A Guide to Federal & State COVID-19 Financial Relief Programs Available for Small Businesses
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According to Thomas' recent survey assessing the impacts of COVID-19 on North American manufacturers, 60% of North American manufacturing companies say they are being impacted in some way by the virus; that figure has likely increased over the past few weeks as widespread "stay at home" measures and other state-specific orders have been implemented.
These safety guidelines are, in many cases, leading to layoffs and major cuts in profits, along with a host of other expenses that many small businesses had no way to prepare for. According to the Small Business Report from Chase, half of all small businesses save up a cash buffer intended to cover business expenses equivalent to 27 days of typical outflows. As COVID-19 related shutdowns in some states approach Day 27, some business leaders may need additional support to keep their industrial businesses afloat.
Both federal and state governments are now beginning to offer financial relief to small businesses impacted by COVID-19 closures. A guide to these resources, including additional information and links to application pages, is outlined below.
Federal Small Business Loan Resources
According to the U.S. Small Business Association (SBA), the federal government is offering three different loan and debt relief programs for U.S. small businesses as part of the $2 trillion stimulus bill.
1. Paycheck Protection Program
Under the CARES stimulus act, the Paycheck Protection Program will be authorizing up to $349 billion toward job retention and other relevant expenses. Eligible businesses include nonprofit organizations, veteran organizations, and tribal businesses described in the Small Business Act, along with self-employed individuals and independent contractors, with some exceptions.
The program offers:
- A loan of up to $10 million, determined by the last eight weeks of payroll plus 25%
- Deferral of loan payments for six months
- Forgiven loan proceeds used to cover the first eight weeks of payroll and other expenses following the loan origination
To learn more about qualifications for the paycheck protection program, click here.
2. Economic Injury Disaster Loans
As part of the government's response to small businesses impacted by COVID-19, Economic Injury Disaster Loan advances are available for up to $10,000. The program will also provide up to $2 million in loans to help small businesses overcome the loss of revenue during closures.
Loan funds are made available to qualified applicants within three days of submitting an application and the loan advance will not need to be repaid.
For more information about applying and qualifying for Economic Injury Disaster Loans and loan advances, click here.
3. Debt Relief and Express Bridge Loans from SBA
Under the Small Business Administration's (SBA) debt relief program, the SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020, for a period of six months.
The Express Bridge Loan Program allows small businesses with an existing relationship with SBA Express lender to access up to $25,000 with less paperwork.
4. National Institute of Standards and Technology (NIST) Manufacturing USA National Emergency Assistance Program
On March 31, NIST announced it had opened funding for rapid, high-impact projects that support U.S.' response to the COVID-19 pandemic. NIST will be awarding funding to Manufacturing USA Institutes' projects that include, but are not limited to:
- Medical or nonmedical countermeasures
- Grants to accelerate production of critical materials, equipment, and supplies
- Additional production facilities
- Technology road-mapping for pandemic response and recovery
- Leveraging institute capabilities to strengthen state and community resilience
- returning to the U.S. the manufacture of critical conventional drugs and ensuring supply chains for critical materials related to pandemic response
- Workforce development and training for manufacturing workers.
For more information on the release, click here.
To view eligibility and submit an application, click here.
State Small Business Relief Resources
Along with federal resources, states have also stepped in to provide relief to small businesses impacted by COVID-19, including waived late fees on payments or other state implemented loan programs.
Along with loan and grant offerings for local businesses, most states are extending their income tax filing date from April 15, 2020, to July 15, 2020, and are waiving late payment penalties for all returns filed in February, March, and April 2020.
Outlined below are a variety of state-specific resources, listed alphabetically by state:
Alabama
- Alabama Department of Revenue
- Alabama SBA district office
- Alabama-specific COVID-19 page for businesses
- Birmingham Strong Emergency Loan Fund eligibility
Alaska
- Information on COVID-19 6-point economic stabilization plan
- Alaska-specific COVID-19 resources for businesses
Arizona
- Growth Partners Arizona - to apply for new loan options.
- Arizona-specific COVID-19 resources for businesses
Arkansas
- Details on Arkansas' Quick Action Loan Program
- Arkansas-specific COVID-19 resources for businesses
California
- Sacramento Small Business Emergency Relief Loan Program
- San Francisco Small Business Resiliency fund eligibility and application
- San Diego Small Business Relief Fund eligibility and application
- Los Angeles City Small Business Emergency Microloan Program eligibility and application
- Sacramento Small Business Emergency Economic Relief Loan Program
- Information on California Capital Access Program (CalCAP)
- List of Financial institutions participating in CalCAP
- California Small Business Loan Guarantee Program
- California Small Business Support Centers
- California-specific COVID-19 resources for businesses
Colorado
- Colorado COVID-19 small business response resources by city
- Denver Economic Development and Opportunity emergency relief program
- Colorado-specific COVID-19 resources
Delaware
- Delaware emergency loan program for small businesses in the hospitality industry
- Guide for businesses from Delaware Health and Social Services
- Delaware-specific COVID-19 resources for businesses
Florida
- Rebuild Florida Business Loan Fund Application
- Florida Department of Revenue resource page
- Florida-specific COVID-19 resources
Georgia
Hawaii
Idaho
Illinois
- Chicago Small Business Resiliency Loan Fund application
- Hospitality Emergency Grant Program application
- Illinois Small Business Emergency Loan Fund information page
- Downstate Small Business Stabilization Program
Indiana
Iowa
- Iowa Small Business Relief Grant Program and Tax Deferral
- COVID-19 Targeted Small Business Sole Operator Fund
- Iowa small business assistance page
Kansas
- Hospitality Industry Relief Emergency Fund application
- Capital loan programs
- Community development block grants information
- Kansas-specific COVID-19 business resources
Kentucky
Louisiana
- Louisiana-specific COVID-19 business guidance
- SBA lenders and financing options for Louisiana
- Income Tax Relief Provisions for COVID‐19 for Louisiana
Maine
- COVID-19 Relief Business Direct Loan Program application and eligibility
- COVID-19 Relief Interim SBA Finance Loan Program application and eligibility
- List of all COVID-19 relief loan programs
- List of other business loan programs available in Maine
Maryland
- Maryland Small Business COVID-19 Emergency Relief Loan Fund
- Maryland Small Business COVID-19 Emergency Relief Grant Fund application and eligibility
- Maryland COVID-19 Emergency Relief Manufacturing Fund
- Maryland-specific COVID-19 resources for businesses
Massachusetts
- Massachusetts-specific COVID-19 resource page
- Small Business Recovery Loan Fund information and application information
Michigan
- Michigan Small Business Relief Program
- Pure Michigan Business Connect COVID-19 Emergency Access and Retooling Grants eligibility and application
- Michigan-specific COVID-19 resources for businesses
Minnesota
Mississippi
Missouri
Montana
Nebraska
- Nebraska Chamber of Commerce and Industry COVID-19 resources
- Nebraska Business Development Center resiliency resources
- Community Development Block Grant eligibility
- Nebraska-specific COVID-19 resources for businesses
Nevada
- Nevada small business assistance resource portal
- Nevada business resource guide
- Governor's office COVID-19 business resources
New Hampshire
- New Hampshire COVID-19 business guidance resources
- New Hampshire economy business center state resources
- Small Business Development Center New Hampshire COVID-19 assistance
New Jersey
- Small Business Emergency Assistance Grant Program eligibility and application
- Small Business Emergency Assistance Loan Program eligibility and application
- Small Business Emergency Assistance Guarantee Program eligibility and application
New Mexico
New York
- New York City Employee Retention Grant Program eligibility and application
- New York City Small Business Continuity Loan Fund eligibility and application
- New York Community Trust for non-profits eligibility and application
- Syracuse Emergency Relief Fund for Small Businesses eligibility and application
North Carolina
- North Carolina business relief resources page
- North Carolina rapid recovery for small businesses loan program
North Dakota
Ohio
- Ohio-specific COVID-19 resources for economic support
- Ohio Chamber of Commerce business resources
- SharedWork Ohio
- Ohio Department of Transportation essential goods weight limit waiver
Oklahoma
Oregon
Pennsylvania
- COVID-19 Working Capital Access Program
- Philadelphia COVID-19 Small Business Relief Fund eligibility and application
- List of financing Pennsylvania programs for COVID-19 impacted businesses
Rhode Island
South Carolina
South Dakota
Tennessee
- Tennessee-specific COVID-19 small business resources
- Appalachian Highlands economic aid directory
- Tennessee Department of Revenue COVID-19 updates
Texas
- Texas Economic Development COVID-19 business resources
- Texas Workforce Commission information for employers
Utah
- Utah-specific guide for applying for SBA disaster loans
- Salt Lake City Emergency Loan Program for Businesses eligibility and application
- Utah broadband providers with continuity of service
- Utah COVID-19 resources for businesses
Vermont
- COVID-19 Recovery Resource Center for Vermont businesses
- Vermont Community Loan Fund
- Vermont Economic Development Authority
- Community Capital of Vermont small business financing and support
Virginia
Washington
- COVID-19 resource list for impacted Washington businesses and workers
- COVID-19 business resources for Washington state
- Resources for employers impacted by COVID-19
Washington, D.C.
- COVID-19 resources for businesses and non-profits
- Small business recovery microgrants application and eligibility
West Virginia
- West Virginia financial business resources
- West Virginia Small Business Development Center resources
Wisconsin
- Wisconsin Economic Development Corporation COVID-19 business resources
- Wisconsin Small Business 20/20 Program Eligibility and application
- Wisconsin-state Department of Revenue small business tax relief
- Wisconsin SBA disaster loan application assistance
Wyoming
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