Resources for Small Businesses Impacted by the COVID-19
Small businesses are experiencing uncertainty and economic hardship due to the coronavirus (COVID-19) pandemic. Luckily, many government organizations, non-profits, and private companies like Merchant Advisors, are working hard to assist businesses in need. We strive to help small businesses reinforce their financial stability through our small business financing options and SBA’s relief options for small businesses.
Here at Merchant Advisors, we want to provide you, the small business owner, with the financial knowledge, resources, and information you need to help your business meet cash flow requirements. Here are some resources for small businesses—including how to secure emergency funding, State and local government support, and additional resources to keep you informed on the legislation changes and COVID-19 relief options.
NATIONAL BUSINESS ASSISTANCE PROGRAMS
1 - Coronavirus Relief Options - Small Business Administration (SBA)
The US Small Business Administration (SBA) is offering low-interest financing options in the form of Economic Injury and Disaster Loans (EIDL), the Emergency Economic Injury Grant (EEIG), and the Paycheck Protection Program (PPP) Loans created through the CARES Act, to support small businesses in current challenging times.
Paycheck Protection Program
Read about the SBA PPP loan program
Economic Injury and Disaster Loan
See how an EIDL can help overcome the loss of revenue
SBA Disaster Assistance
Read about the SBA’s disaster assistance program
Disaster Loan State Index
Discover the designated states and territories for disaster loans.
2 - Income Tax Relief and Extended Tax Deadline
The Treasury Department and the Internal Revenue Service (IRS) has offered relief to small businesses by extending the federal income tax filing deadline from April 15 to July 15, 2020 in response to the COVID-19 outbreak. For both individuals and businesses, the payments of up to $10 million were also extended until July 15, 2020. This relief is automatic and applies to all individual returns, trusts, and corporations without the need to file any additional forms. To learn about your local State tax deadline, check with your local state tax agency for information.
STATE SUPPORT PROGRAMS
A Cooperative Agreement to help businesses and families from dispossession and foreclosure.
The Quick Action Closing Fund created by Arkansas Economic Development Commission offering loan up to $4 million with $12 million in CDBG assistance for eligible businesses.
To strengthen the small businesses in this time of need, a small business emergency microloan program is created for Los Angeles businesses that will provide emergency loans from $5,000 to $20,000 for a term from 18 months to 5 years with no prepayment penalty or application fee.
A relief fund of $4 million is created for the local business community and food industry with cash grants of $7,500 from the Denver Economic Development and Opportunity (DEDO).
A Hospitality Emergency Loan Program (HELP) provides no-interest loans to restaurants, bars and hospitality businesses capped at $10,000 per business per month.
The Florida Small Business Emergency Bridge Loan COVID-19 will provide interest-free short-term loans of $100,000 to eligible business owners that have experienced economic damage due to COVID-19.
A $7 million coronavirus emergency fund will provide $1.5 million to small businesses affected by the coronavirus outbreak. Kansas: A small business emergency resource fund is created as a HOST Relief Program that established $1 Million dollars in new small business grants to support impacted businesses and workers
A small business emergency resource fund is created as a HOST Relief Program that established $1 Million dollars in new small business grants to support impacted businesses and workers.
With the help of Catalyst Fund and private sponsors, a Small Business Resiliency Fund is created that will provides $100 million low-interest loans to provide much-needed relief and extend tax payments for small businesses. There is also a Hospitality Emergency Grant Program by the Accion that will provide working capital of $14 million to hospitality businesses.
The state’s Small Business Relief Program will provide financial assistance ranging from $ to $25,000 to affected businesses with less than 25 employees along with a deferral of sales and use or withholding taxes due and waiver of penalty and interest
Louisiana: New Orleans Business Alliance (NOLABA) is providing $100,000 relief funds to gig economy workers with a goal of increasing the fund to a minimum of $500,000.
Finance Authority of Maine (FAME) is providing COVID-19 Relief Interim SBA Finance Loan Program for businesses with FAME Direct Loans of up to $100,000 and COVID-19 Relief Business Direct Loan Program with FAME Direct Loans of up to $50,000 at special terms.
The Emergency Relief Fund will provide loans of $175 million to small businesses and nonprofits. The $130 million in financial assistance for manufacturers, and $7 million for businesses to help retain their employees.
Massachusetts: A $10 million Small Business Recovery Loan Fund is created by the Baker-Polito Administration to help provide capital assistance of $75,000 to businesses with less than 50 employees as well as to nonprofits.
Small Business Relief Program Funding offering $20 million in grants and loans as economic assistance to Michigan’s small businesses.
A $10 million Small Business Loan Guarantee Program to help provide working capital to small businesses in the coronavirus crisis.
Community Development Block Grant (CDBG) will provide funds to eligible businesses.
A grant program from the New Jersey Economic Development Authority (NJEDA) that provides zero-interest loans of $75 million, with an additional $100 million financial resources as they become available.
The COVID-19 Business Loan Guarantee Program is created by the Economic Development Department (EDD) to help provide emergency funding to small businesses. There are also discounted, short-term loans via the New Mexico Recovery Fund for struggling businesses to stay operational during the COVID-19 outbreak.
The North Dakota Development Fund Loans will provide funding up to $1 million at a lower interest rate in the form of a loan or equity investment.
There is monthly $2,500 reimbursement (rent or mortgage) available through the Beaverton Emergency Business Assistance Programs for businesses with grants of $5,000 for businesses through the Hillsboro (Oregon) Small Business Emergency Relief Program.
The $61 million Small Business First Fund will provide working capital loans of $100,000 to small businesses and nonprofits with less than 100 employees. There are grants and zero-interest loans for Philadelphia small businesses through the Small Business Relief Fund.
There are emergency loan resources to assist small businesses.
A COVID-19 emergency economic stimulus package of $6 million will provide zero-interest forgivable loans up to $500,000 for businesses with less than 100 employees with extended tax deadlines.
A bridge loan program is offering zero-interest loans from $5,000 to $20,000 through the Utah Governor’s Office of Economic Development for small businesses with less than 50 employees for a 60-month period.
The $2.5 million City of Seattle fund is an expansion of the Office of Economic Development’s (OED) Small Business Stabilization Fund that will assist small businesses impacted by the coronavirus pandemic.
A $5 million grant program of Small Business 20/20 will provide funding up to $20,000 to businesses with less than 20 employees.
The coronavirus outbreak is significantly affecting the economy especially U.S small business every day. To help business owners in these challenging times, we want to equip you with the information and tools necessary to help you make the right business decision and survive in the current economic hardship. Here are some additional resources to help small business owners—including information about what loan options are available, legislation changes, its impacts on businesses, and preparation tips for the coronavirus business loans.