- The COVID-19 pandemic is hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
- More than 99% of all businesses are small businesses, and natural disasters cause 40% of small businesses to fail.
- Here is a list of emergency funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
- Visit Business Insider's homepage for more stories.
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 canceled.
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.
After the initial $349 billion allocated to small businesses in the CARES Act was used up, Congress added another $320 billion to the Payroll Protection Program forgivable loan program.
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 May 20, 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 $349 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 forgivable loans or payroll relief from the $2 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
You could be entitled to money from your insurance company:An attorney explains why struggling businesses should apply for money from their insurance companies right now — and how to do it
How to take advantage of tax credits:This overlooked tax credit might be better for your business than a PPP loan — and you could even apply for a cash advance. A CPA explains how to decide
Small Business Administration
Express Bridge Loans
Website: sba.gov/LenderMatch
Financing type: Quick turnaround advance on an Economic Disaster Loan
Funding Limit: $25,000
Who it's for: US small businesses and non-profits waiting to receive a Disaster Loan
New York City Hall
Website: nyc.gov/covid19biz
Zero-interest loans
Financing type: Loan
Funding limit: $75,000
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
Downtown Alliance New York
Small Business Rental Assistance Grant
Website: downtownny.com/RentAssistGrant
Financing type: rental assistance grants
Funding limit: $10,000; Total fund is $800,000
Who it's for: Essential small businesses in New York City, must have fewer than 20 employees, be located on a ground floor, gross annual revenue below $1.5 million, and have a lease through December 31, 2020.
Brooklyn Chamber of Commerce
Bring Back Brooklyn Fund
Website: bringbackbrooklyn.org
Financing type: zero-interest loans
Funding limit: Expected to be $30,000; Currently raising funds with a goal of $500,000
Who it's for: Small businesses in Brooklyn that have been hurt by the pandemic and have been shut out of other loan programs, and that plan to reopen. The majority of loans are for minority- and women-owned businesses, and funding will only begin after the economy begins to re-open.
San Francisco City Hall
Website: oewd.org
Business taxes and fees
Financing type: Deferral
Funding limit: Quarterly tax payments deferred nine months, license fees deferred three months
Who it's for: Businesses with less than $10 million in revenue
Resiliency Fund
Financing type: Grants
Funding limit: $10,000
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
Website: seattle.gov/office-of-economic-development
Business Stabilization Fund
Financing type: Grants
Funding limit: $10,000
Who it's for: Businesses with fewer than five employees and owner earning less than 80% of area median income
City of Philadelphia
Website: phila-uyims.formstack.com
Microenterprise Grant
Financing type: Grant
Funding limit: $5,000
Who it's for: Businesses with annual revenue under $500,000
Small Biz Grant
Financing type: Grant
Funding limit: $25,000
Who it's for: Businesses with annual revenue between $500,000 and $3 million
Small Biz Zero-Interest Loan
Financing type: Loan
Funding limit: $25,000 - $100,000
Who it's for: Businesses with annual revenue between $3 million and $5 million
City of Denver
Website:www.denvergov.org
Small Business Emergency Relief Program
Financing type: Cash grants
Funding limit: $7,500
Who it's for: The program prioritizes 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: $20,000
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: $50,000; Total fund has $5,000,000 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 $5,000
Who it's for: Privately held small businesses experiencing economic injury located in Topeka and Shawnee County, Kansas.
MainVest
Website: mainvest.com/main-street-initiative
The Main Street Initiative
Financing type: Zero-interest cash advance
Funding limit: $2,000
Who it's for: Brick-and-mortar businesses seeking future long-term community investment through MainVest's licensed crowdfunding portal for small businesses
Website: facebook.com/business
Boost Small Business
Financing type: Grants and advertising credits
Funding limit: TBD, total fund is $100 million in cash and ad credits
Who it's for: Any small business in over 30 countries where Facebook operates
Website: support.google.com
Google Ad credits
Financing type: Advertising credits
Funding Limit: Total fund is $340 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
Website: impact.jpmorganchase.com
Entrepreneurs of Color Fund, Ascend, and Community Development Financial Institution partners
Financing type: Loans and interest-rate reductions
Funding limit: TBD, total donation is $8 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 $250 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
Website: blog.aboutamazon.com
Neighborhood Small Business Relief Fund
Financing type: Grant
Funding limit: TBD, total fund is $5 million
Who it's for: Seattle-area small businesses with fewer than 50 employees or less than $7 million in revenue.
FedEx
#SupportSmall Grants
Website: fedex.com/en-us/support-small-business-grants
Financing type: Grant and a $500 credit from FedEx Office
Funding limit: $5,000; Total fund of $1 million
Who it's for: Small businesses with fewer than 50 employees struggling to stay afloat during the pandemic. Must have less than $5 million in annual sales revenue in 2019, and have shipped in the last 12 months and/or plan to ship in the coming 12 months as part of your business.
Applications open on May 25.
Uber Eats
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
Website: get.grubhub.com/resources
Deferred delivery fees
Financing type: Temporarily deferred delivery fees, promotion matching
Funding limit: N/A, up to $100 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 $25 million in total services
Who it's for: Independent local restaurant and nightlife businesses on Yelp
Kiva
Website: kiva.org/borrow
Small business loans
Financing type: Zero-interest loans
Funding limit: $15,000
Who it's for: Small businesses seeking community-based lending, as opposed to traditional financial institutions
GoFundMe
Website: www.gofundme.com/f/smallbusinessrelieffund
Small business relief fund
Financing type: Donation-matching micro-grants
Funding limit: $500, total fund is more than $1.5 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 Foundation
Website: savesmallbusiness.com
Save Small Business Fund
Financing type: Grants
Funding limit: $5,000
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.
Hello Alice
Website: www.covid19businesscenter.com
COVID-19 Business for All Emergency Grants
Financing type: Grants
Funding limit: $10,000
Who it's for: Applicants must have 50 or fewer employees and have been affected by the coronavirus pandemic.
Global Entrepreneurship Network Hispanic Small Business Center Grants
Financing type: Grants
Funding limit: $10,000
Who it's for: Hispanic, Latino and Latinx-owned small businesses
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 $100 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.
The Spanx by Sara Blakely Foundation
Website: www.globalgiving.org/redbackpackfund/
The Red Backpack Fund
Financing type: Grants
Funding limit: $5,000
Who it's for: Majority-women owned and led businesses and nonprofits in the US.
The next round of applications open on June 1.