Small Business Relief Financing for COVID-19

At Creditors Relief, we are dedicated to finding the best solutions for small business owners. With the passing of the CARES Act, the SBA has established a new online process where you can quickly and easily apply for COVID-19 (7b) Economic Injury Disaster Loans. Click Apply Now to start your application.

Apply Now

COVID-19 Relief Financing Options

COVID-19 has affected businesses all over the United States and there is a lot of uncertainty as businesses make their way through the pandemic. Creditors Relief is here to help. We know the amount of information surrounding the outbreak can be overwhelming. Good news is that there is small business relief financing for COVID-19 available. That’s why we’ve created this page to help you find information about government financial relief programs, private sources of assistance to your business, and resource guides to help navigate your way through the outbreak.


SBA 7(a) AND 7(b) LOAN PROGRAMS

COVID-19 BUSINESS RESOURCE CENTER

OTHER SOURCES OF FINANCING

COVID-19 made a major impact on businesses nationwide. The SBA has two loan programs, the 7(a) Paycheck Protection Program and 7(b) Economic Injury Disaster Loan (EIDL), available to eligible businesses affected by COVID-19.

As the pandemic continues, it’s hard to follow changing state and federal regulations and keep your business afloat. We’re creating new resources to help you keep up-to-date and keep your business going.

With the economic impact the country is facing, some businesses and organizations are pitching in to help small business owners through this pandemic. Find options for relief financing for COVID-19 available to qualifying companies.


 

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Alabama residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan - https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Alaska residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance

Alaska Department of Commerce, Community, and Economic Development

For more information on state loans available, please visit their website. https://www.commerce.alaska.gov/web/EconomicRecoveryResourcesforBusiness.aspx#investments

WaFd Bank – https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

Businesses who have a 10% or greater drop in revenue

To apply visit: https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Arizona residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance

Arkansas Quick Action Loan Programhttps://www.arkansasedc.com/covid19

The Quick Allocation Closing Fund allocation will prioritize companies that are in the supply chain of essential goods and services, including healthcare, food manufacturers, and logistics. The allocation from the Attorney General will support small businesses. The program includes both loan guaranties and direct lending to businesses.

Loan information:

  • AEDC will guaranty up to 80% of the principal balance of a loan issued by a lender participating in the program

  • The amount of AEDC’s guaranty is capped at $250,000

  • Loans are at zero interest and may be amortized for up to two years

  • Loans issued directly to borrower by AEDC

  • Borrower must demonstrate that it has been adversely impacted by the health emergency

  • Proceeds may be used for working capital, inventory, payroll, and other uses that facilitate the continuation of business operations

  • Borrower will be subject to the lender’s customary underwriting and collateral requirements

  • Loan amount may be amortized for up to 5 years

  • Initial payments may be deferred for up to 90 days at the option of borrower and lender

  • Payments may be deferred for up to 6 months following closing on the loan

  • Borrower and participating lender must sign loan guaranty agreements with AEDC, which will include job retention requirements for the borrower.

Requirements:

  • Borrower must demonstrate to AEDC that it has no other satisfactory financing options available to it through commercial lending or through other government programs such as the SBA Economic Injury Disaster Loan Program

  • Borrower must demonstrate that it has been adversely impacted by the health emergency

  • Borrower must satisfy AEDC’s financial underwriting requirements. • Borrower must agree to job retention requirements.

There does not appear to be an online application. Applicants should contact via email at COVID19.businessinfo@arkansasedc.com or by phone at 501-682-1121 or toll-free: 1-800-ARKANSAS

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Arkansas residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance


Small Business Loan Guarantee Program – https://www.ibank.ca.gov/small-business-finance-center/

Loans up to $20 million with a max guarantee of $1 million for up to 7 years with guarantees 80-95% of loan. Interest rates negotiated between lender and borrower.

Requirements:

  • Small businesses located in CA with 1-750 employees

  • Eligible non-profits

If you are interested in applying, contact one of the lenders at https://www.ibank.ca.gov/publications/fdc/


Jump Start Loan Program – https://www.ibank.ca.gov/small-business-finance-center/

For businesses who expects to use the loan proceeds in California. Loans start at $500 and range up to$10,000 with terms up to five years full amortized

Requirement

  • Small businesses or individuals who are becoming small businesses who are located in CA can apply

  • Borrowers must be a low wealth entrepreneur with a business located in a in a declared disaster area… or

  • Borrowers must be a low wealth entrepreneur located in a low-wealth community within both:

  • A county with a per capital income equal to or less than 115-percent of the statewide average

  • A city or unincorporated area with an unemployment rate equal to or greater than the statewide average

  • Borrowers annual income must be equal to or less than the statewide average

If you are interested in applying you may visit any of the following sites:

https://cacapital.org/

https://www.calcoastal.org/

https://nor-calfdc.org/

https://www.pcrcorp.org/

https://www.vsbdc.com/


Farm Loan Program: https://www.ibank.ca.gov/small-business-finance-center/

Loans up to $1,399,000 for small farms in the state of California.

Requirements:

  • Must be a US citizen

  • Acceptable credit history

  • Capacity to incur the loan obligations

  • Not be delinquent on Federal debt

  • Farm must be located in CA

  • Obtain loan without a guarantee

  • Be the owner or tenant operator of a family farm after the loan is closed

If you would like to apply then please visit https://www.calcoastal.org/ or https://www.vsbdc.com/


San Diego City Small Business Relief Fund: - https://www.sandiego.gov/economic-development/resources/relief?__cf_chl_jschl_tk__=d440879f7794b57174ea1f4bd057fea7b1ea8b78-1585354460-0-AcNxgQvJ76VR6kEpB0xsFK8sehYTgR3Iri6PZxIIflB2nvO2GA_RfYn0mFhTW5quaeofei5vHtwnYqxW-PwG75w9ViXaDoKnTUE_qEUtJ6lCDVjE4U-wtpfzK9fQw-TT8VTEOPb50FrS4LgtfsuojODvdWGhQtR2gmq14_rqMfu0i3zmAlk4ymFumUJFeY919Wj-0NDySXCtLK5Q_G5YiP3eCnihzkL6_BEbyw1wnBcqg51JLKKaSNTt4mjrSR-pk1MSzvwjPAO5-zVOJ_aLGk7rZrIyHUhR1wio_MeESxwK9n9Ffu1sZSYxMIfvNhXzTfrxUce7YAfzUiyVwL_L1RU

The City of San Diego created a Small Business Relief Fund (SBRF) that provides grants and loans that are forgivable or low- to zero-interest-rate to eligible small businesses for working capital.

To apply, or for further information please visit their website. – https://www.sandiego.gov/economic-development/resources/relief?__cf_chl_jschl_tk__=d440879f7794b57174ea1f4bd057fea7b1ea8b78-1585354460-0-AcNxgQvJ76VR6kEpB0xsFK8sehYTgR3Iri6PZxIIflB2nvO2GA_RfYn0mFhTW5quaeofei5vHtwnYqxW-PwG75w9ViXaDoKnTUE_qEUtJ6lCDVjE4U-wtpfzK9fQw-TT8VTEOPb50FrS4LgtfsuojODvdWGhQtR2gmq14_rqMfu0i3zmAlk4ymFumUJFeY919Wj-0NDySXCtLK5Q_G5YiP3eCnihzkL6_BEbyw1wnBcqg51JLKKaSNTt4mjrSR-pk1MSzvwjPAO5-zVOJ_aLGk7rZrIyHUhR1wio_MeESxwK9n9Ffu1sZSYxMIfvNhXzTfrxUce7YAfzUiyVwL_L1RU


South County EDC’s Emergency Business Loan Program: - https://www.southcountyedc.com/coronavirus

South County Economic Development Council (South County EDC) has established a no-interest loan to restaurants residing in South County to help provide some economic relief during COVID-19. This loan will assist small restaurants to remain open and continue to provide meals during this national emergency. South County EDC is providing a one-time $5,000 no-interest loan with repayment due on April 1, 2021.

For more information or if you wish to apply, please visit their website. https://www.southcountyedc.com/coronavirus


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to California residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance

San Francisco Office of Economic and Workforce Development

City sponsored loan program. For more information visit, https://oewd.org/resources-businesses-and-employees-impacted-covid-19

County of Los Angeles COVID-19 Information for Businesses

County sponsored loan program. For more information visit, https://covid19.lacounty.gov/covid19/consumers-businesses/for-businesses/

Los Angeles City Small Business Emergency Microloan Program

City sponsored loan program. For more information visit, https://ewddlacity.com/index.php/microloan-program


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Colorado residents. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Connecticut residents. More details on the loan provided at the top of the page. For more info please visit CT 16335 – SBA Offers Disaster Assistance to Connecticut Small Businesses Economically Impacted by the Coronavirus (COVID-19) - https://www.sba.gov/offices/disaster/dfoce/resources/1658278


Delaware Hospitality Emergency Loan Program – https://business.delaware.gov/2020/03/18/delaware-launches-emergency-loan-program-for-hospitality-industry-small-businesses-here-are-the-details/

Loan Information:

  • No interest loans up to $10,000 per business per month to help cover immediate costs for the hospitality industry

  • Businesses with less than $1.5 million in annual revenue and have been in business and operating for at least 12 months

  • 10 year terms with deferred payments for 9 months

  • Can be used for wide range of expenses other than payroll costs

  • Have to operate in one of the four-digit NAICS codes:

    • 7225 Restaurants and Other Eating Places

    • 7224 Drinking Places (Alcoholic Beverages)

    • 7223 Special Food Services

    • 7211 Traveler Accommodations

    • 7139 Other Amusement and Recreation

    • 7131 Amusement Parks & Arcades

    • 7121 Museums and Historical Sites

    • 7113 Promoters of Performing Arts

    • 7112 Spectator Sports

    • 7111 Performing Arts Companies

    • 4879 Scenic and Sightseeing Transportation, Other

    • 4872 Scenic and Sightseeing Transportation, Water

    • 4871 Scenic and Sightseeing Transportation, Land

    • 3121 Beverage Manufacturing

    • 3118 Bakeries and Tortilla Manufacturing

Applications will be available online later this week. Visit delbiz.com/coronavirus for updates.

In the meantime, gather the documents you will need:

  • proof the business has been in operation and generating revenue for at least 12 months

  • income statement showing the business has no more than $1.5 million in annual revenue, and

  • bills for which payment is sought, including proof the business has been current for at least 80 percent of payments over the past 12 months and not past due in the month prior to the current month for which the business is applying for relief (proof of payments or a letter to the entity for which the money is due)

Eligibility requirements:

Proof business in operation for over 12 months

  • Income statement showing the business has no more than $1.5 million annual revenue

  • Including proof the business has been current for the least 80 percent of payments over past 12 months and not past due in the month prior to the current month for which the business is applying for relief (proof of payments or a letter to the entity for which the money is due)

  • Copy of billing statements or invoices for unavoidable expenses to support amount of funding request

  • Proof of payment over the past 12 months for expenses for which funding is requested. This may be in the form of an account statement or letter from the relevant vendor/creditor

  • Financial statements for most recent year completed

  • Copy of Delaware business license.

Once you fill out the application make sure to submit it along with requested documents to business_finance@delaware.gov

For more information, please visit https://business.delaware.gov/coronavirus/

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Delaware residents. More details on the loan provided at the top of the page. For more info please visit DE 16342 – SBA Offers Disaster Assistance to Delaware Small Businesses Economically Impacted by the Coronavirus (COVID-19) – https://www.sba.gov/offices/disaster/dfoce/resources/1658357

DC Small Business Recovery Grants – https://coronavirus.dc.gov/dc-small-business-recovery-grants

$25 million grant fund for small businesses located in the District of Columbia.

Eligibility requirements: https://coronavirus.dc.gov/sites/default/files/dc/sites/coronavirus/Eligibility-Chart-3-27-20.PNG

Required documentation:

  • For Small Businesses, Independent Contractors, or Self-Employed:

    • Federal Employer Identification Number (EIN) or Social Security Number (Look for this in a previously filed tax return or by following these tips from the IRS. Names and addresses in this application should match your EIN registration.)

    • 2017 and 2018 Federal Tax Returns (Personal returns will be accepted for independent contractors and self-employed individuals if business returns are not available.)

    • 2019 income statement showing monthly sales

    • 2020 year-to-date income statement showing monthly sales (Feel free to use this revenue worksheet if you don’t have an existing format.)

    • Payroll or roster of employees and their states of residence on January 31, 2020 (if applicable)

    • Documentation of the business owner or owners’ state residency (such as a driver’s license or bill)

    • Bank statements from January – March in 2017, 2018, 2019, and 2020


  • For Non-profits:

    • Federal Employer Identification Number (EIN) (Look for this by following these tips from the IRS )

    • 2017 and 2018 Federal Informational Tax Returns – Form 990 (If you don’t have these, please provide an explanation)

    • 2019 Statement of Activities showing revenues less expenses

    • 2020 Year-To-Date Statement of Activities showing revenues less expenses

    • Payroll or roster of your employees and their states of residence

    • Bank statements from January – March in 2017, 2018, 2019, and 2020

  • Other Supporting Documentation (Example: proof of canceled revenue-generating events)

If you are interested in applying, fill out the online application. – https://coronavirus.dc.gov/dc-small-business-recovery-grants


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to District of Columbia residents. More details on the loan provided at the top of the page. For more info please visit DE 16342 – SBA Offers Disaster Assistance to Delaware Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658357

Florida Emergency Bridge Loan Program: https://floridadisasterloan.org/application/

Loans up to $50,000 per eligible small business (special cases loans up to $100,000) One year loan term with no interest during that period (if there is a balance after 1 year – 12% per annual interest rate will then apply). Only one loan per eligible businesses. All businesses in all counties in Florida are eligible.

Requirements:

  • Business must have been established prior to March 9, 2020

  • Have between 2-100 employees

  • Business must have experienced economic injury as a result of COVID-19

  • If there is a default, normal collections will apply

  • Business must be for-profit, privately held business that maintains a place of business in the state of Florida

Non-eligible businesses:

  • Businesses deriving more than one-third of gross annual revenue from legal gambling activities

  • Businesses engaged in any illegal activity

  • Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5% of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature

  • Businesses that have a primary purpose of facilitating polyamorous relationships

  • Massage parlors

  • Hot tub facilities

  • Escort services.

Loan Requirements:

  • Loans will be made to individuals who, individually or collectively, own at least 51% of the equity of the business.

  • A borrower will be required to sign an agreement that the proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis

  • A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance will be used to repay the loan.

To apply, visit https://floridadisasterloan.org/a/w/wp-content/uploads/2020/03/20200316-COVID-19-Florida-Emergency-Bridge-Loan-Application.pdf

Deadline for application is May 8th,2020

Documents needed to apply:

  • Government Issued ID

  • Federal Business tax returns for last 2 completed years

  • Employer tax documentation

  • Personal tax returns for last 2 completed years with Schedule C

  • Additional Information applicant believes is important for the Loan Review Committee to review

For further questions please visit http://floridasbdc.org/locations/

For questions on how to apply, here is a step by step Florida loan guideline https://floridadisasterloan.org/application/

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Florida residents. More details on the loan provided at the top of the page. For more info please visit FL 16353 – SBA Offers Disaster Assistance to Florida Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658345

SBA (7b) Economic Injury Disaster Loan (EIDL)

Loan Overview:

The 7(b) loans provide up to $2 million in assistance with an interest rate of 3.75% for-profit companies and an interest rate of 2.75% for non-profits. The loan terms range up to 30 years, and there are no upfront fees or early payment penalties.

Loan information:

  • Payments start 12 months after the date of the contract

  • Funds can be used to business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:

Loans for any business that is affected by COVID-19, has less than 500 employees and was in operation before February 1, 2020, is eligible to apply.

Those interested in applying, must apply before December 31, 2020

Emergency Advance up to $10,000

Advance information:

  • There is no requirement to repay the advance even if your business is denied the 7(b) loan

  • Funds can be used to pay business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations


Eligibility requirements:

An eligible small business must apply for the 7(b) loan in order to request the Emergency Advance of up to $10,000

Those interested in applying, must apply before December 31, 2020

Click here to apply. – https://covid19relief.sba.gov/#/

For more related questions on the SBA Disaster loan, visit our FAQ.


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://www.sba.gov/offices/disaster/dfocw/resources/1658477

Only federal loan available to Hawaii residents. More details on the loan provided at the top of the page. For more info please visit HI 16369-01 SBA Offers Disaster Assistance to Hawaii Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658477

WaFd Bank – https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Idaho residents. More details on the loan provided at the top of the page. For more info please visit ID 16379-01 SBA Offers Disaster Assistance to Idaho Small Businesses Economically Impacted by the Coronavirus (COVID-19) - https://www.sba.gov/offices/disaster/dfocw/resources/1658489


Emergency Small Business Grants and Loans Program - https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx

Hospitality Emergency Grant Program

Bars and restaurants that generated between $500K and $1M in revenue in 2019 are eligible for up to $25,000, and bars and restaurants that generated less than $500K in revenue in 2019 are eligible for up to $10,000. Hotels that generated less than $8M in revenue in 2019 are eligible for up to $50,000.

Eligibility requirements:

  • Bars and restaurants with a valid license to serve food or liquor and who generated revenues of less than $1 million in 2019.

  • Hotels with a valid license (hotels, motels other lodging establishments) and who generated revenues of less than $8 million in 2019.

If you wish to apply, please visit their website. – https://us.accion.org/news/covid-19-hospitality-business-grant-program/

Illinois Small Business Emergency Loan Fund

Program Overview: DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000. Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term.

Application is not available yet, interested applicants are required to fill out the interest form. – https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx


Downstate Small Business Stabilization Program

DCEO is repurposing $20 million in CDBG funds to stand up the Downstate Small Business Stabilization Program. This Fund will offer small businesses of up to 50 employees the opportunity to partner with their local governments to obtain grants of up to $25,000 in working capital. These grants will be offered on a rolling basis.

Eligibility requirements:

Local governments can apply on behalf of businesses with 50 employees or less. Only units of local government recognized by the Illinois Constitution and able to support economic development activities on a sufficient scale are eligible to apply for Economic Development grant funding. This includes cities, villages, and counties. Municipalities must not be a HUD direct Entitlement community or be located in an urban county that receives “entitlement” funds. A map of eligible areas of the state can be accessed here, see “Staff Contact Information.”

For those interested in applying, you can submit an online application. Please note, only businesses in the eligible areas should work with their local governments to submit. – https://www2.illinois.gov/dceo/CommunityServices/CommunityInfrastructure/Pages/DownstateSmBizStabilizaition.aspx


SBA Economic Injury Disaster Loan (EIDL) – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Illinois residents. More details on the loan provided at the top of the page. For more info please visit IL 16370 – SBA Offers Disaster Assistance to Illinois Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658382


City of Chicago: Chicago Small Business Resiliency Fund

City sponsored loan program. For more information, please visit https://www.surveymonkey.com/r/COVID19Chicago


SBA Economic Injury Disaster Loan (EIDL) – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Indiana residents. More details on the loan provided at the top of the page. For more info please visit IN 16348 – SBA Offers Disaster Assistance to Indiana Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658339

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Iowa residents. More details on the loan provided at the top of the page. For more info please visit IA 16382-01 SBA Offers Disaster Assistance to Iowa Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658510

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Kansas residents. More details on the loan provided at the top of the page. For more info please visit https://www.kctv5.com/coronavirus/small-business-administration-approves-kansas-and-missouri-s-requests-for/article_40da2762-6bb8-11ea-bb33-a78f83540f7e.html

Kansas HIRE Fund – Hospitality Industry Relief Emergency Fund – https://www.kansascommerce.gov/covid-19-response/hospitality-industry-relief-emergency-hire-fund/

HIRE has already allocated the initial amount of funds but is still taking applications to survey the need of small businesses across the state.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Kentucky residents. More details on the loan provided at the top of the page. For more info please visit KY 16377 – SBA Offers Disaster Assistance to Kentucky Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658444

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Louisiana residents. More details on the loan provided at the top of the page. For more info please visit LA 16351-01 SBA Offers Disaster Assistance to Louisiana Small Businesses Economically Impacted by the Coronavirus (COVID-19) - https://www.sba.gov/offices/disaster/dfocw/resources/1658378

Finance Authority of Maine (FAME) COVID-19 Loan Programs

COVID-19 Relief Interim SBA Finance Loan Program - https://www.famemaine.com/business/programs/covid-19-relief-loan-programs/covid-19-relief-interim-sba-finance-loan-program/

The COVID-19 Relief Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. Eligible borrowers will provide proof of commitment for SBA financing with the intention the FAME loan would be originated for use to business owner until such time as SBA loan is funded. The SBA loan would then pay-off the FAME loan.

Loan information:

  • Must already have a SBA approved loan that you are waiting on

  • Up to $100,000; despite the SBA (COVID-19) limit being $2 million, FAME will only fund up to $100,000 of the loan

Eligibility Requirements:

  • Business must be Maine based

  • Provide proof of commitment for SBA financing for COVID-19

Loan Terms:

  • Interest rate is Wall Street Journal Prime minus 1%, fixed at loan commitment

  • Default Rate is Wall Street Journal Prime plus 2%

  • 90-day term note

  • Payments are interest only

  • Security:

    • Business assets are required

    • Pledge of Receipt of SBA loan funds paid directly to FAME

  • Personal guarantees of the business principals

  • Fees: 1% commitment fee unless loan defaults then commitment fee charged and advanced onto loan


If you would like to apply please visit https://www.famemaine.com/wp-content/uploads/2015/06/FAME_DirectLoan-W.pdf

Here are the required documents to apply:

  1. Application

  2. Copy of your SBA commitment for financing


Once you apply email the completed application package to business@FAMEmaine.com

Please note, if approved, FAME will fund the loan in as little as 48 business hours


COVID-19 RELIEF BUSINESS DIRECT LOAN PROGRAM - https://www.famemaine.com/business/programs/covid-19-relief-loan-programs/covid-19-relief-business-direct-loan-program/

The COVID-19 Relief Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19. These special terms are available only on applications submitted via the FAME Direct Loan Program on or after March 20, 2020. Eligible borrowers with complete applications will have their applications reviewed and approved in an expedited manner.

Loan information:

Provides FAME Direct Loans of up to $50,000 with special terms

Eligibility Requirements:

  • Maine based business experiencing interruption or hardship due to COVID-19

  • Demonstrate that other sources of capital have been exhausted

Loan Terms:

  • 12 month term which can be extended

  • Business assets are required

  • Personal guarantees of the business principals

Fees:

  • closing fees may be financed with the loan proceeds

  • Commitment fee is 0.5% (reduced from 1%)

If you would like to apply, here is the application – https://www.famemaine.com/wp-content/uploads/2015/06/FAME_DirectLoan-W.pdf

For employment plan for employers with 10 or more employees, please visit https://www.famemaine.com/wp-content/uploads/2016/02/EmploymentPlan-W.pdf

For personal financial statement, please visit https://www.famemaine.com/wp-content/uploads/2016/02/PersonalFinancialStatement-W.pdf

Required documents:

  • Application

  • Employment plan for employers with 10 or more employees

  • Personal Financial Statement

  • Statement of how COVID-19 has affected your finances and business operations

Once the application is completed, please email completed application package to business@FAMEmaine.com.

The email must include:


  • FAME Direct Loan Application

  • Employment Plan (employers with 10 or more employees)

  • Personal Financial Statements

  • Statement of how COVID-19 has affected your finances and business operations

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Maine residents. More details on the loan provided at the top of the page. For more info please visit ME 16334 – SBA Offers Disaster Assistance to Maine Small Businesses Economically Impacted by the Coronavirus (COVID-19) – https://www.sba.gov/offices/disaster/dfoce/resources/1658274

Maryland Small Business COVID-19 Emergency Relief Grant Fund: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund

Grants up to $10,000 not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees

Loan eligibility:

  • Business must be established prior to March 9, 2020

  • Business must be in good standing

  • Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation

  • Business or nonprofit is expected to seek longer term funding through its bank, SBA, or other source

  • Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.

  • Business or non-profit must demonstrate financial stress or disrupted operations, which may include but are not limited to:

    • Notices from tenants closing operations and not paying rent caused by loss of income

    • Notice of inability to make loan payments due to reduced sales, suspended operations

    • Increased cost related to COVID-19 prevention measures.

    • Notice of disrupted supply network leading to shortage of critical inventory or materials.

    • Other circumstances subject to review on a case by case basis.

If you are interested in applying, here is the online application. https://marylandcommerce.wufoo.com/forms/small-business-covid19-emergency-grant-relief-fund/

Here is our Maryland Small Business COVID-19 Emergency Relief Grant Fund step by step guide https://38qgk886wea145hp23b24q2d-wpengine.netdna-ssl.com/wp-content/uploads/2020/03/Maryland-Small-Business-COVID-19-Emergency-Relief-Grant-Fund-step-by-step-guide.pdf

Maryland Small Business COVID-19 Emergency Relief Loan Fund: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-loan-fund

Loans up to $50,000 (not to exceed three months of cash operating expenses) open to Maryland businesses impacted by the COVID-19 with fewer than 50 employees.

Loan information:

  1. 0% for the first 12 months, and 2% for the remaining 36 months.

  2. Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.

Eligibility Requirements:

  • Business must be established prior to March 9, 2020 and in good standing.

  • Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).

  • Six month pro forma of estimated lost revenue or other documented loss evidence.

  • Minimum personal credit score of 575.

  • No collateral requirements.

  • Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.

  • Business or non-profit must demonstrate financial stress or disrupted operations, which may include but are not limited to:

    • Notices from tenants closing operations and not paying rent caused by loss of income

    • Notice of inability to make loan payments due to reduced sales, suspended operations

    • Increased cost related to COVID-19 prevention measures.

    • Notice of disrupted supply network leading to shortage of critical inventory or materials.

    • Other circumstances subject to review on a case by case basis.

If you are interested in applying, here is the online application. https://marylandcommerce.wufoo.com/forms/small-business-covid19-emergency-loan-relief-fund/

For instructions on applying, please visit our Maryland Small Business COVID-19 Emergency Relief Loan Fund step by step guide https://38qgk886wea145hp23b24q2d-wpengine.netdna-ssl.com/wp-content/uploads/2020/03/Maryland-Small-Business-COVID-19-Emergency-Relief-Loan-Fund-step-by-step-guide.pdf


Maryland COVID-19 Emergency Relief Manufacturing Fund: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs

Grants of up to $100,000 will be made available to manufacturers to 1) increase existing capacity to produce these critical need items or 2) quickly pivot operations to produce these critical need items.

Grant awards will vary based on the applicant’s total investment.

Eligibility requirements:

Applicants must be an established Maryland business and demonstrate experience, technical expertise and financial stability to implement the proposed project.

Eligible costs include but are not limited to capital expenses such as machinery and equipment, raw materials needed for production, and operating expenses associated with increased production.

Please note, funding decisions will be made based on a variety of evaluation criteria, including but not limited to technical capability, operational experience, and the priority purchasing needs of the State of Maryland, with priority given to the product areas of greatest need within the Maryland healthcare system.

Funds will be disbursed as follows: 50% at notice of award, with remaining 50% paid upon completion with proof of expenses.

If you are interested in applying, please fill out the online application. https://onestop.md.gov/forms/manufacturing-innovation-grant-application-5e7df8b3140f8000fcc3c1f0


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Maryland residents. More details on the loan provided at the top of the page. For more info please visit MD 16376 – SBA Offers Disaster Assistance to Maryland Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658389


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Massachusetts residents. More details on the loan provided at the top of the page. For more info please visit MA 16344 – SBA Offers Disaster Assistance to Massachusetts Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658331

The Michigan Small Business Relief Program will provide up to $20 million in support for small businesses negatively impacted by COVID-19. The funding is divided between $10 million in small business grants and $10 million in small business loans to support businesses facing drastic reductions in cash flow and the continued support of their workforce. Funds for the program are expected to be available no later than April 1, 2020

Michigan Small Business Relief Programs: Grants https://www.michiganbusiness.org/covid19/

This grant will provide up to $10 million in grant funding to one or more local economic development organizations or nonprofit economic development organizations to provide grants up to $10,000 to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak. Amount per lead local economic development partner will be determined based on potential impact per region.

Eligibility requirements: https://www.michiganbusiness.org/495144/globalassets/documents/covid19/michigan-small-business-relief-program-grants_final.pdf

The company is in an industry outlined in Executive Order 2020-9, or any subsequent Executive Order of similar intent (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, that meets one or more of the following:

  • Industries outlined in EO

    • Restaurants, food courts, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on-premises consumption;

    • Bars, taverns, brew pubs, breweries, microbreweries, distilleries, wineries, tasting rooms, special licensees, clubs, and other places of public accommodation offering alcoholic beverages for on-premises consumption;

    • Hookah bars, cigar bars, and vaping lounges offering their products for on-premises consumption;

    • Theaters, cinemas, and indoor and outdoor performance venues;

    • Libraries and museums;

    • Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, and spas;

    • Casinos licensed by the Michigan Gaming Control Board, racetracks licensed by the Michigan Gaming Control Board, and Millionaire Parties licensed by the Michigan Gaming Control Board; and

    • Places of public amusement not otherwise listed above

  • provides support to impacted employees

  • Is located in a downtown district or high impact corridor

  • or has 50 employees or less

  • or is a company that provides services to companies outlined in the EO and requires additional employees to support to companies or employees impacted by EO

  • The company has 50 employees or less

  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business

  • The company is able to demonstrate an income loss as a result of the EO, or the COVID-19 outbreak

Eligible Uses:

Working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business

Funding available starting on or about April 1, 2020

Applications are not available at this time. For more information please call 888.522.0103


Michigan Small Business Relief Programs: Loans –https://www.michiganbusiness.org/covid19/

Loans that provide up to $10 million for small business loans to one or more Community Development Financial Institution (“CDFI”) or a licensed SBA not-for-profit institutions (“Eligible SBA Non-Profit”), or directly from the MSF to eligible borrowers to be used to provide low-interest loans with flexible repayment terms to support certain small businesses statewide that have realized a significant financial hardship as a result of the COVID-19 outbreak. Loans to eligible borrowers must be $50,000 or more and are capped at $200,000

Eligible Businesses: https://www.michiganbusiness.org/494fed/globalassets/documents/covid19/michigan-small-business-relief-program-loans_final.pdf

The company is in an industry outlined in Executive Order 2020-9 (“EO”), or demonstrates it is otherwise affected by the COVID-19 outbreak, or is a company that provides goods and services to companies to the aforementioned

  • Industries outlined in EO

    • Restaurants, food courts, cafes, coffeehouses, and other places of public accommodation offering food or beverage for on-premises consumption;

    • Bars, taverns, brew pubs, breweries, microbreweries, distilleries, wineries, tasting rooms, special licensees, clubs, and other places of public accommodation offering alcoholic beverages for on-premises consumption;

    • Hookah bars, cigar bars, and vaping lounges offering their products for on-premises consumption;

    • Theaters, cinemas, and indoor and outdoor performance venues;

    • Libraries and museums;

    • Gymnasiums, fitness centers, recreation centers, indoor sports facilities, indoor exercise facilities, exercise studios, and spas;

    • Casinos licensed by the Michigan Gaming Control Board, racetracks licensed by the Michigan Gaming Control Board, and Millionaire Parties licensed by the Michigan Gaming Control Board; and

    • Places of public amusement not otherwise listed above

  • The company has fewer than 100 employees

  • The company needs working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business

  • The company can demonstrate that it is unable to access credit through alternative sources

  • The company can demonstrate an income loss of as a result of Executive Order 2020-9.


Eligible Uses:

Loans may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business

Loan Information:

Interest Rate: .25% per annum

Term: Interest only for 60 months following loan closing followed by a fully amortizing 60 month term

Funding available starting on or about April 1, 2020

There does not seem to be an application at this time. For more information please call 888.522.0103


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Michigan residents. More details on the loan provided at the top of the page. For more info please visit

MI 16356 – SBA Offers Disaster Assistance to Michigan Small Businesses Economically Impacted by the Coronavirus (COVID-19) - https://www.sba.gov/offices/disaster/dfoce/resources/1658380


Minnesota Employment and Economic Development Small Business Emergency Loans – https://mn.gov/deed/business/financing-business/deed-programs/peacetime/

Loan program to assist Minnesota small businesses directly and adversely affected by the COVID-19 pandemic. Loans will range from $2,500 to $35,000 and will be based on the firm’s economic injury and the financial need

Eligibility: Only certain business are eligible to apply. Please review the list to see if your business is eligible: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/

Loan Terms:

  • Interest free

  • Must be paid back monthly over five (5) years and the first payment will be deferred six (6) months

  • Partial forgiveness may be available

  • Loans are only for Minnesota-based businesses

Application: You will need to complete an initial application and then submit it to one of the approved lenders listed on the website.

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Minnesota residents. More details on the loan provided at the top of the page. For more info please visit

MN 16365 – SBA Offers Disaster Assistance to Minnesota Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658498


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Mississippi residents. More details on the loan provided at the top of the page. For more info please visit

MS 16362 – SBA Offers Disaster Assistance to Mississippi Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658440

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Missouri residents. More details on the loan provided at the top of the page. For more info please visit

MO 16387-01 SBA Offers Disaster Assistance to Missouri Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/content/mo-16387-01-sba-offers-disaster-assistance-missouri-small-businesses-economically-impacted

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan – https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Montana residents. More details on the loan provided at the top of the page. For more info please visit

MT 16340-02 SBA Amends Disaster Declaration Disaster Assistance Now Available to all Montana Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658523

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Nebraska residents. More details on the loan provided at the top of the page. For more info please visit

NE 16371-01 SBA Offers Disaster Assistance to Nebraska Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658465

WaFd Bank - https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Nevada residents. More details on the loan provided at the top of the page. For more info please visit

NV 16341-02 SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Nevada Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658517


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to New Hampshire residents. More details on the loan provided at the top of the page. For more info please visit

NH 16343 – SBA Offers Disaster Assistance to New Hampshire Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658329

New Jersey COVID-19 Information Hub – https://assistance.business.nj.gov/

New Jersey announced some state sponsored emergency assistance programs. Please check the website to see if your small business is eligible for the emergency assistance.

For more information, visit their FAQ. – https://faq.business.nj.gov/en/collections/2198378-information-for-nj-businesses-on-the-coronavirus-outbreak

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to New Jersey residents. More details on the loan provided at the top of the page. For more info please visit


NJ 16349 – SBA Offers Disaster Assistance to New Jersey Small Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658342

New Mexico Economic Development Department (NMEDD) COVID-19 Business Loan Guarantee Program – https://gonm.biz/about-us/covid-19-response

NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000. Loan proceeds are flexible and can be used for (and not limited to) the following: working capital, inventory and payroll.

Loan information

  • NMEDD will guarantee loan up to 6 months and lenders can reapply up to 6 additional months

  • NOT limited to industry, length of time in business, number of employees

  • Business discloses how they are negatively impacted in application

Application process:

  1. Borrower approaches their lending institution or locates a lender to discuss getting a loan or line of credit

  2. Lender vets project and applies to the program

  3. Lender and NMEDD sign agreement

  4. Lender makes the loan

  5. NMEDD guarantees the loan in case of default

  6. The lender is the one that has to apply

Here is a list of Participating Lenders: https://docs.google.com/document/d/1RQIUC1rxUiYk5x0bBEjaHjsKMJezVn3zgl8Al9vSGUE/edit

For more information, please use the following contact information.

Email: EDD-Finance@state.nm.us

Phone: 505-469-6204

Email: roper@state.nm.us

Phone: 575- 562-0327

Email: Nelson@state.nm.us

Phone: 505-469-6204


LEDA Zero-Percent Interest Loans https://gonm.biz/about-us/covid-19-response

Loan overview: Loans can be used for lease abatement or mortgage assistance. The company must be a qualified entity (manufacturer, non-retail service business with more than 50% of revenue generated out of state). All loans will be required to provide security equal to the amount of the loan

Eligibility requirements:Limited to expenditures for land, building and infrastructure

For more information on LEDA loans, find & contact your Regional Representative, or contact Mark Roper, Roper@state.nm.us or 575.562.0327 https://gonm.biz/community-development


The Loan Fund - http://www.loanfund.org/

The nonprofit organization offers business loans and lines of credit up to $500,000 to businesses throughout New Mexico

If you are interested in applying, please checkout the website for the application.

If you would like to get in touch, please call at 505-243-3196 or email at info@loanfund.org


Dream Spring Loan - http://www.dreamspring.org/

Dreamspring is a nonprofit organization that increases access to business credit, offers loans, and provides training throughout New Mexico.

For more information please call 800-508-7624 or email info@dreamspring.org.

LiftFund - http://www.liftfund.com/

LiftFund is a nonprofit organization that provides education and capital up to $500,000 to business owners and entrepreneurs in Southern New Mexico.

For more information, please call 888-215-2373 or email at info@liftfund.com.


HomeWise - http://www.homewise.org/

HomeWise is a nonprofit organization that provides business real estate loans up to $375,000 in Santa Fe and Albuquerque.

For more information, please call at 505-469-6195 or email jgilligan@homewise.org.


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan -ohttps://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to New Mexico residents. More details on the loan provided at the top of the page. For more info please visit


NM 16339-02 SBA Amends Disaster Declaration Disaster Assistance Now Available to all New Mexico Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658528

NYC Small Business Continuity Loan Fund: https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page

NYC Small Business Continuity Loan Fund Information: Loans for businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit

Application is not yet available, however, those that are interested should fill out a pre-application and will be informed when the application is available.

Pre-application

  1. https://www.surveymonkey.com/r/ZL5N8XL

  2. Complete the above interest pre-application in order to receive information once the application is available


NYC Employee Retention Grant Program: https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program

The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.

Loan requirements:

  • Available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19.

  • Eligible businesses will receive a grant covering up to 40% of their payroll for two months.

  • Businesses can access up to $27,000.

  • Employ 1-4 employees in total across all locations

  • Have been in operation for at least 6 months

  • Have no outstanding tax liens or legal judgements

Eligibility for businesses, including non-profits, must:

  • Be located within the five boroughs of New York City

  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue

How to calculate revenue loss:

  • To calculate the revenue impact of COVID-19, NYC will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:

  • Average revenue for the same two month period in 2019, and

  • Average monthly revenue based on total 2019 revenue.

  • NYC will check to see if either calculation shows at least a 25% decrease in revenue

Supporting documents for application:


  • Document Checklist: https://www1.nyc.gov/assets/sbs/downloads/pdf/businesses/COVID19_ERG_Application_Document_Checklist.pdf

  • Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19

  • Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time)

  • Financial documents showing your revenue for the full 2019 calendar year

  • Financial documents can include: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.

  • To determine your grant amount, you will need to upload:

  • Your most recent two months of payroll records

  • To process your grant, you will need to upload:

    • A signed Participation Affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees

    • Your bank account information

If you are interested in applying, here is our NYC Employee Retention Grant Program step by step guide. https://38qgk886wea145hp23b24q2d-wpengine.netdna-ssl.com/wp-content/uploads/2020/03/NYC-Employee-Retention-Grant-Program-step-by-step-guide.pdf

The Syracuse Economic Development Corporation (SEDCO) Loan Program http://www.syrgov.net/SEDCO_Home.aspx

The Syracuse Economic Development Corporation (SEDCO) has created a dedicated $500,000 fund to provide zero-percent interest, 180-day emergency loans to small businesses in the City. Up to $25,000 loans per business, average loan size is anticipated to be around $10,000.


If you are interested in applying, please fill out this online application.

https://docs.google.com/file/d/1l9zcRYpKi6QIis7YrOyWzF6YUwSM7XkP/edit?filetype=msword


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to New York residents. More details on the loan provided at the top of the page. For more info please visit


NY 16346 – SBA Offers Disaster Assistance to New York Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfoce/resources/1658369

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to North Carolina residents. More details on the loan provided at the top of the page. For more info please visit


NC 16345 – SBA Offers Disaster Assistance to North Carolina Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfoce/resources/1658333

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to North Dakota residents. More details on the loan provided at the top of the page. For more info please visit


ND 16366-01 SBA Offers Disaster Assistance to North Dakota Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfocw/resources/1658473

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Ohio residents. More details on the loan provided at the top of the page. For more info please visit


OH 16355 – SBA Offers Disaster Assistance to Ohio Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfoce/resources/1658365


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Oklahoma residents. More details on the loan provided at the top of the page. For more info please visit


OK 16373-01 SBA Offers Disaster Assistance to Oklahoma Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfocw/resources/1658487

WaFd Bank https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Oregon residents. More details on the loan provided at the top of the page. For more info please visit

OR 16378-01 SBA Offers Disaster Assistance to Oregon Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658485

Beaverton, Oregon: Emergency Assistance Business Program

City sponsored loan program. For more information, please visit https://www.beavertonoregon.gov/EmergencyBizAssistance


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Pennsylvania residents. More details on the loan provided at the top of the page. For more info please visit


PA 16360 – SBA Offers Disaster Assistance to Pennsylvania Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfoce/resources/1658362

Pennsylvania Chamber of Commerce

For more information on state loans available, please visit https://www.pachamber.org/coronavirus/


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Rhode Island residents. More details on the loan provided at the top of the page. For more info please visit

RI 16337 – SBA Offers Disaster Assistance to Rhode Island Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658286


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to South Carolina residents. More details on the loan provided at the top of the page. For more info please visit


SC 16352 – SBA Offers Disaster Assistance to South Carolina Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658384


Emergency Economic Relief Package

https://www.abccolumbia.com/2020/03/23/columbia-city-council-approves-6-million-economic-stimulus-plan/

Columbia City Council passed an emergency economic relief package to help small businesses. At this time there are no instructions for applications or how a small business can obtain assistance.


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to South Dakota residents. More details on the loan provided at the top of the page. For more info please visit


SD 16374-01 SBA Offers Disaster Assistance to South Dakota Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658449

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Tennessee residents. More details on the loan provided at the top of the page. For more info please visit

TN 16375 – SBA Offers Disaster Assistance to Tennessee Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658446

WaFd Bank https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Texas residents. More details on the loan provided at the top of the page. For more info please visit


TX 16381-01 SBA Offers Disaster Assistance to Texas Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658459

WaFd Bank https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Utah residents. More details on the loan provided at the top of the page. For more info please visit


UT 16338-02 SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Utah Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658519

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Vermont residents. More details on the loan provided at the top of the page. For more info please visit


VT 16361 – SBA Offers Disaster Assistance to Vermont Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658442

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Virginia residents. More details on the loan provided at the top of the page. For more info please visit

VA 16359 – SBA Offers Disaster Assistance to Virginia Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658371

Small Business Grants for COVID-19 Impacted Businesses https://vcwpiedmont.com/small-business-grants-available-for-covid-19-impacted-businesses/

Small grants to help small businesses avoid layoffs available to residents in the Piedmont region of Virginia.

Those interested in applying should complete the application and email it to smorton@vcwpiedmont.com

For more information, you may also use the email provided earlier.

Washington State Employment Security Department https://www.esd.wa.gov/newsroom/layoff-assistance

Overview: The Washington State Employment Security Department has helpful information for Washington small business who have been impacted by COVID-19.

WaFd Bank https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.

Requirements:

  • Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Federal loan available to Washington residents. More details on the loan provided at the top of the page. For more info please visit

WA 16333-02 SBA Amends Disaster Declaration: Disaster Assistance Now Available to all Washington Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658525


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to West Virginia residents. More details on the loan provided at the top of the page. For more info please visit


WV 16354 – SBA Offers Disaster Assistance to West Virginia Small Businesses Economically Impacted by the Coronavirus (COVID-19)

https://www.sba.gov/offices/disaster/dfoce/resources/1658386

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Wisconsin residents. More details on the loan provided at the top of the page. For more info please visit

WI 16363 – SBA Offers Disaster Assistance to Wisconsin Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfoce/resources/1658500

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan https://disasterloan.sba.gov/ela/Declarations/Index

Only federal loan available to Wyoming residents. More details on the loan provided at the top of the page. For more info please visit

WY 16368-01 SBA Offers Disaster Assistance to Wyoming Small Businesses Economically Impacted by the Coronavirus (COVID-19) https://www.sba.gov/offices/disaster/dfocw/resources/1658490


SBA (7b) Economic Injury Disaster Loan (EIDL)

Loan Overview:

The 7(b) loans provide up to $2 million in assistance with an interest rate of 3.75% for-profit companies and an interest rate of 2.75% for non-profits. The loan terms range up to 30 years, and there are no upfront fees or early payment penalties.

Loan information:

  • Payments start 12 months after the date of the contract

  • Funds can be used to business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:

Loans for any business that is affected by COVID-19, has less than 500 employees and was in operation before February 1, 2020, is eligible to apply.

Those interested in applying, must apply before December 31, 2020

Emergency Advance up to $10,000

Advance information:

  • There is no requirement to repay the advance even if your business is denied the 7(b) loan

  • Funds can be used to pay business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:

An eligible small business must apply for the 7(b) loan in order to request the Emergency Advance of up to $10,000

Those interested in applying, must apply before December 31, 2020

Click here to apply. – https://covid19relief.sba.gov/#/

For more related questions on the SBA Disaster loan, visit our FAQ.


SBA (7a) Paycheck Protection Program

This is your typical SBA loan which assists small businesses in covering operating expenses. A business can use 7(a) loan proceeds to pay-off a 7(b) Disaster loan. Please note, a business can have both a 7(a) and 7(b) loan at the same time.

Loan Overview:

  • The PPP provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. The fund can also be used to pay interest on mortgages, rent and utilities.

  • Payroll costs are capped at $100,000 on an annualized basis for each employee

  • Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible to apply. Businesses with more than 500 employees are eligible in certain industries.

  • A business can apply for a loan of 2.5 average monthly payroll costs up to $10million

  • Term up to 2 years

  • Interest Rate: 0.5%

  • Loan payments will be deferred for 6 months

  • No personal guarantee or collateral is required

  • Neither the government nor lenders will charge small businesses any fees

  • An eligible business must apply before June 30, 2020

  • A business is eligible to apply even if the small business is applying to other relief programs

  • No prepayment penalties or fees

A7(a) loan forgiveness:

  • Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll) Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease

  • Loan forgiveness may be reduced if:

    • Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount

    • Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019

    • Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020

  • In order to request loan forgiveness:
    • A small business can submit a forgiveness request to its lender that is servicing the loan
    • Request should include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations
    • Certification that the documents are true and that the business used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments
    • The lender must make a decision on the forgiveness within 60 days

Application Process:

  • Starting April 3, 2020, small businesses and sole proprietorships can start applying. Starting April 10, 2020, independent contractors and self-employed individuals can apply. There is a funding cap, so it is in the small businesses best interest to apply as quickly as possible.

  • A small business can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Additional lenders should be available in the near future to assist in making the loans. A small business should consult with its local lender to see whether or not that lender is enrolled in the program.

  • Aside from the application, a small business will need to provide its lender with payroll documentation

Sample Application: https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application.pdf

Borrower FAQ – this is hyperlinked to https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf

For more information visit the SBA Website – the underlined text is hyperlinked to https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp


SBA Economic Injury Disaster Loan (EIDL) FAQ

Loans

Is my business eligible to apply?

Any business that is affected by COVID-19, has less than 500 employees and was in operation before February 1, 2020, is eligible to apply

What is the most amount of money my business may receive?

Your business may receive a loan for up $2million. The amount of the loan will depend on certain factors (i.e. loss in revenue, payroll costs, rent payments, etc.)

What is the interest rate?

For-profit companies: 3.75% and for non-profit companies: 2.75%

What is the term of the loan?

The loan terms are up to 30 years.

What can I use the loan proceeds for?

You may use the loan proceeds for: payroll costs, salaries, sick leave, to pay rent or mortgage payments, mate rial costs, pre-existing debt.

Is there a personal guarantee?

There are no personal guarantees for loans $200,000 or less. There is a personal guarantee for loans >$200,000

Is collateral required?

No collateral is required for loans $25,000 or less. Collateral is required for loans greater than $25,000; however, there is no specific collateral required. A blanket UCC- 1 will be filed against all of the business collateral.

What information is the SBA using to underwrite the loan?

The SBA may approve an applicant based solely on the credit score and shall not require an applicant to submit a tax return or a tax return transcript for approval or the SBA may use alternate appropriate methods to determine applicant’s ability to repay the loan.


Emergency Advance

What is the emergency advance?

Eligible businesses may be eligible to apply for a advance of up to $10,000 that may be requested immediately. There is no requirement to repay the advance even if your business is denied for the SBA Disaster Loan. A small business must request the advance of the funds.

Who is eligible for the emergency advance?

Any business is eligible to apply for the SBA Disaster Loan, small business concerns, private nonprofit organizations, and small agricultural cooperatives.

What can I use the emergency advance for?

The business can use the funds to pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations.

How long do I have to apply for the advance?

The program ends on December 31, 2020.


Business needs caused by COVID 19

This new pandemic has caused major impact as cases rise every single day. The need for social distancing has caused the economy to have a major shift. While a recession has not been confirmed, the federal and state government has advised business owners to take extra precautions as they are forced to obligate many businesses to shut down or operate remotely. In consequence, many industries have been negatively impacted and need capital immediately in order to stay in business. Currently, there is no official report stating when this pandemic is anticipated to be over, however, state and federal officials as well as some banks statewide are offering financing options to those that qualify until the country is able to recover.

Small business relief financing for COVID-19 may help businesses that are in need of:

  • Working capital to cover unexpected costs due to economic changes in the company or loss of revenue

  • Payroll to be able to pay employees even if they had to pause work due to the business closing from state regulations as well as employees working remotely. We recommend reading about the new Coronavirus Emergency Aid Package to see if your company meets the requirements

  • Increase in equipment, this is particularly true for many healthcare providers including hospitals and urgent care facilities.

  • Workforce capacity is another huge need for a few companies. Some industries are facing higher demands of product and services due to the pandemic and therefore need more staff to be able to meet the high demands. Pharmacies, supermarkets, and health care providers are the industries that are mostly impacted.

  • Inventory and supply chain has also impacted a lot of companies. Supermarkets, hospital, among many other businesses are on a race to get their hands on new inventory to meet client needs.


Find out how we
can help your business

Find out how we
can help your business

All our work is 100% confidential. We don’t share your information with 3rd parties that aren’t involved in the collections process, and we definitely will not make it public that your company applied for debt relief.

Fill out the form and get a Free Review

Don’t wait until it’s too late.
Call us today for help!

TOLL FREE 877-312-6478