Relief Programs for Small Businesses

A quick spin around the Internet and you will find a wealth of information on relief for Small Businesses in the form of government and other relief programs.

At Made To Be Unique, we are doing our part to share as many resources as we can find in an effort to keep you and your business moving forward.   

Below is a list of the available programs we have found thus far.

United States – Government Relief Programs

Federal:

    1. Economic Injury Disaster Loan: Low-interest loans up to $2 million through the Small Business Administration for states impacted by COVID-19.
    2. Paycheck Protection Program:  Direct incentive for small businesses to keep their workers on payroll through a small business loan up to $10 million for payroll and other expenses. 
    3. Express Bridge Loan Pilot Program: Allows small businesses with current business relationships with an SBA Express Lender to access up to $25,000 with less paperwork.
    4. Debt relief: SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. SBA will also pay the principal and interest of current 7(a) loans for a period of six months. 

State:

  • State of Massachusetts: Emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. 
  • State of Florida: Up to $50,000 per eligible small business. Loans of up to $100,000 may be made in special cases. Interest-free for the first year and 12% per annum thereafter. 
  • State of Michigan:Grants up to $10,000 (less than 50 employees) and low-interest loans between $50,000 and $200,000 (less than 100 employees) 
  • State of Connecticut: Qualifying business or nonprofit organizations can apply for a loan of up to $75,000 or three months of operating expenses (whichever is lesser).
  • State of Iowa: Offers grants ranging from $5,000 to $25,000, in addition to offering a deferral of sales and use or withholding taxes due, and waiver of penalty and interest to businesses with between 2 and 25 employees.
  • State of New Jersey: Announced a suite of programs to support small businesses including low-interest loans and grants to entrepreneurs. 

Local:

  • City of New York: Zero-interest loans of up to $75,000 for businesses with less than 100 employees. 40% of payroll costs covered for businesses with less than 5 employees.
  • City of San Francisco: $10,000 for employee salaries and rent for businesses with less than 5 employees.
  • City of Sacramento: Zero-interest loans of up to $25,000.
  • City of Chicago:Low-interest loans up to $50,000 for businesses who’ve suffered more than 25% revenue decrease due to COVID-19 and have under 50 employees.
  • City of Los Angeles: Low-interest loans between $5,000 to $20,000 to help with job retention
  • City of Denver: Cash grants of up to $7,500 to businesses in industries particularly hard-hit by the coronavirus, including restaurants, retail shops, barbershops, and nail salons.

Organizations – Relief Programs

Many organizations are offering emergency financial resources for small businesses, individuals, and nonprofits. Below are two of the more prominent organizations.

Sara Blakey, the Founder of Spanx – The Red Backpack Fund

Facebook: Boost with Facebook Small Business Grants

Up to 30,000 eligible small businesses in more than 30 countries where we operate will be able to receive the grant. You can go to this website to learn more about the grant and the requirements. https://www.facebook.com/business/grants?content_id=KKf6RWdyo87L7QO

To find more organizations, here is a wonderful list of the COVID19 offerings posted on GrantSpace by Candid.org.

https://grantspace.org/resources/knowledge-base/covid-19-emergency-financial-resources/

Friends, we are all in this together! Please share this article with others so they too can find resources to help their businesses stay afloat during this time of economic crisis.

 

To Your Success,

~ Crystal and the Made To Be Unique Team!