businesses that have experienced at least a 25% reduction in revenue due to coronavirus.
Beaverton (Oregon) Emergency Business Assistance Programs
Businesses in Beaverton, Oregon, that were 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
Grants of $5,000 for businesses in Hillsboro, Oregon, to offset losses associated with the coronavirus.
Entrepreneur Fund (MN) Small Business Relief Fund
Direct grants to small business owners in northeast & central Minnesota and northwest Wisconsin.