Filter by All
Here are the best sources of emergency funding available right now for small businesses hurt by the coronavirus
- 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.
A $7 billion aid package is currently being negotiated in Congress, and the Internal Revenue Service is deferring the tax filing payment deadline for many filers until July 15.
Small Business Administration
Economic Injury Disaster Loan Program
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.
New York City Hall
Financing type: Loan
Funding Limit: $75,000
Who it’s for: Businesses with fewer than 100 employees with sales decrease of 25%.
Financing type: Grant
Funding Limit: 40% of payroll costs for two months
Who it’s for: Businesses with fewer than five employees
San Francisco City Hall
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
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.
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.
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
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
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.
Financing type: Waived delivery fees, same-day payouts
Funding Limit: N/A
Who it’s for: Independent restaurants in US and Canada.
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