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The best sources of emergency funding for small businesses available right now if you missed out on federal loans

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  • The COVID-19 pandemic is hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
  • More than 99% of all businesses are small businesses, and natural disasters cause 40% of small businesses to fail.
  • Here is a list of emergency funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
  • Visit Business Insider's homepage for more stories.
The economic consequences of the coronavirus pandemic are hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get canceled.
More than 99% of all American businesses are small businesses, and they employ more than half of the workforce.
According to US government research, natural disasters cause 40% of small businesses to fail, while one in four small businesses will close within a year of the event.
In addition to the immediate public health crisis, economists expect the COVID-19 pandemic to kick off a painful recession that could further impact the survival of small businesses.
The Internal Revenue Service is deferring the tax filing payment deadline for many filers until July 15.
After the initial $349 billion allocated to small businesses in the CARES Act was used up, Congress added another $320 billion to the Payroll Protection Program forgivable loan program.
Continue reading to see a list of emergency-funding resources available right now from public and private sources for small businesses suffering economic disruption due to the coronavirus.
This post was last updated on May 6, 2020.

Subscribe to BI Prime to read these stories about how the federal stimulus package could help your business.

Options available to small business owners: How your small business can cash in on the government's $349 billion relief program so you can quickly pay rent, keep staff employed, and restructure your debt
How to know if you qualify: Use this guide to check if your company is a 'small business' so you can qualify for crucial funding ahead of a possible recession
What it's like to apply for loans and grants: 2 entrepreneurs gave us the exact applications they used to get government funding so they can pay rent and keep employees during coronavirus
Which option is best for you: Small business owners can get either forgivable loans or payroll relief from the $2 trillion coronavirus stimulus bill, but not both. Here's how to decide which is better for you.
Many venture-backed startups won't be eligible for stimulus funding: How to figure out if your startup qualifies for coronavirus relief funding — and what options you have if it doesn't
Use this plan to avoid getting stuck in the chaos: 6 steps entrepreneurs should take right now to keep their business open and stay financially secure instead of waiting for the government to take action
SEE ALSO: What to know about the $300 billion-plus for small businesses in the stimulus bill, and how founders will be able to apply for emergency funds
MUST READ: Use this guide to check if your company is a 'small business' so you can qualify for crucial funding ahead of a possible recession

Small Business Administration



Economic Injury Disaster Loan Program

Website: disasterloan.sba.gov
Financing type: Low-interest working capital loans
Funding limit: $2 million
Who it's for: US small businesses and non-profits facing temporary loss of revenue

Express Bridge Loans

Website: sba.gov/LenderMatch
Financing type: Quick turnaround advance on an Economic Disaster Loan
Funding Limit: $25,000
Who it's for: US small businesses and non-profits waiting to receive a Disaster Loan



New York City Hall



Website: nyc.gov/covid19biz

Zero-interest loans

Financing type: Loan
Funding limit: $75,000
Who it's for: Businesses with fewer than 100 employees with sales decrease of 25%

Payroll grant

Financing type: Grant
Funding Limit: 40% of payroll costs for two months
Who it's for: Businesses with fewer than five employees




Downtown Alliance New York



Small Business Rental Assistance Grant

Website: downtownny.com/RentAssistGrant 
Financing type: rental assistance grants
Funding limit: $10,000; Total fund is $800,000
Who it's for: Essential small businesses in New York City, must have fewer than 20 employees, be located on a ground floor, gross annual revenue below $1.5 million, and have a lease through December 31, 2020.



Brooklyn Chamber of Commerce



Bring Back Brooklyn Fund

Website: bringbackbrooklyn.org  
Financing type: zero-interest loans
Funding limit: $30,000; Total funding goal is $500,000
Who it's for: Small businesses in Brooklyn that have been hurt by the pandemic and have been shut out of other loan programs, and that plan to reopen. The majority of loans are for minority- and women-owned businesses.



San Francisco City Hall



Website: oewd.org 

Business taxes and fees

Financing type: Deferral
Funding limit: Quarterly tax payments deferred nine months, license fees deferred three months
Who it's for: Businesses with less than $10 million in revenue

 

Resiliency Fund

Financing type: Grants
Funding limit: $10,000
Who it's for: Microbusinesses (fewer than 10 employees) able to show recent loss of revenue

Paid Sick Leave

Financing type: Payroll assistance
Funding limit: 40 hours additional paid sick leave time beyond the city's existing Workers and Families First program
Who it's for: Businesses with 50 or fewer employees




City of Seattle



Website: seattle.gov/office-of-economic-development

Business Stabilization Fund

Financing type: Grants
Funding limit: $10,000
Who it's for: Businesses with fewer than five employees and owner earning less than 80% of area median income




City of Philadelphia



Website: phila-uyims.formstack.com

Microenterprise Grant

Financing type: Grant
Funding limit: $5,000
Who it's for: Businesses with annual revenue under $500,000

Small Biz Grant

Financing type: Grant
Funding limit: $25,000
Who it's for: Businesses with annual revenue between $500,000 and $3 million

Small Biz Zero-Interest Loan

Financing type: Loan
Funding limit: $25,000 - $100,000
Who it's for: Businesses with annual revenue between $3 million and $5 million



City of Denver



Website: www.denvergov.org

Small Business Emergency Relief Program

Financing type: Cash grants
Funding limit: $7,500
Who it's for: The program prioritizes those industries who are most impacted by the coronavirus pandemic, such as the food industry, nail salons, barbershops, home childcare providers, and retail shops.




Salt Lake City



Website: www.slc.gov/ed/elploan/

Emergency Loan Program

Financing type: 5-year, zero-interest loans
Funding limit: $20,000
Who it's for: Loans can be used for working capital ( i.e. payroll, rent etc.), marketing, or inventory.




State of Maine



Website: www.famemaine.com/business
Financing type: Loan (WSJ Prime rate, minus 1%)
Funding limit: $50,000; Total fund has $5,000,000 in reserves.
Who it's for: 12-month term loans for Maine-based businesses who have exhausted other funding sources




Topeka and Shawnee County



Website: visit.topekapartnership.com/host-relief 

HOST Relief Program

Financing type: Grants
Funding limit: up to $5,000
Who it's for: Privately held small businesses experiencing economic injury located in Topeka and Shawnee County, Kansas.



MainVest



Website: mainvest.com/main-street-initiative

The Main Street Initiative

Financing type: Zero-interest cash advance
Funding limit: $2,000
Who it's for: Brick-and-mortar businesses seeking future long-term community investment through MainVest's licensed crowdfunding portal for small businesses




Facebook



Website: facebook.com/business 

Boost Small Business

Financing type: Grants and advertising credits
Funding limit: TBD, total fund is $100 million in cash and ad credits
Who it's for: Any small business in over 30 countries where Facebook operates




Google



Website: support.google.com

Google Ad credits

Financing type: Advertising credits
Funding Limit: Total fund is $340 million
Who it's for: Small and medium businesses, who advertise directly with Google or its partners around the world with active accounts since the beginning of 2019.




JPMorgan Chase



Website: impact.jpmorganchase.com

Entrepreneurs of Color Fund, Ascend, and Community Development Financial Institution partners

Financing type: Loans and interest-rate reductions
Funding limit: TBD, total donation is $8 million
Who it's for: Underserved and underrepresented entrepreneurs and small businesses in the US and globally




Mastercard



Website: mastercard.us/en-us/businesses/small-business

Small Business Solutions

Financing type: free cyber vulnerability assessments and identity theft protection through July 31, 2020
Funding limit: N/A, up to $250 million in services over five years
Who it's for: Small businesses eligible to participate in the Small Business Administration's Paycheck Protection Program



Amazon



Website: blog.aboutamazon.com

Neighborhood Small Business Relief Fund

Financing type: Grant
Funding limit: TBD, total fund is $5 million
Who it's for: Seattle-area small businesses with fewer than 50 employees or less than $7 million in revenue.




FedEx



#SupportSmall Grants

Website: fedex.com/en-us/support-small-business-grants 
Financing type: Grant and a $500 credit from FedEx Office
Funding limit: $5,000; Total fund of $1 million
Who it's for: Small businesses with fewer than 50 employees struggling to stay afloat during the pandemic. Must have less than $5 million in annual sales revenue in 2019, and have shipped in the last 12 months and/or plan to ship in the coming 12 months as part of your business.
Applications open on May 25. 



Uber Eats



Website: www.uber.com/us/en/coronavirus/

Free delivery

Financing type: Waived delivery fees, same-day payouts
Funding limit: N/A
Who it's for: Independent restaurants in US and Canada.




Grubhub



Website: get.grubhub.com/resources

Deferred delivery fees

Financing type: Temporarily deferred delivery fees, promotion matching
Funding limit: N/A, up to $100 million in commission payments
Who it's for: Independent restaurants in the US

Community Relief Fund

Financing type: Donations
Funding limit: N/A
Who it's for: Drivers and restaurants affected by coronavirus outbreak




Yelp



Website: blog.yelp.com 

Free services and advertising

Financing type: Waived advertising fees, and free advertising, products, and services
Funding limit: N/A, up to $25 million in total services
Who it's for: Independent local restaurant and nightlife businesses on Yelp



Kiva



Website: kiva.org/borrow

Small business loans

Financing type: Zero-interest loans
Funding limit: $15,000
Who it's for: Small businesses seeking community-based lending, as opposed to traditional financial institutions



GoFundMe



Website: www.gofundme.com/f/smallbusinessrelieffund

Small business relief fund

Financing type: Donation-matching micro-grants
Funding limit: $500, total fund is more than $1.5 million
Who it's for: Independently owned and operated small businesses with GoFundMe campaigns to offset negative impacts from the COVID-19 pandemic



Vistaprint and the US Chamber of Commerce Foundation



Website: savesmallbusiness.com

Save Small Business Fund

Financing type: Grants
Funding limit: $5,000
Who it's for: Applicants must employ between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by COVID-19.



Hello Alice



Website: www.covid19businesscenter.com

COVID-19 Business for All Emergency Grants

Financing type: Grants
Funding limit: $10,000
Who it's for: Applicants must have 50 or fewer employees and have been affected by the coronavirus pandemic.



Local Initiatives Support Corporation



Website: www.lisc.org/covid-19

Rapid Relief & Resiliency Fund

Financing type: Grants
Funding limit: Total fund will be up to $100 million.
Who it's for: Women- and minority-owned small businesses
Applications for the first round of funding is closed, but another round will begin mid-April.





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