With the Paycheck Protection Program winding down, we break down the current programs still available for small businesses impacted by the pandemic.
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.
Area served: California Audience: Small Business Owners
The PepsiCo Foundation is working with Community Development Financial Institution (CDFI) partners Allies for Community Business, Accion Opportunity Fund, Ascendus, DreamSpring, and LiftFund to support Hispanic-owned small food & beverage businesses. The program will provide $10,000 grants to 150 Hispanic-owned food and beverage businesses. The program also includes free business coaching in English and Spanish for 500 Hispanic-owned food and beverage businesses.
Area served: California, Colorado, Florida, Illinois, Nevada, New York, Texas Audience: Small Business Owners
SF New Deal is excited to launch a micro grant program to give $1,000,000 to small businesses in San Francisco. This grant is open to all small businesses, including newly opened businesses.
Area served: California Audience: Small Business Owners
iBank has Financial Development Corporation (FDC) partners throughout the state that assists businesses in securing a 95% guarantee on a bank loan for disaster relief.
Area served: Statewide, California Audience: Small Business Owners
Funds are available for Black-owned businesses that have been impacted by the pandemic and recent protests. Phase 1 will provide immediate response funds for repairing damages, providing storefront protection, and replacing equipment losses as a result of protests and looting.
Area served: Oakland, California Audience: Small Business Owners
South County EDC is offering a no-interest loan to eating establishments in South San Diego County. This small infusion of funds is intended to assist South County small restaurants to remain open and continue to provide meals during this national emergency.
Area served: San Diego, California Audience: Small Business Owners
The COVID-19 Relief Grant is a special program designed to help eligible for-profit micro-enterprise businesses with a grant up to $5,000 per brick and mortar business. Businesses that have received a PPP loan or other SBA funding, including an EIDL, during this COVID-19 crisis are not eligible to apply. View website for further eligibility criteria.
Area served: Redding, Shasta Lake, Trinity, California Audience: Small Business Owners
**Update** Interest-free loans can help residents of LA and Ventura get through the financial part of the Covid-19 crisis by offering loans without collateral, any interest, or fees. Interest free loans up to $18,000 are available for small businesses. No-fee, zero interest loans for business owners in Los Angeles and Ventura counties.
Area served: Los Angeles, Ventura counties, California Audience: Small Business Owners
The City of Santa Cruz has formed a partnership with the National Development Council (NDC), one of the oldest not-for-profit corporations specializing in community and economic development, to offer the Grow Santa Cruz Loan Program.
Area served: California Audience: Small Business Owners
Eligible small business owners with fewer than 25 employees within the Tahoe-Truckee Airport District who have been affected by the COVID-19 pandemic. Eligible businesses must have a “brick-and-mortar” physical presence and fixed expenses. This includes retailers, restaurants, providers of specialty goods and services, and other storefront operations.
Area served: Truckee and North Lake Tahoe, California Audience: Small Business Owners
On March 24, the Small Business Administration has authorized the increase in loan amounts from $150,000 to $500,000, starting on April 6, 2021.
Audience: Small Business Owners, Self-employed, Non-profits
The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Audience: Small Business Owners
As of May 5, the Small Business Administration (SBA) is no longer accepting new PPP applications. The SBA is currently offering PPP loans originated only by participating community financial institutions including Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) until May 31, 2021 or until remaining funds are exhausted. Please note that not all community financial institutions are participating in PPP. 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
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
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
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
The program is for Black businesses based in Washington, D.C. The e-learning and curriculum is open to the Greater Washington, D.C. Region to help them navigate the short term challenges rising from COVID-19 and reach their #Beyond5 years in business milestone.
- $5,000 in grant funding*
- 20 hours of curated learning
- 3 months of business coaching
- Access to the 1863 member network
Audience: Small Business Owners
The Stacy’s Rise Project™ supports small businesses through funding, mentorship and community. Eligible small businesses selected as Stacy's Rise Project finalists will receive $10,000 and mentorship.
Audience: Small Business Owners, Self-employed
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
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
Up to $10,000 to take your business to the next level. The next round will open April 2021.
Audience: Small Business Owners
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
The Amber Grants began in 1998. Today, WomensNet carries on that tradition, giving away at least $10,000 every month in Amber Grant money. We’ve also expanded our grant-giving to include a year-end grant of $25,000.
Audience: Small Business Owners, Self-employed, Non-profits
Black women entrepreneurs receive less than .5% of venture capital funding. We are standing up to help change that.
SoGal Foundation has teamed up with Winky Lux, bluemercury, twelveNYC, and other sponsors to make a small step towards progress by providing several $10K and $5K cash grants to Black women or nonbinary entrepreneurs. Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion dollar idea. They will also receive lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams.
Audience: Small Business Owners
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
Equity-free grants will be awarded by Women Who Tech to women-led tech startups on a rolling basis through 2021.
Audience: Small Business Owners
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
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
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
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
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
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
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
A list of crowdfunding platforms that have created special COVID-19 relief initiatives for U.S.-based campaigns.
Audience: Small Business Owners, Self-employed
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
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
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
UPS is committed to keeping Latinx-Owned small businesses moving forward. Covid-19 has impacted small businesses across the board and minority small business community has been especially hard hit.
Audience: Small Business Owners
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