Guide to understanding what’s in the new federal relief package for small businesses

Congress approved a new federal relief package to help struggling small businesses weather the coronavirus pandemic, putting an end to months of ongoing negotiations and congressional inaction.

View a list of Paycheck Protection Program lenders.

COVID-19 Loans & Grants

As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.

Featured
State loan/grant programs
California

California’s Infrastructure and Economic Development Bank (IBank)

California Rebuilding Fund

  • Loan program to support California’s small businesses
  • Businesses eligible if they employed 50 or fewer employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 
  • Loans will need to be paid back over a 3- or 5-year term with a fixed annual interest rate that is currently 4.25%.

Area served: California
Audience: Small Business Owners

Application deadline: Open, no end date posted
Featured
Nonprofit loan/grant programs
Florida, Georgia, Illinois, New York, Wisconsin

Association for Enterprise Opportunity

Fiserv Back2Business Grant

Fiserv is giving back to help small businesses get Back2Business with a program focused on helping to jump-start Black- and minority-owned small businesses in hard-hit communities. Back2Business is designed to help stabilize and grow small businesses, with business consulting services, leading Clover payments technology solutions from Fiserv and financial support for employee payroll, rent or lease payments, operations equipment and resources.

Area served: Florida, Georgia, Illinois, New York, Wisconsin
Audience: Small Business Owners

Application deadline: Monday, March 15, 2021
Featured
State loan/grant programs, Government loan/grant programs
California

State of California

California Small Business Covid-19 Relief Grant Program

  • Grants between $5,000 and $25,000 for California small businesses
  • First round applications closed on January 13, 2021
  • Second round of applications open February 2 to 8, 2021
  • Visit website for more information and eligibility requirements

Area served: California
Audience: Small Business Owners

Application closed
Local government loan/grant programs
Wisconsin

Wisconsin Economic Development Corporation

Disaster Recovery Microloans

Kenosha businesses that suffered damage from civil unrest in the past week can apply for up to $20,000 in loan funds to help cover the costs of clean-up, restoration and repairs. The loans, which were announced by Governor Evers on Sept. 1, are funded through WEDC’s Disaster Recovery Microloan Program and will be administered by the Kenosha Area Business Alliance. The zero-interest loans will have a two-year repayment period, with the first payment deferred for at least six months.

Area served: Wisconsin
Audience: Small Business Owners

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
Colorado

Colorado Lending Source

Colorado Main Street Loan Program for Women-Owned Businesses

The Colorado Main Street Loan Program for women-owned businesses is an affordable, flexible, and friendly loan program available to women-owned (51% or more) small businesses located in Colorado. The program has been made available through the generous funding support of The Women’s Foundation of Colorado. Different loan amounts are available under this program up to $25,000 and all are repayable over forty-eight months (four years) at a fixed interest rate of 3.00% with no repayments of principal or interest due during the first six months of the loan.

Area served: Colorado
Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
Missouri

St. Louis Economic Development Partnership

Small Business Resource Loan Program

Businesses are eligible to apply for loans of up to $5,000 for working capital. Any for-profit business in the city of St. Louis or St. Louis County that has sustained economic damage due to the COVID-19 crisis may apply. To obtain a zero-interest loan, businesses must be current on all taxes through 2018, be in good standing with state and local governments, and have been in business for at least one year. Applicants must demonstrate that their company’s jobs are threatened by the health crisis, and they must explain how the loan would retain those jobs.

Area served: St. Louis City/County, Missouri
Audience: Small Business Owners

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
Colorado

Grand Junction Business Incubator

COVID-19 Responder Loans

The Grand Junction Business Incubator is providing funds for working capital, equipment and/or inventory to be used to directly support companies responding to the COVID-19 crisis. Loan amount up to $25,000. Repayment term: 12-60 months repayment based on ability to repay. Rate: prime +1% floating with a 4% flow. $250 flat fee. First payment waived for up to 90 days. Secured if collateral is available; personal guarantees required.

Area served: Colorado
Audience:

Application deadline: Open, no end date posted
Local government loan/grant programs
Alabama

The City of Auburn

City of Auburn Municipal Funds

The City is using municipal funds to cover interest payments on loans of up to $25,000 from participating banks to small businesses within Auburn. The City has committed $500,000 for the interest payments – half from the general fund and half from the economic development budget – to the Working Capital Loan Interest Subsidy Program. Each of the nine participating financial institutions is committing up to $500,000 to make loans with terms of 1-3 years and at an interest rate of up to four percent.

Area served: Alabama
Audience: Small Business Owners

Application deadline: Open, no end date posted
Local government loan/grant programs, Low interest loans
Colorado

Greeley Colorado

Greeley Community Development Fund

The Greeley Community Development Fund assists with the financial needs of companies expanding in or locating to the City of Greeley. The Weld/Larimer Revolving Loan Fund, the City of Greeley, commercial banks in Greeley and the Hispanic Loan Program have joined together to provide the initial funding for this loan program. Short-term financing or loan guarantee for up to 45% of total project costs. Remaining project costs to be funded through banks, private investors or other loan programs. Minimum loan amount - $20,000. Maximum loan amount - $125,000. Maximum loan term - 5 years.

Area served: City of Greeley, Colorado
Audience: Small Business Owners

Application deadline: Open, no end date posted
Local government loan/grant programs
Colorado

The City and County of Broomfield

Enhance Broomfield

The City and County of Broomfield is offering a one-time grant of up to $7,500 to eligible Broomfield businesses to help you adapt to the new normal brought about by COVID-19. Businesses must be located within the City and County of Broomfield and must have no less than 2 full-time equivalent (FTE) employees, of which one must be non-related person, and no more than 25 employees. 

Area served: Colorado
Audience: Small Business Owners

Application deadline: Open, no end date posted

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National Resources

Featured national resource
Government loan/grant programs
National

SBA - U.S. Small Business Administration

Paycheck Protection Program

Congress in late December passed a new round of the Paycheck Protection Program and other small business aid.

The law includes a "second draw" PPP loan, new Economic Injury Disaster Loan program and extended traditional SBA loan relief programs. Here's what we know.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Wednesday, March 31, 2021
Featured national resource
Government loan/grant programs
National

SBA - U.S. Small Business Administration

PPP Loan Forgiveness Forms and FAQ

The SBA recently released its PPP Loan Forgiveness Application form. We are providing highlights and examples from the form below to help guide you through the process. If you have specific questions not covered here, please ask on our Community page where you can engage with business experts and other small business owners. The SBA has announced that it will begin accepting forgiveness application forms on August 10.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Open, no end date posted
Featured national resource
Corporate loan/grant programs, Local government loan/grant programs, Low interest loans, Nonprofit loan/grant programs, State loan/grant programs, Government loan/grant programs
National

Small Business Majority

Tips on finding funding and avoiding predatory lending during COVID-19

With state-mandated lockdowns and business closures, small business owners across the country are struggling to pay employees, rent, overhead costs and more. Now more than ever, it is important to be wary of predatory lenders as you seek out capital to keep your business afloat. Our guide to avoiding predatory lending includes guidelines for applying for PPP and EIDL, a checklist to determine if a loan is predatory and an outline of the Small Business Borrowers' Bill of Rights.

This document has been translated into Chinese, Vietnamese, Korean, Burmese, Khmer, Hmong, Bangladeshi, Nepali, Bhutanese, Hindi, Urdu, Punjabi, Thai, Lao, Tagalog, Samoan, Tongan and Marshallese in partnership with the National Coalition for Asian Pacific Americans Community Development with a grant from the Ewing Marion Kauffman Foundation.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Open, no end date posted
Featured national resource
Corporate loan/grant programs, Local government loan/grant programs, Low interest loans, Nonprofit loan/grant programs, State loan/grant programs
National

Small Business Majority

Paycheck Protection Program lenders

Here is a list of lending institutions that we believe are accepting PPP applications from new clients, including both first-time PPP applicants and "Second Draw" applicants. We advise checking with your existing bank to see if they are offering PPP, or using the SBA’s Lender Match search feature to find a lender near you. We are updating this list daily; however, this list is not exhaustive, nor are we able to verify at this time that the institutions listed below are successfully processing PPP applications. We will update this list as we learn more. For any errors or omissions, please contact [email protected].

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Microloan Programs

The focus of Microloans is on the financing needs of small, beginning farmer, niche and non-traditional farm operations, such as truck farms, farms participating in direct marketing and sales such as farmers’ markets, CSA’s (Community Supported Agriculture), restaurants and grocery stores, or those using hydroponic, aquaponic, organic and vertical growing methods.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
National

RCAC

RCAC Small Business Loans

RCAC is a 501(c)(3) nonprofit organization that provides training, technical and financial resources and advocacy so rural communities can achieve their goals and visions. RCAC’s Small Business Loan Program assists businesses to retain or create jobs and thus improve the economic condition of rural communities. This program offers short-term loans (up to $250k) for working capital and lines of credit as well as long-term loans for real estate and equipment. Most small businesses rely on lenders to provide the capital they need for acquisitions, capital improvements, business expansions and to bridge cash flow gaps. Without loans, many small business owners would be unable to realize their dreams of running their own business or expanding their operations. RCAC’s business loans are tailored to the needs of the particular business with flexible terms and requirements.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Restaurant Workers' Community Foundation Zero Interest Loans for Restaurants

The RWCF is in the process of working with our legal advisors to develop this area of work. In the coming weeks, we will produce a draft set of criteria for small businesses that can be applied fairly, and which align with our mission of supporting hospitality industry leaders committed to creating better working conditions across our four program areas: wage fairness and career ladders, gender equity and sexual violence, racial justice and support for the immigrant community, mental health and substance abuse. As we develop criteria, we will explore whether or not we can or should publicly name the businesses supported through the program, but at the very least, we will report on number of loans made and other relevant data. The Restaurant Workers’ COVID19 Crisis Relief Fund is currently open.

Audience: Small Business Owners, Employees, Self-employed, Non-profits

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Kiva

Kiva loan

Venturize is partnering with Kiva to bring affordable capital to small business owners during these challenging times. Kiva provides loans of $1,000-$15,000, zero-percent interest and no fees. There is a 6 month grace period and then fixed monthly principal payment (12-36 months). Funds are raised through community-backed crowdsourcing. Kiva will offer Venturize-referred applicants priority review if you apply through this link and mark "Venturize" as the answer to "how did you hear about Kiva." 

Audience: Small Business Owners

Application deadline: Open, no end date posted
Corporate loan/grant programs
National

Google and Alphabet

Google Ad Credits

To help address some of these challenges, Google is offering more than $400 million in Google Ad credits to small businesses.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Support Latino Business

Support Latino Business Impact Fund

To apply for the Support Latino Business Impact Fund, you must register in the Latino Business free directory. Once you're registered, Support Latino Business will send information about the application process.  Support Latino Business will provide grants ranging from $1,000 – $5,000 to help support our Latino Business community who have been affected by COVID. 

To be eligible, business must be a majority of Latino/x-owned (51% or more) and have been in business for at least one year. Grant funds must be used to directly support the applicant’s business. The SLB Board will review initial applications and select finalists, who will enter a public voting period.

The application process opens on Monday, September 21, 2020.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Connect2Capital

Connect2Capital Loan

Connect2Capital is an online marketplace of nonprofit lenders. Fill out a short form to get connected to a network of lenders that may be able to help.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Lowe’s-LISC Partnership

Lowe’s - LISC’s Covid Rapid Relief & Resiliency Fund

Round 5 application period is now closed. Register to be notified of the next round opening August 31st.
Grants to small business owners to help meet their most immediate needs. Eligible expenses include: paying rent and utilities, meeting payroll, paying outstanding debt to vendors, upgrading technology infrastructure and other immediate operational costs.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Government loan/grant programs
National

National Independent Venue Association

Save Our Stages

NIVA has assembled the Implementation Task Force and is working with the Small Business Administration as they promulgate regulations - we are working hard to make sure that NIVA members receive the help they need via this program. We seek to ensure the emergency relief is dispersed as Congress intended, that the instructions and process to apply for grants ensure that the process is implemented accurately, fairly and as expediently as possible.

Since it could take many weeks, even months for the funding to flow, the NIVA Emergency Relief Fund, with The Giving Back Fund as its 501(c)3 fiscal sponsor, continues to raise money to assist the venues at greatest risk of permanently going under as we wait for the grants to be issued.


Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

GoFundMe

The Small Business Relief Initiative

As part of the Small Business Relief Initiative, GoFundMe, Intuit QuickBooks, Yelp, GoDaddy, and Bill.com have each donated to the Small Business Relief Fund. GoFundMe.org, the charitable and advocacy arm of GoFundMe, started the Small Business Relief Fund to benefit small businesses. Supporters can donate to the Small Business Relief Fund, which will issue $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe. More partners will be announced in relation to this initiative at a later date.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Spanx by Sara Blakely Foundation

Red Backpack Fund

$5,000 grants available to women entrepreneurs to help alleviate immediate concerns.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Corporate loan/grant programs
National

Facebook

Committing $100M in grants to Black communities

Applications will open in August!
Facebook is committing $100 million to the Black business community in the US. This includes $25 million in support of Black content creators and $75 million in grants of cash and ad credits to support Black-owned small businesses and nonprofits supporting the Black community.

 

Audience: Small Business Owners, Non-profits

Application deadline: Open, no end date posted
National

Intuit

Intuit Aid Assist

Intuit Aid Assist—a free service for everyone—helps U.S.-based businesses, self-employed, contractors, freelancers, and gig workers understand different business relief programs available due to the COVID-19 crisis. Start with a loan eligibility assessment or get an estimate with loan calculators.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Amber Grants for Women

Amber Grant

The Amber Grants began in 1998. It was launched by WomensNet to honor the memory of a young woman, Amber Wigdahl, who died at the age of 19 – unable to fulfill her entrepreneurial dreams. In 2020, the Amber Grant has been doubled to $4,000. Earn any Amber Grant through November, 2020, and you’ll be eligible for an additional $25,000 grant at the end of this year.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Farm Ownership Loans

No current or previous farm ownership requirements and 100 percent financing available make FSA direct farm ownership loans a valuable resource to help farmers and ranchers become owner-operators of family farms, improve and expand current operations, increase agricultural productivity, and assist with land tenure to save farmland for future generations. FSA’s Direct Farm Ownership loans are used to: buy a farm or ranch, enlarge an existing farm or ranch, make a down payment on a farm, purchase of easements, construct, purchase or improve farm dwellings, service buildings or other facilities and improvements essential to the farm operation, promote soil and water conservation and protection, pay loan closing costs.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Corporate loan/grant programs, Local government loan/grant programs, Low interest loans, Nonprofit loan/grant programs, State loan/grant programs
National

SBA - U.S. Small Business Administration

Paycheck Protection Program: For self-employed and independent contractors

The SBA has issued additional guidance around how self-employed individuals and independent contractors can qualify for the Paycheck Protection Program.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Guaranteed Farm Loan Program

An alternative loan option for those seeking commercial lending assistance is the Guaranteed Farm Loan Program. Farm Service Agency works with USDA-approved banks and other commercial lenders. You apply for these loans through the approved lender and agree to their terms and conditions. Guaranteed Farm Loans are only available for family farmers or ranchers and must be used for farm ownership and operating expenses.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Community Foundation Public Awareness Initiative

Coronavirus Relief Efforts

325 U.S. community foundations in all 50 states, plus the District of Columbia, have created relief funds to support those affected by COVID-19, directing critical relief to local nonprofits and partnering with local governments and health organizations to help contain its spread.

Audience: Small Business Owners, Non-profits

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Direct Farm Operating Loan

The maximum loan amount for this loan is $400,000. There is no down payment requirement. Interest rates are calculated monthly and are posted on the 1st of each month. The purpose of the loan must be essential to the success of the farming or ranching operation. The funds may be used to purchase equipment, seed, livestock, and other necessities. They can be used to refinance certain farm-related debts (excluding real estate). Repayment terms vary from 1 to 7 years. The length of the loan depends on the amount and purpose of the loan. Collateral is required. Collateral for farm operating loans may be required up to 150% of the value of the loan.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
National

Crowdfund Better

COVID-19 Crowdfunding Relief Initiatives

A list of crowdfunding platforms that have created special COVID-19 relief initiatives for U.S.-based campaigns.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted