Other Relief Options
While many businesses can stay afloat in the short-term, others will need to take stronger precautions to ensure their survival through this crisis. If you’re one of the 30 million small business owners in the US who is worried about the future, or you’re already struggling, there are avenues for assistance.
New York
NYC Employee Retention Grant Program
Offering zero-interest loans of up to $75,000.
California
Small Business Resiliency Fund
Access up to $10,000 for employee salaries and rent.
Florida
Small Business Emergency Bridge Loan Program
Loans of up to $50,000 to $100,00.
Colorado
Denver Small Business Emergency Relief
Cash grants of up to $7,500.
Illinois
Chicago Small Business Resiliency Fund
Low-interest loans of up to $50,000.
SBA Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits.
DETAILS
WHO IS ELIGIBLE:
- Any small businesses with fewer than 500 employees
- Select types of businesses with fewer than 1,500 employees
- Non-profit organization with fewer than 500 employees and some veterans organization or Tribal business
- Sole proprietors, independent contractors, and self-employed persons
- AMOUNT: 250% of average monthly payroll from last year. Capped at 100k per employee. Up to a maximum of 10M.
- USAGE: Employee payroll and benefits. Including sick pay, medical leave, and insurance premiums. Also, mortgage interest, rent and utilities for 8 weeks.
- LENDER: SBA Certified Bank or Credit Union
- TERM: 2 Years
- INTEREST RATE: 1%
- SECURITY / COLLATERAL: None.
- PAYMENT DEFERRAL: 6 months (interest will continue to accrue.)
- TURN AROUND: 2 Weeks
- FORGIVENESS: Up to 100% as long as the loan proceeds amount spent by the borrower during the 8 week period.
*Info pulled from the SBA website.
Economic Injury Disaster Loans
Disaster Loans help small businesses cover operating expenses after a declared disaster.
DETAILS
WHO IS ELIGIBLE:
- Any small business with less than 500 employees, including veterans organizations and Tribal businesses.
- Sole proprietorships, independent contractors and self-employed persons.
- Most private non-profits of any size.
- Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
AMOUNT: Up to $2 million.
USAGE: Pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
Economic Injury Disaster Loan Emergency Advance
Emergency grant advance help small businesses overcome temporary losses of revenue.
DETAILS
WHO IS ELIGIBLE:
- Any small business with less than 500 employees, including private non-profit organization or veterans organizations.
- Sole proprietorships, independent contractors and self-employed persons.
- Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
AMOUNT: Up to $10,000.
- USAGE: Maintaining payroll, providing paid sick leave, rent and mortgage payments, covering expenses that cannot currently be met due to revenue losses.
SBA Express Bridge Loans
The Express Bridge loan program provides expedited financing for small businesses located in declared disaster areas.
DETAILS
WHO IS ELIGIBLE:
- Any small business with less than 500 employees, including private non-profit organization or veterans organizations that was in operation before March 13, 2020.
AMOUNT: Up to $25,000.
USAGE: Cover operational expenses to support the survival, or the reopening of the business.
SBA Debt Relief
The Debt Relief program provides financial reprieve to small businesses during the COVID-19 pandemic.
DETAILS
- WHO IS ELIGIBLE:
- Current 7(a), 504, and Microloans in regular servicing status.
- New 7(a), 504, and Microloans disbursed prior to September 27, 2020.
This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans.
AMOUNT: Covers up to 6 months in loan payments for SBA loans, including principle, interest and fees.
- USAGE: Support the survival or reopening of the business.
- LENDER: Businesses Current SBA Certified Bank or Credit Union
- TERM: Up to 6 Months
INTEREST RATE: n/a
SECURITY / COLLATERAL: n/a
PAYMENT DEFERRAL: n/a
TURN AROUND: Debt Relief is Automatic
FORGIVENESS: SBA will cover up to 6 months in loan payments for SBA loans, including principle, interest and fees for existing and new borrowers.
*Info pulled from the SBA website.