We’re in the midst of an unprecedented public health crisis. In tandem, we’re also facing one of the fastest and most extreme economic freefalls in history. That one-two punch is threatening millions of businesses in the manufacturing, CPG, pharmaceutical and frontline services sectors. 

At both the state and federal level, however, there are multiple resources that have developed to help those who do not have the funds or are worried about continuity between now and when we return to something resembling normal operations. Even in areas where businesses are reopening, there’s an immediate economic impact to businesses that cannot run or serve at full capacity due to social distancing restrictions. Businesses are going to need support for months if not years to come to overcome these challenges. 

Let’s take a closer look at what this could potentially mean and how to address the issue in the short and long term through emergency funding options. 

Federal Funding from the US Government

Federal funding included a pair of programs for small businesses, but funding was limited and ran out by the second and third weeks of April respectively. As a result, Congress is currently in the process of attempting to pass a new funding bill that will support these programs moving forward. It is also possible that the current method by which the funding is allocated could change as a result of the new bill, so be sure to check with your local lender or the SBA when appropriate to ensure you have the information needed. 

Economic Injury Disaster Loans

SBA’s Economic Injury Disaster Loans (EIDL) offers up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

To apply for these loans, small businesses must follow the below processes:

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus. Currently, all 50 states are under a State of Emergency and businesses should qualify for the program. New applications are not being accepted at this time, however. 
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

Paycheck Protection Program

The U.S. Small Business Administration (SBA)’s program guarantees loans of up to $10 million to eligible businesses and the loans will be provided by lenders including banks and credit unions. Paycheck Protection Program loans can be forgiven if businesses maintain payroll for eight weeks at employees’ normal salary levels and use the loan proceeds for qualifying expenses. The funds for the program were fully allocated in mid-April, but Congress is currently in the process of expanding the funding with a new bill. Stay up to date with your local bank or SBA to be notified when new funding is available. 

Individual State Programs


San Francisco COVID-19 Small Business Resiliency Fund
Contact: email to investsf@sfgov.org

The Invest in Neighborhoods Division of OEWD in California maintains a fund to help small businesses during difficult situations. They created the COVID-19 Small Business Resiliency Fund to offer up to $10,000 to small business owners for rent and salaries for employees. 

City of Los Angeles Small Business Emergency Microloan Program
Contact: EmergencyLoans@lacity.org or call 213-744-7130.

Los Angeles is providing emergency micro-loans of $5,000-$20,000 for businesses that provide low-income jobs. To get a loan, you must meet requirements including having a “reasonable and responsible” individual credit history, committing to use the loan for working capital only and ensuring your business is located within the City of Los Angeles. If you own 20% or more of the business, you must guarantee the loan.



Denver Small Business Emergency Relief
Contact: apply online

Grants of up to $7,500 to businesses in especially hard-hit industries in Colorado. Small businesses that have lost the ability to operate, including restaurants, retail shops, barbershops, and nail salons.



Florida Small Business Emergency Bridge Loan Program
Contact: apply online

Florida is offering loans of between $50,000-$100,000 to businesses impacted by coronavirus. The loans are interest free for one year while businesses establish funding to repay the funds, but rates can go as high as 12% after that. For-profit small businesses with two to 50 employees can apply. Any previous bridge loans a business has taken out must be paid off. Submit an application by May 8, 2020, along with supporting documents including business tax returns, individual tax returns and employer tax documentation.



Illinois Small Business COVID-19 Relief Program
Contact: (217) 558-6217 or email investinillinois@illinoistreasurer.gov

The program is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic.  The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing. 

Through this program, the Treasurer’s Office would partner with approved financial institutions to provide loans — either lower rate loans, or loans to a business or non-profit that would not otherwise qualify — to Illinois small businesses impacted by the COVID-19 pandemic.


Chicago Small Business Resiliency Fund
Contact: apply online

The loan terms will follow the guidelines below:

  1. Repayment Term: Low-interest loans for a term of up to five years.
  2. Loan Amount: Up to $50,000 but sized based on revenues before the COVID-19 outbreak.
  3. Loan Proceeds: Proceeds are required to be used for working capital. At least 50% of proceeds should be applied toward payroll and commitment to retain the workforce at 50% of pre-COVID-19 levels.

To be eligible, businesses must meet the following requirements:

  • Suffered more than 25% revenue decrease due to COVID-19
  • Employ fewer than 50 employees and have gross revenues of less than $3 million in 2019
  • Provide a City business address or City business license
  • No pre-existing tax liens or legal judgments



Kentucky Business Stimulus Fund
Contact: Apply Online

Kentucky has established a stimulus fund for businesses throughout the state to apply for $3,000 in grant money. Eligible businesses must be locally owned and be a restaurant, or an experience retail store in entertainment, arts, tourism or accommodations. See the website for eligible counties as of April 20th. 



Small Business Loan Guaranty Program
Contact: Apply Online

The Louisiana Loan Portfolio Guaranty Program provides loans to Louisiana small businesses in response to COVID-19. Loans are administered thorough area banks but are guaranteed in part by the Louisiana Economic Development department. Businesses with fewer than 100 employees may apply. 



Michigan Economic Development Corporation
Contact: 888-522-0103

Michigan Small Business Relief Program

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.

Michigan Small Business Relief Program: Loans

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.



Minnesota Small Business Emergency Loan Program
Contact: Apply Online

Minnesota is offering two programs – the first of which has exceeded its funding availability, so it may not be available until funds are reallocated by the legislature. A second program is also available in the Minnesota Small Business Loan Guarantee Program. This program provides a 80% loan guarantee for loans up to $250,000 made by a qualified economic development lender within this program. This program is intended to incent the private market to make loans to small businesses and provides a guarantee for those loan dollars. The state is providing a loan guarantee of $10 million which is likely to leverage between $20 and $25 million in lending by private banks.


New York

New York City Department of Small Business Services
Contact: Apply Online

NYC Employee Retention Grant Program

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is 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.

Who Can Apply?

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
  • 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 judgments

New York City Small Business Continuity Fund

Businesses within the five boroughs that have experienced at least a 25% reduction in revenue can qualify. You must have no tax liens or legal judgments against you, and you must prove a loss in revenue and that you are able to repay the loan.

Fill out an interest form on the New York City Department of Small Business Services website to get more information when it’s available. In the meantime, gather documents that show your decrease in revenue including 2019 tax returns, bank statements, and point-of-sales reports.


Wisconsin Economic Development Center
Contact: 608-210-6700

The Wisconsin Economic Development Corporation (WEDC) is creating a $5 million program called Small Business 20/20. Businesses with no more than 20 employees can apply for grants up to $20,000 to pay for rent and payroll expenses. That includes sick, family and other leave related to the COVID-19 outbreak.

Eligible applicants are Wisconsin CDFIs with a minimum organizational loan portfolio of at least $4 million, or a collaborative of CDFIs with a combined organizational loan portfolio of at least $4 million that have identified a lead applicant/recipient of funds. CDFIs that don’t meet the minimum portfolio size are also encouraged to collaborate with the larger CDFIs to serve their clients.

Approved CDFIs will make program grants available to for-profit businesses meeting the following criteria: 

  • Current loan recipient in good standing as of 3/1/20 with the approved CDFI (and its collaborating CDFIs)
  • 20 or fewer PT/FT employees
  • Greater than $0 but less than $2 million in annual revenues
  • Preference should be given to service and retail businesses.


Private Companies Offering Funding

Amazon Neighborhood Small Business Relief Fund

Contact: apply online

Businesses in Bellevue, Wash. and the South Lake Union and Regrade neighborhoods of Seattle — particularly those that rely on foot traffic — can apply online for a grant from Amazon’s $5 million fund. Amazon will determine on a case-by-case basis the amount of the grant your business qualifies for. Only businesses with 50 employees or less, or that take in less than $7 million in annual revenue, qualify


Facebook Small Business Grants Program

Contact: Sign up for updates on the website

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. They will share more details as they become available.


Google AdWords Grants for Small Businesses

Contact: Automatic for active advertisers

Those who have advertised with Google AdWords consistently since January 2019 are eligible for grants in the form of ad credits from Google. These will be applied automatically to the accounts that qualify in the next few months.