Coronavirus Financial Relief Available to Businesses as of May 21, 2020

Federal Sponsored Resources

On Friday April 24, a new $484 billion relief bill was signed into law, which replenished funds for small businesses, hospitals and testing efforts seeking aid as a result of the pandemic.

Here is a breakdown of how the funds will be allocated:

• $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders
• $75 billion for hospitals
• $25 billion to support testing efforts
• $60 billion for emergency disaster loans and grants

The SBA resumed the acceptance of Paycheck Protection Program applications from lenders on April 27 at 10:30am. Click here for more information on qualifications and how to apply.

Businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.

Small Business Administration (SBA)

Lapse in Appropriations Notice: On April 16th, the SBA posted a notification on their website saying that they were unable to accept new applications at this time for the PPP or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances), due to lack of available appropriations funding. This resulted in Congress passing the aforementioned bill detailed in the section above.

Please read on for additional information regarding the CARES Act, PPP and the EIDL programs.

Coronavirus Aid, Relief and Economic Security (CARES) Act

On 3/27, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. This legislation built on two previous versions of the CARES Act, and is the largest stimulus package in U.S. history. The bill approved $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 was allocated for the Paycheck Protection Program (PPP), which was designed to help small businesses make payroll and cover other expenses. Through the PPP, individual businesses could receive up to $10M, which was tied to payroll costs and can cover employees making up to $100K per year.

Economic Injury Disaster Relief Lending Program (EIDL)

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.

Click here for additional eligibility information.

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.

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.

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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’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. Click here for more information.

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

Alaska: The Alaska Small Business Development Center is supporting small businesses via their COVID-19 Resource Center, and providing various informational workshops.

Arizona: Local First Arizona and its community partners has started a relief fund providing mini-grants for businesses with 0-3 employees and less than $250,000 in annual revenue. Click here to apply, and visit their website to learn more about the fund.

Arkansas: Visit their COVID-19 resource page for helpful financing information for businesses and employees.

California: The Governor’s Office of Business and Economic Development (GO-Biz) has compiled helpful resources for California businesses and their workers. Learn more.

• 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. Learn more.
• IBANK: The California Infrastructure and Economic Development Bank (IBANK) offering 95% guarantees on loans worth up to $1 million to small businesses in declared disaster areas. 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. 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 (510) 238-3704 or email BTwebsupport@oaklandca.gov. Businesses can also visit www.oaklandbusinesscenter.com to see how Oakland’s Business Assistance Center for additional resources and assistance.
• 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. 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.

• Denver: The city of Denver plans to provide microloans to impacted businesses in the city. Loans will be between $5,000 and $50,000. Fill out this questionnaire to see how your business could benefit, and visit this page for additional support services.

Connecticut: The state is no longer accepting applications for their Bridge Recovery Loan. Please check in with their business resource page for additional guidance and support.

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. Learn more about the fund or fill out this form to apply.

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

Georgia: The SBA issued this guidance for Georgia businesses.

• Atlanta: The mayor of Atlanta has created an emergency fund aimed to assist small business continuity to those affected by COVID-19. Click here to learn more about the fund.

Hawaii: The state provides helpful resources and links to the SBA’s disaster relief lending program.

• Honolulu: Small Business Relief and Recovery Fund is aimed in helping small businesses in the City and County of Honolulu with costs incurred from COVID-19 related business interruption. This aid comes as a one-time reimbursement for a maximum of $10,000. Learn more about the eligibility requirements and how to apply here.

Idaho: Visit this resource page for small businesses to review loan information, workshops and other COVID-19 related information.

Illinois: The Small Business Emergency Loan Fund allocates $60 Million worth of low-interest loans of up to $50,000 for small businesses. Lean more.

• Chicago: The Chicago Small Business Resiliency Fund allocates $100 Million in relief for small businesses throughout the city. Click here to learn more and apply online.

Indiana: Visit this website to view resources and financial programs for Indiana-based small businesses.

Iowa: Applications for the Iowa Small Business Relief Fund are now closed, but visit this website for additional resources and to stay updated.

Kansas: The Hospitality Industry Relief Emergency (HIRE) Fund provides bridge loans for Kansas’ hospitality sector during the COVID-19 crisis. Applications are no longer being accepted, however the form is still open so the state can continue to collect information on all businesses being impacted. Learn more.

Kentucky: Click here for financial resources, webinars and to fill out forms for additional information.

Louisiana: Louisiana Economic Development (LED) is posting links and helpful resources for small businesses in need. Click here to view those resources and any updates that become available.

• New Orleans: The New Orleans Business Alliance (NOLABA) is providing funds from $500 – $1,000 to musicians, drivers and other gig workers affected by COVID-19. Learn more.

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 and Relief Direct Loan Program are both aimed at providing relief to Maine small businesses.

Maryland: Click here to learn more about Maryland’s $130 Million COVID-19 Emergency Relief Fund for businesses. Due to a high volume of claims, be sure to visit this website to stay updated on the state’s latest guidelines and processes for receiving assistance.

Massachusetts: The $10 Million Small Business Recovery Loan Fund will provide funds to help support employers whose businesses have been impacted by COVID-19. Click here to 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. Click here to learn about the program, and other helpful financial resources for small businesses.

Minnesota: The Minnesota Department of Revenue has detailed updates and tax relief information in response to COVID-19 on this helpful website.

• Otto Brenner Trust (OBT): The Otto Bremer Trust has set up a $50 million fund for nonprofits and community organizations Minnesota, Wisconsin, North Dakota, and Montana. Click here to view more information on the program, along with specific links for various programs within each state.

Mississippi: Visit this website to review the programs and resources for small businesses in Mississippi.

Montana: The Small Business Development Center Network (SBDC) has set-up an online resource to provide tools and guidance for finding financial assistance.

• Otto Brenner Trust (OBT): The Otto Bremer Trust has set up a $50 million fund for nonprofits and community organizations Minnesota, Wisconsin, North Dakota, and Montana. Click here to view more information on the program, along with specific links for various programs within each state.

Nebraska: Review this toolkit from the Nebraska Chamber of Commerce & Industry, along with these resources organized by the University of Nebraska Omaha.

Nevada: Click here to review the state-specific programs organized by the Nevada Small Business Development Center (Nevada SBDC).

New Hampshire: Click here to view business resources, financial assistance, unemployment benefits, health guidelines and recent updates regarding COVID-19.

New Jersey: New Jersey has a webpage dedicated for businesses statewide.

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. Learn more.

New York: Click here to view the statewide financial resources webpage to help small businesses.

• New York City:
• The Alliance for Downtown New York has established a small business rental assistance grant program, which will provide $10,000 each for 80 small businesses to help offset monthly rental costs. To qualify, businesses must be providing an “essential” service as defined by Governor Cuomo on March 22, along with several additional pieces of criteria that can be viewed here. Businesses can apply starting Friday, May 1 at 9:00am ET. Click here to apply.
• For 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. 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.

North Carolina: Visit this website for statewide business resources. For general questions, contact Business Link North Carolina (BLNC) at (800) 228-8443.

• Forsyth County: To support Forsyth County small businesses impacted by the pandemic, a grant fund has been established by the Greater Winston-Salem, Inc. and the Downtown Winston-Salem Partnership. Businesses can receive up to $5,000 and funding will be prioritized for those in underserved communities. Learn more.

North Dakota: Click here for application information regarding the North Dakota Development Fund, Revolving Rural Loan Fund, and the Ventura Capital Program.

• Otto Brenner Trust (OBT): The Otto Bremer Trust has set up a $50 million fund for nonprofits and community organizations Minnesota, Wisconsin, North Dakota, and Montana. Click here to view more information on the program, along with specific links for various programs within each state.

Ohio: Visit this website for information and updates for small businesses, non-profits and individuals seeking relief from COVID-19.

• Emergency Microenterprise Recovery Grant: Established by the city of Toledo, the EMRG grant is to provide relief to those smallest businesses in the city that have been affected by COVID-19. Applicants have the opportunity to access up to $5,000 to be used for operating expenses incurred between March 1, 2020 and June 30, 2020. The application period ends on May 24, 2020. Learn more.

Oklahoma: Oklahoma references the SBA’s Disaster Loan Program for businesses throughout the state.

Oregon: Visit this helpful resource navigator to find small business assistance.

• Portland: Applications for the Jade District-Oldtown COVID-19 Small Business Response Fund are now close, but businesses can sign-up for future updates.

Pennsylvania: Click here for statewide resources for businesses seeking relief from the impacts of COVID-19.

• Philadelphia: The Philadelphia COVID-19 Small Business Relief Fund provides some small businesses impacted by the COVID-19 pandemic with immediate relief through a mix of grants and loans. Learn more.

Rhode Island: The state is providing information on emergency grants and funding, as well as FAQs.

South Carolina: The state provides helpful resources and links to the SBA’s disaster relief lending program.

South Dakota: The state provides helpful resources and links to the SBA’s disaster relief lending program.

Tennessee: Click here for resources and updates regarding the CARES Act, SBA lending program and more.

Texas: The state provides helpful resources and links to the SBA’s disaster relief lending program.

Utah: The Governor convened a Coronavirus Economic Response Task Force, which includes members of the Governor’s Economic Council and industry representatives, to discuss additional strategies to support local businesses. Updates from the Task Force are available at coronavirus.utah.gov. Click here to apply for the SBA’s disaster lending program.

Vermont: Click here to view statewide information regarding relief programs for businesses, individuals and communities impacted by COVID-19. Click here to apply for the SBA’s disaster lending program.

Virginia: Click here to view several resources and programs for businesses throughout the state. Click here to apply for the SBA’s disaster lending program.

Washington: The Washington State Employment Security Department (ESD) provides several unemployment benefits, such as Shared Work, Partial Unemployment, and Standby. Learn more about the available financial relief programs, as well as these FAQs from the Employment Security Department.

• 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. Apply here.

West Virginia: The state provides helpful resources and links to the SBA’s disaster relief lending program.

Wisconsin: The Small Business 20/20 program provides funds relief 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. Click here to learn more, and feel free to download the program guide.

• Otto Brenner Trust (OBT): The Otto Bremer Trust has set up a $50 million fund for nonprofits and community organizations Minnesota, Wisconsin, North Dakota, and Montana. Click here to view more information on the program, along with specific links for various programs within each state.

Wyoming: The state provides helpful resources and links to the SBA’s disaster relief lending program.

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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

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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

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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

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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.

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Mastercard

Mastercard has committed to spending $250 Million over five years to support small businesses in the United States, and other markets where they conduct business. The company will provide U.S. small businesses access to cyber vulnerability assessments and identity theft protection. Click here to learn more.

Spanx

The Spanx by Sara Blakely Foundation donated $5 Million to support female entrepreneurs suffering as a result of COVID-19. Spanx has teamed up with Global Giving to manage the fund, which is called the Red Backpack Fund. Applications will be accepted beginning April 6 at 12pm ET.

Maximum Fund Size: Global Giving will make 1,000 donations of $5,000 each

Business Eligibility: Majority women-owned businesses and non-profits with annual revenues less than $5M, at least one additional paid employee, and fewer than 50 individuals on staff. Sole proprietors are not currently eligible to apply. Businesses must be in good standing and incorporated as a legal entity, and be able to demonstrate that the COVID-19 pandemic is causing hardship.

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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.

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Visa

The Visa Foundation recently announced a commitment of two programs totaling $210 million to support small and micro businesses. This aligns with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, while also addressing the urgent need from local communities following the spread of COVID-19.

Fund Size: The first program allocates $10 Million for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, such as public health and food relief, across all five geographic regions in which Visa operates.

The second program is a five-year, strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement.

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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.

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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.

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Sign up to be updated on the application process

Local Initiatives Support Corporation

The Local Initiatives Support Corporation is assisting small businesses affected by the pandemic via its LISC Small Business Relief Grants. Supported by Verizon and Sam’s Club, the LISC is accepting applications through various rounds. Next round is to be open May 14th.

Total Grant Size: $10,000

Business Eligibility: Businesses affected by COVID-19, especially those communities that cannot easily access affordable capital.

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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

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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.

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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:

• A Guide to Contactless Payments
• Shopping Online Securely During COVID-19
• How to Use Payment Technology During COVID-19

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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.

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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.

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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.

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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:

• California Restaurant Association
• Colorado Restaurant Association
• Connecticut Restaurant Association
• Florida Restaurant Association
• Michigan Restaurant Association
• New York Restaurant Association
• Oregon Restaurant Association

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.

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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.