Coronavirus Relief for Small Businesses

Small businesses are facing unprecedented challenges from the coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security Act is designed to help. Find out what you need to know and get the help you need to navigate this challenging time.

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.

State Programs for Small Business Relief

Many state and local governments are offering assistance to small businesses during the pandemic. Find out what is available to you. Check out the state-by-state assistance guide from the U.S. Chamber of Commerce Foundation.

Complete List of Support by State

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.

Banks Helping Small Businesses

You may be able to find some help through your financial institution. Check out this list of banks offering help to customers impacted by the coronavirus.

Banks Supporting Small Businesses

Coronavirus Business Grants Through Private Companies

Several private organizations are offering grants for relief. The U.S. Chamber of Commerce Foundation has compiled a list of multi-state programs that may be available to you.

Multi-State Grant Programs

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.

Visit SBA For Details on Applying

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.

  • LENDER: SBA

  • TERM: Up to 30 Years

  • INTEREST RATE: 3.75% for small businesses and 2.75% for nonprofits

  • SECURITY / COLLATERAL: Unsecured for loans up to $25,000

  • PAYMENT DEFERRAL: Up to 4 Years
  • TURN AROUND: 3 to 6 Weeks

  • FORGIVENESS:  None

*Info pulled from the SBA website.

Visit SBA For Additional Details

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.
  • LENDER: SBA

  • TERM: n/a

  • INTEREST RATE: n/a

  • SECURITY / COLLATERAL: n/a

  • PAYMENT DEFERRAL: n/a

  • TURN AROUND: 3 Business Days

  • FORGIVENESS:  100%

*Info pulled from the SBA website.

Visit SBA For Additional Details

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.

  • LENDER: SBA Certified Bank or Credit Union

  • TERM: Up to 7 Years

  • INTEREST RATE: Prime + 6.5% fixed or variable.

  • SECURITY / COLLATERAL: None

  • PAYMENT DEFERRAL: n/a

  • TURN AROUND: 45 to 90 days

  • FORGIVENESS: May be repaid by proceeds from an EIDL

*Info pulled from the SBA website.

Visit SBA For Additional Details

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.

Visit SBA For Details