New Programs That Can Help You—March 25th, 2020

Besides the significant health concerns caused by the Coronavirus, businesses across the country are struggling with growing financial uncertainty, as the pandemic shows no sign of slowing down. Issues such as maintaining payroll, loss of business, reduced work force due to quarantine and illness can seem overwhelming, especially to small businesses.

 

We’ve summarized below information on nationwide relief programs, and local relief that’s available to affected businesses in certain cities and states. Note that this list is by no means exhaustive – programs are constantly being added and updated.

 

Federal

 

    • SBA Disaster Loans

The US Small Business Administration is offering low-interest federal disaster loans for eligible businesses in many areas. The loan will be determined on a case-by-case basis, for up to $2 million, at an interest rate of 3.75% for a maximum of 30 years. More details and an application form can be found at the following link:

disasterloan.sba.gov/ela

    • Facebook Small Business Grants program

The company will be offering cash grants and ad credits to qualifying small businesses. This program is not yet operational; additional details are not yet available. You can sign up at the link below to receive updates on this program:

www.facebook.com/business/boost/grants

 

Local

 

    • San Francisco Covid-19 Small Business Resiliency Fund

Eligible small business can qualify for assistance of up to $10,000 to cover employee salaries. Additional details and an application forms can be found at the following link:

https://oewd.org/covid-19-small-business-resiliency-fund

    • Los Angeles Small Business Emergency Microloan Program

Eligible small businesses can obtain a loan of up to $20,000 for up to five years. Additional details and an application forms can be found at the following link:

https://ewddlacity.com/index.php/microloan-program

    • NYC Employee Retention Grant Program

Eligible small businesses can qualify for a grant to cover 40% of payroll expenses for a two month period. Additional details and an application forms can be found at the following link:

https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program

    • NYC Small Business Continuity Loan Fund

Eligible small businesses can qualify for an interest-free loan of up to $75,000. Additional details and an application forms can be found at the following link:

https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page

    • Seattle OED Small Business Stabilization Fund

Eligible small businesses can qualify for grants of up to $10,000. To apply, see link below:

https://seattle.surveymonkey.com/r/RJ57GQN

 

 

 

 

 

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