Financial Aid for Small Businesses During the Coronavirus Pandemic

State and Local Agencies Financial Assistance for Small Businesses

To help you navigate, we have compiled different State and City government relief assistance programs available for small to medium business owners during this COVID-19 pandemic. We will continue to update this page as new programs are made available, so visit this page regularly for updates. Alternatively you can sign up for an email notification alert to automatically receive any relevant updated information for your business.

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Alabama:

You can avail a 180-day loan up to $25000 with no interest charged if you own a business with less than 50 employees, from the Birmingham Strong Emergency Loan Fund.

In cooperation with the Chamber of Commerce of West Alabama, the Community Foundation of the state is extending a helping hand to businesses with employees less than 50, in case they need financial assistance.

Arizona:

The state suggests that they will be providing financial aid to small businesses affected by the coronavirus if they have less than 50 employees. They have raised a $50 million bill for the same.

Arkansas:

By creating a $12 million Quick Action Loan Program, the government of Arkansas is helping mid-sized and small businesses deal with the loss faced due to the novel coronavirus. Companies who require extra funding can apply for a loan of up to $250000.

California:

By offering loans with 0%-3% interest rate, you can get a loan ranging from $5000-$20000 from Los Angeles's Small Business Emergency Microloan Program.

In order to provide assistance for employee salaries and rent, San Francisco is offering up to $10000 to small businesses that have been affected.

Sacramento, CA has established a $1 million economic relief fund by offering up to $25000 to every small business that has been affected at a 0% interest rate.

Colorado:

Owners of businesses in Denver can apply for $7500 loans since the city has been able to garner $4million in total as relief funding for their people.

Connecticut:

The Connecticut Recovery Bridge Loan Program offers business the option of either availing a $75000 loan or the expense of 3 months of operating activities, depending on which one is lower.

Delaware:

The Hospitality Loan Program (HELP) has been initiated by the government of the state of Delaware to provide funding to the businesses that have been impacted the most. 0% interest loans up to $10000 will be given to businesses in the hospitality industry. For businesses who do not fit the bracket, low interest loans of up to $2 million is being offered by the SBA as Economic Injury Disaster Loans.

Florida:

Small businesses (from 2-100 employees) are being offered loans of up to $5000 by Florida's Small Business Emergency Bridge Loan Program with terms of 1 year.

Georgia:

The community development financial institutions of Truist Financial Corp. is providing grants to businesses that range from $5000- $25000. However, they are available only to those businesses that have less than 10 full time employees and don't have more than $1 million in gross revenue.

Atlanta's City Council has approved a $7 million emergency fund for coronavirus out of which $1.5 million has been dedicated to small businesses.

Hawaii:

Their emergency loan offerings are in place for recovery of physical losses due to natural disasters or pandemics.

Idaho:

The regional bank of Idaho is providing loans with the first 90 days being interest free, and a credit line of 5 years. These are offered to those businesses that have had a 10%drop in their revenue, and credit lines are given up to $200000.

Illinois:

Illinois is providing low interest loans of up to $50000 to small businesses, who are located outside Chicago and have less than 50 workers and have less than $3 million as of 2019.

Chicago is providing low interest loans from their relief fund of $100 million to their city's struggling small businesses.

Indiana:

In order to help owners of small businesses pay their employees, for insurance premiums or as a temporary loan till the time they're able to get more funding options, the Indy Chamber is offering loans from $1000 to $25000.

Central Indiana is providing emergency funds to those organisations who are working with people who are more vulnerable.

Iowa:

Along with grants from $5000 to $25000, Iowa is also imposing tax deferrals.

Kansas:

Kansas is providing up to $20000 short term zero interest loans to hospitality businesses who have less than 100 employees and have been impacted by the pandemic financially.

Louisiana:

They have started a Small Business Loan Program by offering loans from $5000 to $1.5 million.

Maine:

FAME (Finance Authority of Maine) is offering direct loans up to $50000 and $100000 the qualification of which is different for both types. They have also decided to back 50%-75% of loans given by commercial lenders offering loans to those affected by the COVID-19 pandemic.

Maryland:

Offering two initiatives- one of $50 million offering amounts up to $10000, and a $75 million up to $50000 as an emergency relief loan fund, Maryland is providing businesses who have a maximum of 50 employees loans. Get more information about the program here

Massachusetts:

For those companies who have less than 50 employees, the government of Massachusetts has raised funds of $10 million out of which those who require money due to being affected by the pandemic can get up to $75000 immediately.

Michigan:

Michigan is providing grants up to $10000 in order to recover working capital and loans up to $50000 to $200000 at a minimal interest rate of 0.25%. Get more information about the program here.

Minnesota:

Individual income taxes have been extended until the 15th or July 2020 and interest and penalties have been waived off. More information about this program can be found here.

Mississippi:

The date of paying individual taxes has been extended till the 15th of May 2020 and penalty and interest have been waived off.

Missouri:

Desoto County's Truist Financial Corporation is giving grants to small businesses that range from $5000 to $25000, available to those firms with less than 10 full time employees.

Montana:

Short term loans, emergency grants and lines of credit are being provided to no profit organisations in Minnesota, Wisconsin, North Dakota and Montana.

Nebraska:

Small businesses can apply for loans up to $2million- and are charged interests of 2.75% for non-profit organisations while small businesses are charged 3.75%. Repayment terms are up to 30 years.

Nevada:

You can get a 5 year credit line up to $200000 if you have experienced a 10% drop in your revenue from the regional bank of Nevada. The first 90 days are interest free.

Small businesses are allowed to apply for loans of up to $2million with interest rates of 2.75% and 3.75% depending on who fits what criteria.

New Hampshire:

An emergency $50 million fund has been raised by the government to be distributed to hospitals and health care providers.

New Jersey:

A package of $75 million has been initiated by the government. This is expected to support between 3000-5000 small and mid-sized enterprises.

A $10 million program is set to provide working capital loans of up to $100000 to those businesses that have less than $5 million in revenues. This program will have a 10 year term with no interest rate for the first 5 years.

A $10 million capital reserve fund has been created that provides low interest loans to micro-businesses.

Also, a $5 million program has been raised to provide 80% loan guarantees for working capital to entrepreneurs.

A program that includes $1.5 million will be providing grants up to $250000 to CDFIs.

A relief and recovery fund has been raised by the Princeton Area Community Foundation.

New Mexico:

The COVID-19 Business Loa Guarantee Program has been initiated in order to provide financial assistance to small businesses who seek emergency loans and lines of credit.

New york:

New York City's Small Business Services is offering grants to help small businesses cover 40% payroll expenses for 2 whole months. Businesses that have less than 100 employees and sales decreases of more than 25% will be charged zero interest on loans up to $75000. Get more information about the program here.

It was created in order to assist non-profit service providers who deal with health with with reference to the coronavirus.

In order to help those who may shut down their companies due to the pandemic, Renaissance is going to create an Emergency Small Business Relief Loan Fund to provide restaurants, retail outlets, wholesalers and service businesses with loans that are low in interest.

North Carolina:

Low interest disaster loans of up to $2 million will be given by the SBA.

North Dakota:

Short term loans, emergency grants and lines of credit are offered by the state to non-profit organisations in North Dakota, Montana, Wisconsin and Minnesota.

Ohio:

Grants are being offered to small businesses that have had to go through losses. They range from $5000 to $25000 and are given to businesses with less than 10 full-time employees.

Oklahoma:

Small businesses can get loans of up to $2 million by paying interests of 2.75%-3.75% whose repayment terms can be extended up to 30 years.

Oregon:

Portland's Jade District or Old Town Chinatown's small businesses affected by the coronavirus pandemic can get a small sum out of the city's $190000 emergency fund.

Those businesses that had been ordered to shut down during the pandemic y the government of Beaverton can get $2500 a month.

Pennsylvania:

Philadelphia's COVID-19 Small Business Relief Fund is offering zero interest loans and grants for immediate relief.

Pittsburgh's Urban Redevelopment Authority is stopping loan payments for URA business borrowers during April 2020. More information about this program can be found here.

Rhode Island:

Businesses in Rhode Island are being given web based Microsoft Office applications for free for a period of 1 year.

South Carolina:

The businesses in the state can apply for a couple of millions as disaster relief loans by being charged a minimal interest rate of 2.75%. However, to avail the same they must apply by December 21^st ‘20.

Tennessee:

Federal disaster loans for financial aid are being provided to small businesses in the state at an interest rate of 3.75%.

Texas:

Loans are available across the state to small businesses and private non-profit organizations.

Utah:

Business owners of Salt Lake City are being offered loans with no interest up to $20000.

Vermont:

Providing disaster relief loans up to $2 million with interest rates of 2.75%-3.75% and a repayment term of 30 years.

Virginia:

The state is providing disaster relief loans up to $2 million with interest rates of 2.75%-3.75% and a repayment term of 30 years.

Washington:

For the benefit of employees, the state is allowing them to work only for 50% hours without being laying off.

Their regional bank is offering a 5-year 90 day interest free credit lines up to $200000.

$1.5 million have been created by Seattle's Office of Economic Development by offering grants up to $10000 to small businesses.

West Virginia:

Businesses that have experienced losses in the recent weeks have been offered grants between $5000-$25000, available to those firms with less than 10 full time employees and not more than $1 million in gross revenue.

Wisconsin:

Small Business 20/20 has been launched by them in which a budget of $5 million has been raised for companies with fewer than 20 employees. They will be provided grants of up to $20000. More information about this program can be found here.

Wyoming:

Teton County's Community Foundation of Jackson Hole has raised a funding of $300000 to assist local non-profits.

We hope our information was able to give you a better idea about where you can receive assistance from. You can also receive some extra cash from us by availing our loans during these times of distress.

Covid-19 Relief Assistance by States