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Coronavirus Financial Relief Available to Businesses as of April 3, 2020

April 3, 2020

To help you navigate the ever-changing resource landscape, we’ve compiled a list of federal, state, local, corporate, non-profit and trade association sponsored resources that may be available to lend your business aid.

This information is evolving and subject to change. We will provide updates periodically. Please feel free to bookmark this page to stay updated on the latest financial relief programs available for small businesses.

If you are experiencing a business-related interruption, please call us at 877-516-9078.

 

Federal Sponsored Resources

Coronavirus Aid, Relief and Economic Security (CARES) Act

On 3/27, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. This legislation builds on two previous versions of the CARES Act, and is the largest stimulus package in U.S. history. The bill approves $2 Trillion worth of funds in an attempt to offset the economic losses experienced as a result of the Coronavirus (COVID-19) pandemic. Roughly $350 Billion is allocated for the Paycheck Protection Program designed to help small businesses make payroll and cover other expenses. Individual businesses can receive up to $10M, which is tied to payroll costs and can cover employees making up to $100K per year.

Maximum Loan Size: Loans can be up to 2.5 times the borrower’s average monthly payroll costs, not to exceed $10 million

Starting on April 3, small businesses and sole proprietors can apply for and receive loans; independent contractors and self-employed individuals can start applying on April 10.

Businesses can apply through any existing SBA lender or through any federally insured depository institution, credit union, or other participating institution. Other regulated lenders will be available to make these loans once they are approved, and the SBA recommends consulting with your local lender as to whether it is participating. Visit www.sba.gov for a list of SBA lenders.

Business Eligibility:

  • Small businesses with fewer than 500 employees, or that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor, an independent contractor or is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

Additional CARES Act Resources

  • Feel free to review this helpful Small Business Guide from the U.S. Chamber of Commerce for more information regarding the CARES Act
  • The U.S. Senate Committee on Small Business & Entrepreneurship has created this comprehensive guide to help explain the new programs that will soon be available to small businesses through the CARES Act

 

Families First Coronavirus Response Act (H.R.6201)

The Families First Coronavirus Response Act responds to the Coronavirus (COVID-19) outbreak by providing paid sick leave and free Coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers. The bill was signed into law on March 18, and goes into effect on April 2, 2020.

Click here for more details on how this may impact your business.

 

Small Business Administration (SBA)

The SBA has published guidance explaining how businesses can be funded as a result of the CARES Act. Click here for more information.

The SBA’s Coronavirus Economic Injury Disaster Relief Lending Program (EIDL) offers low-interest loans in all U.S. states and territories for small businesses financially suffering as a result of COVID-19.

Maximum Loan Size: $2 Million
Business Eligibility: Businesses and private non-profits that are without available credit and are requiring funds to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. Borrowers are assessed on a case-by-case basis.

Terms: The interest rate is 3.75% for small businesses and 2.75% for non-profits. The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.

Click here for additional eligibility information, and to apply.

The SBA is also deferring existing disaster loans from previous crises through the end of 2020. Borrowers don’t have to contact the agency to take advantage of this extension, as this change makes deferments through December 31, 2020 automatic. Click here to learn more about this announcement.

Check out Lender Match, SBA’s free online referral tool that connects small businesses with participating SBA-approved lenders.

PRESS RELEASE

 

Federal Tax Relief

The Treasury Department and Internal Revenue Service have announced that the federal income tax filing due date has been extended from April 15 to July 15, 2020.

Although many states have aligned their State and Local tax filings with the Federal extension it is important to check your individual State requirements with their individual tax agencies.  Website for individual tax agencies can be found here.

LEARN MORE

 

State & Local Sponsored Resources

According to the SBA, small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to learn more and apply.

In addition to this program from the SBA, a growing number of cities and states are offering loans, grants, and other financial relief programs for affected businesses. Below is a list of highlighted programs that have been publicized thus far:

Alabama

Alabama Department of Revenue

Alabama’s Department of Revenue is waiving late fees for sales tax through June 1, 2020 for small retail and hospitality businesses. Late payment penalties will be waived for these taxpayers through June 1, 2020.

Business Eligibility:

  • Applies to retailers whose monthly retail sales averaged $62,000 or less
  • State sales and lodgings taxpayers who are unable to timely pay their February, March, and April 2020 sales and lodgings tax liabilities
  • This relief applies only to state sales and lodgings tax liabilities

LEARN MORE

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. The first round of applications have closed, but click here to be placed on the second round list in the event they receive more funding.

Maximum Loan Size: $25,000

Business Eligibility: For-profit businesses within Birmingham who have less than 50 employees, and have been operating for at least one year

LEARN MORE

West Alabama

The Community Foundation of West Alabama is offering grants to businesses that have experienced hardship due to COVID-19.

Business Eligibility:

  • Must have experienced a financial hardship as a result of COVID-19
  • Have employed between 2 – 50 full-time employees (FTE) as of February 29, 2020
  • Must be in good standing with state and local government jurisdictions
  • Located in one of the following counties in West Alabama: Bibb, Fayette, Greene, Hale, Lamar, Marengo, Pickens, Sumter, or Tuscaloosa

LEARN MORE

 

California

Berkeley

Berkeley City Council has approved $3 Million for emergency relief grants to small businesses, non-profit arts organizations, and residential tenants that are hardest hit by the COVID-19 pandemic.

Business Eligibility: You will need to be a Berkeley-based arts non-profit, small business, or resident to qualify. Other criteria are also under development by the city of Berkley.

LEARN MORE

Los Angeles

Businesses in Los Angeles responsible for providing low-income jobs can receive an emergency microloan of $5,000 to $20,000. Loans with repayment terms of six months to one year carry an interest rate of 0% and five-year loans have interest rates of 3% to 5%.

Maximum Loan Size: $20,000

Business Eligibility:

  • Business must have a Business Tax Registration Certificate with the City of Los Angeles’ Office of Finance that was filed prior to March 1, 2020
  • Principal business owner(s) must have reasonable and responsible personal credit history and an acceptable explanation for any derogatory marks. Bankruptcies and debt write-offs must be at least 12 months old
  • Businesses must show that historical profits were sufficient to service the requested debt and have been impacted by the COVID-19 outbreak
  • Primary business operation must be located within City of Los Angeles boundaries

LEARN MORE

Oakland

Oakland’s Finance Department will waive late payment penalties on taxes due March 1, 2020 for small businesses impacted by COVID-19. To apply, call the City of Oakland Finance Department customer service line at (510) 238-3704 or email BTwebsupport@oaklandca.gov.

Additionally, Oakland’s Business Assistance Center is working directly with employers to connect them with organizations that offer financial help, technical assistance, and more. To receive the help, visit www.oaklandbusinesscenter.com and fill out the online assessment form.

San Francisco

The San Francisco Office of Economic and Workforce Development is working to provide resources and support for small businesses impacted by COVID-19. The program is intended to provide financial assistance with employee salaries and rent.

Maximum Loan Size: $10,000
Business Eligibility:

  • Have at least 1 employee and no more than 5 employees
  • Demonstrate a loss of revenue of 25% or more
  • Have less than $2,500,000 in gross receipts
  • Be engaged in activities that are regulated by the City and County of San Francisco and have a license/permit associated to that regulation

LEARN MORE

 

Colorado

The Colorado Department of Labor and Employment (CDLE) has several helpful resources for workers and employers. Affected businesses and their employees can find out information regarding unemployment benefits, paid sick leave, wage claims and more.

LEARN MORE

Denver

The Small Business Emergency Relief program has been established to assist the business community affected by the COVID-19 pandemic in the form of cash grants.

Maximum Grant Size: $7,500
Business Eligibility: Small business owners in the City and County of Denver

LEARN MORE

APPLY HERE

 

Connecticut

The Connecticut Bridge Recovery Loan aims to provide cash flow relief to small businesses and non-profits negatively impacted by the Coronavirus. Qualifying businesses or non-profits can apply for a loan of up to $75,000 or three months operating expenses, whichever is less. These loans will be allocated on a first-come, first-served basis.

Maximum Loan Size: $75,000 or three months operating expenses (whichever is less)

Business Eligibility:

  • Have no more than 100 employees
  • Be in good standing with the Department of Revenue Services (DRS) & Department of Economic and Community Development (DECD)
  • Have been profitable prior to March 10, 2020, with no adverse personal credit reports 60 days past due over the past six months
  • Not be involved in real estate, multi-level marketing, adult entertainment, cannabis or firearms; nor be a state elected public official or state employee

LEARN MORE

APPLY HERE

 

Delaware

The Hospitality Emergency Loan Program (HELP) offers no-interest loans for Delaware hospitality businesses adversely affected by the Coronavirus outbreak. The money can cover rent, utilities and other unavoidable bills but cannot be used for personnel costs. The loans have a 10-year term with payments deferred for nine months.

Maximum Grant Size: $10,000

Business Eligibility:

  • Limited to businesses in specified NAICS codes
  • In business and generating revenue for at least 12 months
  • Cannot have more than $2.5 Million in annual revenue

LEARN MORE

APPLY HERE

 

Florida

The Florida Small Business Emergency Bridge Loan Program is available to small business owners located in all Florida counties.

Maximum Loan Size: 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.
Business Eligibility: 

  • Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida
  •  All qualified applicants must have been established prior to March 9, 2020
  •  Loans will be interest-free for the loan term (1 year)
  • The interest rate will 12% annum on the unpaid balance thereafter until the loan balance is repaid in full

LEARN MORE

 

Georgia

The mayor of Atlanta has created an emergency fund aimed to assist small business continuity to those affected by COVID-19.

Maximum Fund Size: $1.5 Million to assist hourly wage earners of businesses engaged with the City of Atlanta (total fund size is $7 Million)

LEARN MORE

 

Illinois

Chicago

The Chicago Small Business Resiliency Fund allocates $100 Million in relief for small businesses throughout the city. Applications will begin to be accepted on March 31, 2020.

Maximum Loan Size: $50,000
Business Eligibility:

  • Suffered more than 25% revenue decrease due to COVID-19
  • Employ fewer than 50 employees and have gross revenues of less than $3 Million in 2019
  • Provide a City business address or City business license
  • No pre-existing tax liens or legal judgments

LEARN MORE

PRESS RELEASE

 

Maine

The Finance Authority of Maine (FAME) has two financial relief programs specifically for eligible businesses experiencing hardships due to COVID-19.

The COVID-19 Relief Interim SBA Loan Program provides FAME Direct Loans with special terms available to eligible borrowers who provide proof of commitment for SBA financing. The FAME loan would be provided to the business owner for use until the SBA loan is funded.

Maximum Loan Size: $100,000 (Maine will only fund this amount of the up to $2 Million available from the SBA)

Business Eligibility:

  • Must be a Maine-based business
  • Provide proof of commitment for SBA financing for COVID-19

LEARN MORE

The COVID-19 Relief Direct Loan Program provides FAME Direct Loans up to $50,000 to Maine-based businesses experiencing interruption or hardship due to COVID-19.

Maximum Loan Size: $50,000

Business Eligibility:

  • A Maine-based business experiencing interruption or hardship due to COVID-19
  • Demonstrate that other sources of capital have been exhausted

LEARN MORE

 

Massachusetts

The $10 Million Small Business Recovery Loan Fund will provide funds to help support employers whose businesses have been impacted by COVID-19.

Maximum Fund Size: Up to $75,000 per business ($10 Million in total)
Business Eligibility: Massachusetts-based businesses with under 50 employees. If you are eligible, you will receive the funds immediately and have no payments for six months.

APPLY HERE

LEARN MORE

 

Michigan

Starting April 1, the Michigan Small Business Relief Program will provide up to $20 Million in support for small businesses negatively impacted by COVID-19.

Maximum Fund Size: $10 Million in low-interest loans and $10 Million in grants to eligible Michigan businesses.
Business Eligibility: The loans are for Michigan employers with 50 employees or less, and the grants are for companies with less than 100 employees.

LEARN MORE

 

New Mexico

New Mexico has established the COVID-19 Business Loan Guarantee Program to make emergency loans or lines of credit available to small businesses dealing with the negative economic impacts of Coronavirus.

Maximum Loan Size: $50,000
Business Eligibility: Businesses requiring funds for working capital, inventory and payroll.

LEARN MORE

 

New York

For those businesses in New York City experiencing a reduction in revenue due to COVID-19, the City will provide financial relief in the form of zero interest loans.

Maximum Loan Size: $75,000
Business Eligibility:

  • Businesses with fewer than 100 employees.
  • Businesses who have seen sales decreases of 25% or more.

LEARN MORE

In addition, New York City is offering a grant to cover 40% of payroll costs for two months to businesses with fewer than 5 employees. To learn more about the program and eligibility, fill out the interest form.

 

Oregon

Beaverton

Businesses that are being effected in Beaverton due to the closing of their establishment in accordance with the government mandated Coronavirus guidelines can apply for a reimbursement of $2,500 per month in rent of mortgage reimbursements.

Maximum Fund Size: $2,500 per month
Eligibility: Businesses with fewer than 50 employees and a commercial store front located within Beaverton that have an active lease or mortgage on their location.

APPLY HERE

 

Washington

The Washington State Employment Security Department (ESD) provides several unemployment benefits, such as Shared Work, Partial Unemployment, and Standby.

LEARN MORE

ADDITIONAL LINK

Seattle
The city is providing $1.5 million in grants of 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.
Maximum Loan Size: $10,000
Business Eligibility:

  • The business owner must have low or median income (<80% of the Area Median Income)
  • Have five or fewer employees, including the owner(s)
  • Must have a physical location
  • The business must have experienced a loss of income due to COVID-19

Apply here by March 25

 

Wisconsin

The Wisconsin Economic Development Corporation Board of Directors approved $5 Million in funding created to help mitigate the impact of the COVID-19 pandemic on small businesses and micro-enterprises in Wisconsin. The program provides funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants to existing loan clients to mitigate short-term cash flow issues and protect jobs and public health in response to the Covid-19 outbreak.

Maximum Loan Size: Two months of payroll and rent expenses, up to a maximum of $20,000

Eligibility: CDFIs with a minimum organizational loan portfolio of at least $4 Million, or a collaborative of CDFIs with a combined organizational loan portfolio of at least $4 Million

LEARN MORE

Downloadable Program Guide

 

Corporate Sponsored Resources

Many corporations are also offering different resources to the community. If you are interested in any of the following, you should reach out to them directly for more information.

Amazon

To help support communities in Seattle, Amazon has created a Neighborhood Small Business Relief Fund that will provide grants to those impacted by COVID-19.

Total Fund Size: $5 Million
Business Eligibility:

  • Seattle small businesses located near Amazon’s headquarters
  • Businesses with fewer than 50 employees or less than $7 Million in annual revenue
  • Businesses open to the general public, and that are reliant on foot-traffic for customers

LEARN MORE

 

Facebook

Facebook has established the Small Business Grants Program, aimed at providing assistance to businesses experiencing disruptions from the coronavirus pandemic. The aid will be in the form of cash grants and ad credits for up to 30,000 small businesses in over 30 countries.

Maximum Fund Size: $100 Million

LEARN MORE

 

Google

Google recently announced an $800 Million commitment to help lessen the impact of the COVID-19 pandemic. These funds will be used to support small-and-medium sized businesses, health organizations, government institutions and front-line healthcare workers.

Maximum Fund Size: $340 Million in Google Ad credits (total fund size for SMBs)
Business Qualifications: Available to all SMBs who’ve had an active Google account over the past year. Credit notifications will appear in their Google Ads account, and can be used at any point until the end of 2020 across all Google advertising platforms

LEARN MORE

 

Grubhub

In a partnership with major cities across the country, the online and mobile food-ordering and delivery company, Grubhub, is temporarily suspending collection of up to $100 Million in commission payments from restaurants affected by COVID-19.

Maximum Fund Size: $100 Million
Business Eligibility: Independently owned restaurants across the United States.
End Date: To be determined.

LEARN MORE

 

Uber Eats

To combat declining restaurant sales, Uber Eats is waiving all delivery fees for orders associated with independently owned restaurants. Additionally, for those businesses suffering from cash flow issues, same day payouts are available upon request.

Business Eligibility: Independently owned restaurants across the United States and Canada.
End Date: To be determined.

LEARN MORE

 

Yelp

To contribute to the relief effort, Yelp has announced a $25 Million to support businesses in the form of waived advertising fees as well as free advertising, products and services.

Business Eligibility: Small, independently owned businesses and franchisees in the restaurant and nightlife space in the U.S., Canada, the U.S. Virgin Islands, and Puerto Rico with fewer than five locations.

LEARN MORE

 

Verizon

Verizon has partnered with the Local Initiatives Support Corporation (LISC) by offering $2.5 Million towards critical relief efforts supporting small businesses affected by the COVID-19 pandemic. The Verizon Small Business Recovery Fund is a nationwide relief effort that will offer grants of up to $10K with a primary focus on entrepreneurs of color, women-owned businesses and enterprises in historically under-served areas.

Verizon will highlight this effort through their inaugural “Pay It Forward Live” online concert series. The series will be a weekly entertainment show featuring musical performances, comedy, gaming and other genres to raise money and direct donations from viewers.

Maximum Fund Size: $10,000 per business

Business Eligibility: Businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.

LEARN MORE

 

Non-Profit Sponsored Resources

Candid

Candid is a non-profit organization that provides credible resources and best practices to help other nonprofits thrive. They’ve developed an ever-growing list of funds designated for nonprofits that have experienced disruptions from the Coronavirus.

Click here to view if there’s a fund available in your area.

 

James Beard Foundation

The James Beard Foundation has established the James Beard Foundation Food and Beverage Industry Relief Fund to provide small, independent restaurants relief from the financial pressure due to COVID-19.

LEARN MORE

Sign up to be updated on the application process

 

NYC COVID-19 Response & Impact Fund

The NYC COVID-19 Response & Impact Fund was created to aid non-profit service providers struggling with the health and economic effects of the Coronavirus. It will give grants and loans to NYC-based non-profits that are trying to meet the new and urgent needs that are hitting the city. These loans are for non-profits with an annual revenue of at least $750,000.

Maximum Loan Size: $3,000,000

Business Eligibility:

  • Are a 501(c)(3) non-profit organization
  • Are based in New York City
  • Have annual non-governmental revenue of $20 Million or less
  • Receive New York City or New York State government funding
  • Have a track record of delivering effective programs and services equitably for NYC residents

LEARN MORE

 

United Way

United Way has created the Community Response and Recovery Fund, supporting communities and local United Way organizations responding to COVID-19. This program offers non-profits the opportunity to access funds for those with financial needs or hardships resulting from COVID-19.

Click here to search for local United Way funds in North America.

Learn more about United Way’s overall effort to combat COVID-19.

 

Trade Association Sponsored Resources

Electronic Funds Transfer Association (ETA)

The ETA has developed several resources to help businesses navigate during this difficult time. Please refer to the following ETA briefs for additional reference:

LEARN MORE

 

National & Local Restaurant Association Support

National Association of Truck Stop Operators (NATSO)

NATSO is helping travel centers and truckstop operators communicate to their professional drivers who transport supplies and goods in support of COVID-19. They are providing frequently asked questions, economic impact links, human resources assistance, business operations, and health and safety precautions.

LEARN MORE

 

National Grocers Association (NGA)

The NGA has compiled a list of best practices for supermarkets across the nation. This includes public health information, risk management and preparedness, food safety, employment and labor information and transportation and supply chain information.

LEARN MORE

 

National Restaurant Association

The National Restaurant Association launched a nationwide grassroots campaign urging Congress to take immediate action to support the restaurant industry. You can make your voice heard at https://actnow.io/recovery or by text “Recovery” to 52886.

LEARN MORE

 

Local Restaurant Associations

A number of local Restaurant Associations are providing updates and resources to help restaurants through the changing landscape. Please refer to their sites below:

 

National Retail Federation (NRF)

The NRF is coordinating with government agencies, health experts and retailers as the situation continues to evolve. They are consolidating important news briefs, the latest updates and top resources to help retailers that are on the front lines of this crisis.

LEARN MORE

 

This information is being presented for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain advice with respect to any particular matter. Clover assumes no responsibility for any information contained on any third-party website. The Clover trademark is owned by Clover Network, Inc.


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