The U.S. Small Business Administration (SBA) is offering up to $2 million in Economic Injury Disaster Loans for small businesses impacted by the coronavirus, in addition to a resource page detailing eligibility and how to apply.
Chicago: Mayor Lori Lightfoot revealed a $100 million Chicago Small Business Resiliency Loan Fund that will provide low-interest loans to the city's struggling small businesses.
Denver: The city's business owners can apply for cash grants of up to $7,500 as part of Denver Economic Development and Opportunity's emergency relief program. Denver Mayor Michael Hancock also announced the creation of a $4 million small business relief fund.
Los Angeles: The city's Small Business Emergency Microloan Program is offering loans ranging from $5,000 to $20,000 with 0-3% interest rates.
Maine: Led by Governor Janet Mills, Maine is one of the first states to be approved for SBA loans. The state will allocate up to $2 million in aid for small businesses.
Massachusetts: Governor Charlie Baker announced a $10 million relief fund for Massachusetts businesses affected by the coronavirus. Funds of up to $75,000 are immediately available for companies with fewer than 50 full- and part-time employees.
Michigan: The Michigan Economic Development Corp. received approval to implement a Michigan Small Business Relief Program that will allocate $10 million in small business grants and $10 million in small business loans to local business owners.
New York City: The NYC Small Business Services is offering businesses with fewer than five employees grants to cover 40% of payroll costs for two months. Businesses with fewer than 100 employees and sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000.
Sacramento: The city established a $1 million economic relief fund for businesses that provides 0% interest loans of up to $25,000 per business.
San Francisco: Small businesses with fewer than five employees are eligible to receive up to $10,000 for staff salaries and rent.
Wisconsin: The Wisconsin Economic Development Corp. launched Small Business 20/20-a $5 million grant program that will give companies with fewer than 20 employees up to $20,000.
Amazon announced a $5 million Neighborhood Small Business Relief Fund to provide cash grants to local Seattle small businesses.
JPMorgan pledged $50 million in aid to small businesses and nonprofits.
full updated list here:https://www.forbes.com/sites/briannegarrett/2020/03/20/small-business-relief-tracker-funding-grants-and-resources-for-business-owners-grappling-with-coronavirus/
Thanks for sharing this Tim. I saw this a little while ago. While I understand why, I think this is one of the dumbest things the government could do right now. Offer people who have no income a way to dig themselves into a hole even deeper. Yeah, that's smart.
The grants and relief efforts are better options, in my opinion. Anyway, thanks for sharing some options.
This article goes into more detail for California workers:http://www.capradio.org/articles/2020/03/19/independent-contractors-in-california-may-have-limited-options-to-apply-for-unemployment-due-to-coronavirus/
Here's what the California EDD says:https://www.edd.ca.gov/about_edd/coronavirus-2019.htmHopefully the federal government will open up a disaster unemployment program for people that fall through the cracks.