The coronavirus pandemic has hit small and mid-sized businesses especially hard. Fortunately, there are a number of government stimulus programs aimed at helping companies overcome the unprecedented challenges they may face. Here are some federal and state resources that are providing coronavirus-related assistance.
Click on a state to learn more.
Alabama
Birmingham
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.
West Alabama
The Community Foundation of West Alabama Fund offered in cooperation with the Chamber of Commerce of West Alabama is offering grants to businesses with 2 to 50 employees that have experienced financial hardship due to COVID-19.
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Arizona
Arizona has passed a $50 million bill for coronavirus relief, but leaves much of the details in the hands of Gov. Doug Ducey. For this reason, more details aren’t available at this time in terms of how exactly it will help small businesses or what businesses will need to do to get funds. The bill does specify that businesses and nonprofits with fewer than 50 employees will receive relief.
Local First Arizona and its community partners are launching a fund to provide mini-grants to Arizona's smallest locally owned enterprises.
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Arkansas
Gov. Asa Hutchinson has created a $12 million Quick Action Loan Program. Through this, eligible companies may apply for a loan or loan guaranty of up to $250,000. Direct lending is also available.
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California
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.
San Francisco
Allows impacted small business owners to access up to $10,000 for employee salaries and rent.
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Colorado
Denver
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.
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Connecticut
To provide emergency cash flow relief to small businesses and nonprofits negatively impacted by the coronavirus, Connecticut is now offering qualifying organizations with 100 or fewer employees access to no-interest loans. Under the Connecticut Recovery Bridge Loan Program, a qualifying business or nonprofit organization can apply for a loan of up to $75,000 or three months of operating expenses, whichever is less.
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Delaware
Gov. Carney has announced the Hospitality Emergency Loan Program (HELP) to provide funds to some of the businesses and nonprofits in the state most significantly impacted by the coronavirus. It will make no-interest loans of up to $10,000 per business, per month available to eligible businesses in the hospitality industry. For businesses not eligible for HELP, the SBA is offering low-interest Economic Injury Disaster Loans of up to $2 million per business.
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Florida
Florida Small Business Emergency Bridge Loan Program is providing loans of up to $50,000, with 1-year terms to small businesses with 2 to 100 employees..
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Georgia
Truist Financial Corp. is offering grants to small businesses that have experienced substantial losses in recent weeks through their community development financial institutions. Grants range from $5,000 to $25,000 and are only available to businesses with fewer than 10 full-time employees and no more than $1 million in gross revenue.
Atlanta
The Atlanta City Council approved a $7 million coronavirus emergency fund that will allocate $1.5 million to small businesses.
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Hawaii
Emergency loan assistance to help producers recover from production and physical losses due to drought, flooding, and other natural disasters or quarantine.
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Idaho
Regional bank is offering a 5-year credit line with the first 90 days interest-free to businesses that have experiened a 10% drop in revenue. Credit lines can be up to $200,000.
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Illinois
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000. Businesses located outside the city of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply.
Chicago
A $100 million Chicago Small Business Resiliency Loan Fund that will provide low-interest loans to the city’s struggling small businesses.
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Indiana
The Indy Chamber created the Rapid Response Loan Fund through its Business Ownership Initiative (BOI) as an affordable option for loans ranging from $1,000 to $25,000. Loans can be used to pay employee salaries, insurance premiums or as a bridge loan until additional funding kicks in from a business bank or from the U.S. Small Business Administration.
Central Indiana
Makes emergency funds available to organizations working directly with vulnerable populations.
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Iowa
Gov. 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.
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Kansas
The state of Kansas will offer up to $20,000 in short-term zero-interest loans to impacted hospitality businesses with fewer than 100 employees. Loan desicions will be made in 72 hours after an application is received and approved; loans will be paid out within 48 hours.
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Louisiana
Louisiana Economic Development administers a Small Business Loan and Guaranty Program, with loans ranging from $5,000 to $1.5 million.
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Maine
The Finance Authority of Maine (FAME) is offering direct loans of up to $50,000, with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19. It's also providing loans of up to $100,000, with special terms available to eligible borrowers that provide proof of commitment for SBA financing. The FAME loan would be originated for use to the business owner until the SBA loan is funded. The SBA loan would then pay off the FAME loan.
The Finance Authority of Maine will back 50%-75% of loans from commercial lenders that make loans to Maine businesses experiencing interruption or hardship due to COVID-19.
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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.
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Massachusetts
Gov. Charlie Baker announced a $10 million relief fund for Massachusetts businesses affected by the coronavirus. Funds of up to $75,000 are immediately available for companies with fewer than 50 full- and part-time employees.
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Michigan
The state of Michigan will provide both grants and loans to small businesses affected by the coronavirus starting on or around April 1. Grants will be available in amounts of up to $10,000 to help cover working capital. Loans will be available in amounts from $50,000 to $200,000 at an interest rate of 0.25%.
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Minnesota
MN has extended the due date for individual income taxes until 7/15/2020. Both penalty and interest will be waived. Business income tax returns have not yet been extended.
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Mississippi
MS has extended the deadline to file and pay individual and corporate income taxes until 5/15/2020. Penalty and interest will be waived during this timeframe. This extension also applies to Q1 estimated payments.
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Missouri
Desoto County
Truist Financial Corp. is offering grants to small businesses that have experienced substantial losses in recent weeks through their community development financial institutions. Grants range from $5,000 to $25,000 and are only available to businesses with fewer than 10 full-time employees and no more than $1 million in gross revenue.
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Montana
The fund will provide resources in the form of short-term loans, lines of credit, and emergency grants to nonprofits in Minnesota, Wisconsin, North Dakota and Montana.
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Nebraska
The SBA is allowing small businesses statewide to apply for disaster relief loans of up to $2 million, with interest rates at 2.75% for nonprofits and 3.75% for small businesses. Repayment can extend up to 30 years.
The Nebraska Department of Economic Development (DED) has allocated Community Development Block Grant (CDBG) funds to assist qualified businesses that have been impacted by the COVID-19 outbreak.
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Nevada
Regional bank is offering a 5-year credit line with the first 90 days interest-free to businesses that have experiened a 10% drop in revenue. Credit lines can be up to $200,000.
The SBA is allowing small businesses statewide to apply for disaster relief loans of up to $2 million, with interest rates at 2.75% for nonprofits and 3.75% for small businesses. Repayment can extend up to 30 years.
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New Hampshire
The governor of New Hampshire has declared an emergency $50 million fund that can be distributed through grants or loans for hospitals and "other health care providers."
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New Jersey
The New Jersey Economic Development Authority approved a package of 7 initiatives that can be worth an estimated $75 million to $100 million. The EDA said the initiatives will support between 3,000 and 5,000 small and mid-sized enterprises and are meant to complement recently announced federal economic recovery initiatives.
Small Business Guarantee Loan Program: A $10 million program that will provide working capital loans of up to $100,000 to businesses with less than $5 million in revenues. Loans made through the program will have 10-year terms with 0% for the first 5 years, then resetting to the EDA's prevailing floor rate (capped at 3%) for the remaining 5 years.
A $10 million capital reserve fund to take a first-loss position on CDFI loans that provides low-interest working capital to micro-businesses. This will allow CDFIs to withstand loan defaults due to the outbreak, which will allow them to provide more loans at lower interest rates to micro-businesses affected by the outbreak.
NJ Entrepreneur Support Program: A $5 million program that will encourage continued capital flows to new companies, often in the innovation economy, and temporarily support a unstable market by providing 80% loan guarantees for working capital loans to entrepreneurs.
CDFI Emergency Assistance Grant Program: A $1.25 million program that will provide grants of up to $250,000 to CDFIs to scale operations or reduce interest rates for the duration of the outbreak.
Princeton
The Princeton Area Community Foundation, in collaboration with other community leaders, has created a COVID-19 Relief & Recovery Fund. Rapid response is our objective. Applications will be accepted daily.
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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.
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New York
New York City
The NYC Small Business Services is offering businesses with fewer than 5 employees grants to cover 40% of payroll costs for 2 months. Businesses with fewer than 100 employees and sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000.
The fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs facing NYC.
To assist businesses on the verge of collapse due to the coronavirus outbreak, Renaissance is creating an Emergency Small Business Relief Loan Fund. The fund will provide restaurants, retail stores, service businesses and wholesalers in our communities with crucial low-interest loans.
Syracuse
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North Carolina
The SBA allows small businesses to apply for low-interest disaster relief loans up to $2 million to help meet financial obligations and operating expenses.
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North Dakota
The fund will provide resources in the form of short-term loans, lines of credit, and emergency grants to nonprofits in Minnesota, Wisconsin, North Dakota and Montana.
Loans and equity investments are available to companies certified as "primary sector" under the North Dakota Development Fund, Revolving Rural Loan Fund and the Venture Capital Program.
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Ohio
Truist Financial Corp. is offering grants to small businesses that have experienced substantial losses in recent weeks through their community development financial institutions. Grants range from $5,000 to $25,000 and are only available to businesses with fewer than 10 full-time employees and no more than $1 million in gross revenue.
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Oklahoma
The SBA is allowing small businesses statewide to apply for disaster relief loans of up to $2 million, with interest rates at 2.75% for nonprofits and 3.75% for small businesses. Repayment can extend up to 30 years.
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Oregon
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.
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Pennsylvania
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.
Pittsburgh
The Urban Redevelopment Authority of Pittsburgh (URA) is halting all loan payments for URA small business borrowers for the month of April 2020. The URA is also offering to its existing small business borrowers emergency extended credit.
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Rhode Island
Gov. Gina Raimondo partnered with Microsoft to provide web-based Microsoft Office applications to Rhode Island small businesses for free for 6 months.
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South Carolina
South Carolina businesses can apply for millions in SBA for disaster relief loans.Interest rates of 2.75%, but must apply by Dec. 21, 2020.
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Tennessee
The SBA is now offering federal disaster loans for economic injury as a result of COVID-19. The interest rate for small businesses is 3.75%. SBA will offer these loand to businesses with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
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Texas
The U.S. SBA granted Texas’ Economic Injury Disaster Loan (EIDL) assistance declaration, making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by COVID-19.
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Utah
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.
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Vermont
The SBA is allowing small businesses statewide to apply for disaster relief loans of up to $2 million, with interest rates at 2.75% for nonprofits and 3.75% for small businesses. Repayment can extend up to 30 years.
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Virginia
The SBA is allowing small businesses statewide to apply for disaster relief loans of up to $2 million, with interest rates at 2.75% for nonprofits and 3.75% for small businesses. Repayment can extend up to 30 years.
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Washington
Washington state is offering a shared work program that allows eligible businesses to reduce employee hours by as much as 50% without laying off the employee.
Regional bank is offering a 5-year credit line with the first 90 days interest free to businesses that have experiened a 10% drop in revenue. Credit lines can be up to $200,000.
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.
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West Virginia
Truist Financial Corp. is offering grants to small businesses that have experienced substantial losses in recent weeks through their community development financial institutions. Grants range from $5,000 to $25,000 and are only available to businesses with fewer than 10 full-time employees and no more than $1 million in gross revenue.
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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.
The fund will provide resources in the form of short-term loans, lines of credit, and emergency grants to nonprofits in Minnesota, Wisconsin, North Dakota and Montana.
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Wyoming
Teton County
The Community Foundation of Jackson Hole has created a $300,000 fund to assist local nonprofits during the coronavirus outbreak.
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Federal
Economic Injury Disaster Loans of up to $2 million per small business, and business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan. (SBA’s traditional loan programs also remain available.)
Main Street 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-sized businesses. It would allow small businesses to apply and receive grants quickly through the Treasury Department.
USDA Rural Business Devlopment: This program is designed to provide technical assistance and training for small rural businesses. Small means that the business has fewer than 50 new workers and less than $1 million in gross revenue.
The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It will guarantee loans with terms of up to 10 years and interest rates of up to 4% to businesses with fewer than 500 employees. Businesses can qualify for loans of up to $10 million, and the loans will be provided by lenders including banks and credit unions.
