The 23 best sources of emergency funding for small businesses available right now if you've been denied a government loan

Jessica Rinaldi/The Boston Globe via Getty ImagesA customer waits for their order inside a nearly empty Tasty Burger restaurant in Cambridge, MA, on March 11, 2020.

The economic consequences of the coronavirus pandemic are hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get cancelled.

More than 99% of all American businesses are small businesses, and they employ more than half of the workforce.

According to US government research, natural disasters cause 40% of small businesses to fail, while one in four small businesses will close within a year of the event.

In addition to the immediate public health crisis, economists expect the COVID-19 pandemic to kick off a painful recession that could further impact the survival of small businesses.

The Internal Revenue Service is deferring the tax filing payment deadline for many filers until July 15.

The US Congress passed a $US2 trillion stimulus package to stabilise the American economy during the coronavirus crisis. Less than two weeks after launch, all of the $US349 billion allocated to small businesses in the CARES Act has been committed.

Continue reading to see a list of emergency-funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.

This post was last updated on April 16, 2020.

Subscribe to BI Prime to read these stories about how the federal stimulus package could help your business.

Options available to small business owners:
How your small business can cash in on the government’s $US349 billion relief program so you can quickly pay rent, keep staff employed, and restructure your debt

How to know if you qualify:
Use this guide to check if your company is a ‘small business’ so you can qualify for crucial funding ahead of a possible recession

What it’s like to apply for loans and grants:
2 entrepreneurs gave us the exact applications they used to get government funding so they can pay rent and keep employees during coronavirus

Which option is best for you:
Small business owners can get either forgiveable loans or payroll relief from the $US2 trillion coronavirus stimulus bill, but not both. Here’s how to decide which is better for you.

Many venture-backed startups won’t be eligible for stimulus funding:
How to figure out if your startup qualifies for coronavirus relief funding – and what options you have if it doesn’t

Use this plan to avoid getting stuck in the chaos:
6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action


Small Business Administration

J. Scott Applewhite/AP

Economic Injury Disaster Loan Program


Website:



disasterloan.sba.gov

Financing type: Low-interest working capital loans

Funding limit: $US2 million

Who it’s for: US small businesses and non-profits facing temporary loss of revenue

Express Bridge Loans


Website: sba.gov/LenderMatch

Financing type: Quick turnaround advance on an Economic Disaster Loan

Funding Limit: $US25,000

Who it’s for: US small businesses and non-profits waiting to receive a Disaster Loan


New York City Hall

Jason DeCrow/AP Images for American Express


Website: nyc.gov/covid19biz

Zero-interest loans

Financing type: Loan

Funding limit: $US75,000

Who it’s for: Businesses with fewer than 100 employees with sales decrease of 25%

Payroll grant

Financing type: Grant

Funding Limit: 40% of payroll costs for two months

Who it’s for: Businesses with fewer than five employees


San Francisco City Hall

City of San Francisco


Website: oewd.org

Business taxes and fees

Financing type: Deferral

Funding limit: Quarterly tax payments deferred nine months, licence fees deferred three months

Who it’s for: Businesses with less than $US10 million in revenue

Resiliency Fund

Financing type: Grants

Funding limit: $US10,000

Who it’s for: Microbusinesses (fewer than 10 employees) able to show recent loss of revenue

Paid Sick Leave

Financing type: Payroll assistance

Funding limit: 40 hours additional paid sick leave time beyond the city’s existing Workers and Families First program

Who it’s for: Businesses with 50 or fewer employees


City of Seattle

Suzi Pratt/GettyA view of downtown Seattle from Smith Tower, on May 12, 2017 in Seattle, Washington.


Website: seattle.gov/office-of-economic-development

Business Stabilisation Fund

Financing type: Grants

Funding limit: $US10,000

Who it’s for: Businesses with fewer than five employees and owner earning less than 80% of area median income


City of Philadelphia

Courtesy of National Geographic

Website: phila-uyims.formstack.com

Microenterprise Grant

Financing type: Grant

Funding limit: $US5,000

Who it’s for: Businesses with annual revenue under $US500,000

Small Biz Grant

Financing type: Grant

Funding limit: $US25,000

Who it’s for: Businesses with annual revenue between $US500,000 and $US3 million

Small Biz Zero-Interest Loan

Financing type: Loan

Funding limit: $US25,000 – $US100,000

Who it’s for: Businesses with annual revenue between $US3 million and $US5 million


City of Denver

EdgeOfReason/Shutterstock


Website:
www.denvergov.org

Small Business Emergency Relief Program

Financing type: Cash grants

Funding limit: $US7,500

Who it’s for: The program prioritises those industries who are most impacted by the coronavirus pandemic, such as the food industry, nail salons, barbershops, home childcare providers, and retail shops.


Salt Lake City


Website:
www.slc.gov/ed/elploan/

Emergency Loan Program

Financing type: 5-year, zero-interest loans

Funding limit: $US20,000

Who it’s for: Loans can be used for working capital ( i.e. payroll, rent etc.), marketing, or inventory.


State of Maine


Website: www.famemaine.com/business

Financing type: Loan (WSJ Prime rate, minus 1%)

Funding limit: $US50,000; Total fund has $US5,000,000 in reserves.

Who it’s for: 12-month term loans for Maine-based businesses who have exhausted other funding sources


Topeka and Shawnee County


Website: visit.topekapartnership.com/host-relief

HOST Relief Program

Financing type: Grants

Funding limit: up to $US5,000

Who it’s for: Privately held small businesses experiencing economic injury located in Topeka and Shawnee County, Kansas.


MainVest

Nina Dietzel/Getty


Website:

mainvest.com/main-street-initiative

The Main Street Initiative

Financing type: Zero-interest cash advance

Funding limit: $US2,000

Who it’s for: Brick-and-mortar businesses seeking future long-term community investment through MainVest’s licensed crowdfunding portal for small businesses


Facebook

Greg Sandoval/Business Insider


Website: facebook.com/business

Boost Small Business

Financing type: Grants and advertising credits

Funding limit: TBD, total fund is $US100 million in cash and ad credits

Who it’s for: Any small business in over 30 countries where Facebook operates


Google

ReutersLogo of Google is seen at VivaTech fair in Paris


Website: support.google.com

Google Ad credits

Financing type: Advertising credits

Funding Limit: Total fund is $US340 million

Who it’s for: Small and medium businesses, who advertise directly with Google or its partners around the world with active accounts since the beginning of 2019.


JPMorgan Chase

REUTERS/Eduardo Munoz


Website: impact.jpmorganchase.com

Entrepreneurs of Colour Fund, Ascend, and Community Development Financial Institution partners

Financing type: Loans and interest-rate reductions

Funding limit: TBD, total donation is $US8 million

Who it’s for: Underserved and underrepresented entrepreneurs and small businesses in the US and globally


Mastercard


Website: mastercard.us/en-us/businesses/small-business

Small Business Solutions

Financing type: free cyber vulnerability assessments and identity theft protection through July 31, 2020

Funding limit: N/A, up to $US250 million in services over five years

Who it’s for: Small businesses eligible to participate in the Small Business Administration’s Paycheck Protection Program


Amazon

Reuters


Website:



blog.aboutamazon.com

Neighbourhood Small Business Relief Fund

Financing type: Grant

Funding limit: TBD, total fund is $US5 million

Who it’s for: Seattle-area small businesses with fewer than 50 employees or less than $US7 million in revenue.


Uber Eats

Reuters / Valentyn Ogirenko


Website: www.uber.com/us/en/coronavirus/

Free delivery

Financing type: Waived delivery fees, same-day payouts

Funding limit: N/A

Who it’s for: Independent restaurants in US and Canada.


Grubhub

Mark Lennihan/AP


Website: get.grubhub.com/resources

Deferred delivery fees

Financing type: Temporarily deferred delivery fees, promotion matching

Funding limit: N/A, up to $US100 million in commission payments

Who it’s for: Independent restaurants in the US

Community Relief Fund

Financing type: Donations

Funding limit: N/A

Who it’s for: Drivers and restaurants affected by coronavirus outbreak


Yelp


Website: blog.yelp.com

Free services and advertising

Financing type: Waived advertising fees, and free advertising, products, and services

Funding limit: N/A, up to $US25 million in total services

Who it’s for: Independent local restaurant and nightlife businesses on Yelp


Kiva

Kiva/screenshot


Website: kiva.org/borrow

Small business loans

Financing type: Zero-interest loans

Funding limit: $US15,000

Who it’s for: Small businesses seeking community-based lending, as opposed to traditional financial institutions


GoFundMe

GoFundMe/screenshot


Website: www.gofundme.com/f/smallbusinessrelieffund

Small business relief fund

Financing type: Donation-matching micro-grants

Funding limit: $US500, total fund is more than $US1.5 million

Who it’s for: Independently owned and operated small businesses with GoFundMe campaigns to offset negative impacts from the COVID-19 pandemic


Vistaprint and the US Chamber of Commerce

caption
Vistaprint used its existing machinery, normally used to make banners and signs, to develop and donate 100,000 face shields for healthcare facilities.


Website: savesmallbusiness.com

Save Small Business Fund

Financing type: Grants

Funding limit: $US5,000

Who it’s for: Applicants must employ between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by COVID-19.

Applications open on April 20, at 12 pm PT.


Hello Alice


Website: businessforall.helloalice.com

COVID-19 Business for All Emergency Grants

Financing type: Grants

Funding limit: $US10,000

Who it’s for: Applicants must have 50 or fewer employees and have been affected by the coronavirus pandemic.


Local Initiatives Support Corporation


Website: www.lisc.org/covid-19

Rapid Relief & Resiliency Fund

Financing type: Grants

Funding limit: Total fund will be up to $US100 million.

Who it’s for: Women- and minority-owned small businesses

Applications for the first round of funding is closed, but another round will begin mid-April.

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