COVID-19 Financial Resources
UPDATED 7/10/20
I’ll try to keep this list as updated as possible so feel free to check back as you need to apply for funding! This is a long post due to the vast amounts of relief available, but I know you’ve got this. If you need any help with applications, financial reports for your applications, or business strategy and pivoting, feel free to set up a call.
TIPS:
Apply Early - Most programs are first come first serve and they run out of funding fast.
Check back often - These programs are constantly finding more funding so check their websites.
Check your bank - Many banks are offering disaster loans. Terms and options vary greatly.
RELIEF FUNDING:
Paycheck Protection Program (PPP):
Specifically for small businesses negatively impacted by COVID-19
Partial loan forgiveness for funds used on payroll, mortgage interest, rent & utilities
2 year loan at 1% interest
1-500 Employees
https://disasterloan.sba.gov/ela/Information/EIDLLoans
AND
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Economic Injury Disaster Loan (EIDL):
Specifically for small businesses negatively impacted by COVID-19
30 year loan at 3.75% interest
1-500 Employees
SBA Express Bridge Loans:
For businesses who already have a relationship with an SBA Express Lender
Up to $25,000 bridge loan
Will be repaid partly or in full by proceeds from EIDL once available
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
COVIDCap Financial Assistance Database:
A searchable database for many COVID loans/grants
While time consuming to read through all the options, it’s worth it - there are currently 107 financial resources for the US, and 118 for California
CalCAP Loan:
Encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing due to poor or no business credit.
Uses a loan guarantee system.
1-500 Employees
https://www.treasurer.ca.gov/cpcfa/calcap/sb/brochure.pdf
Small Business Finance Center (SBFC) Loan:
Specifically for small businesses negatively impacted by COVID-19
Encourages banks and other financial institutions to make loans to small businesses that have difficulty obtaining financing due to poor or no business credit.
Uses a loan guarantee system.
1-750 Employees
https://www.ibank.ca.gov/small-business-finance-center/
City of LA Emergency Microloan:
Specifically for small businesses negatively impacted by COVID-19
Business must have a Business Tax Registration Certificate with the City of LA
0-3% interest depending on loan term
$5,000-$20,000
https://ewddlacity.com/index.php/microloan-program
Facebook Small Business Grant:
Grant - will not need to be repaid
Specifically for small businesses negatively impacted by COVID-19
Must be in a location near where Facebook operates (LA metropolitan area qualifies, but check their link for your if you are in another city)
2-50 Employees
https://www.facebook.com/business/boost/grants
Jewish Free Loan Association (JFLA):
Specifically for small businesses negatively impacted by COVID-19
Interest free loan
https://www.jfla.org/coronavirus-loans
Save Small Businesses (US Chamber of Commerce):
Specifically for small businesses negatively impacted by COVID-19
Grants of $5,000
2-50 Employees
https://savesmallbusiness.com/
Opportunity Fund:
Loans for business owners who may not qualify for traditional financing
Prioritize underserved populations including minority and women-owned businesses in low-income communities
https://www.opportunityfund.org/assistance-for-small-business-owners-affected-by-covid-19/
Main Street Initiative:
Specifically for brick and mortar businesses negatively impacted by COVID-19
$2,000 zero-interest loan to start
Loan amount will increase if you agree to assist in raising capital form your community
https://mainvest.com/main-street-initiative
OpenIdeo Pivot Challenge
Specifically for businesses pivoting their business model due to COVID-19
$10,000 in seed funding to start
https://www.openideo.com/challenge-briefs/covid-19-business-pivot-challenge
Kiva:
Expands regular loan terms including eligibility, amounts, and grace periods
https://www.kiva.org/blog/support-local-businesses-during-the-coronavirus-pandemic
Open Road Alliance:
Specifically for businesses engaging in direct COVID-19 response
Grants of up to $100,000
Loans also available for specific business sectors - see website
https://openroadalliance.org/covid-19/
Business for All:
Grants for small businesses
https://businessforall.helloalice.com/
Disability Funding Consulting:
Emergency funding for disabled citizens negatively impacted by COVID-19
https://www.facebook.com/DisabilityFundersNetwork
Disability Grants:
A database of grants for disabled citizens negatively impacted by COVID-19
https://www.disability-grants.org/
One Fair Wage Emergency Fund:
For service workers negatively impacted by COVID-19 (restaurant , ride-share, gig economy workers, etc.)
https://ofwemergencyfund.org/help
Brave Space Alliance:
For Trans, Non-Binary & Intersex individuals negatively impacted by COVID-19
Microgrants of up to $200/individual
https://ofwemergencyfund.org/help
Accion Inclusiva/Inclusive Action:
Aid for Street Vendors
https://www.inclusiveaction.org/covid19response
Restaurant Employee Relief Fund:
Funds are for restaurant and food service employees who have been impacted by COVID-19
https://rerf.us/apply-for-aid/
James Beard Relief Fund:
For food and beverage businesses negatively impacted by COVID-19
Micro-grants
https://www.jamesbeard.org/relief
Southern Smoke Emergency Relief Program:
For employees of restaurants, bars, or restaurant/bar suppliers
https://form.southernsmoke.org/smoke/application/
Restaurant Workers Community Foundation:
For restaurant workers, restaurants, and non-profits assisting restaurants
Grants & zero-interest loans
https://www.restaurantworkerscf.org/
The Actors Fund:
Links to Financial Assistance Funds through multiple creative unions - SAG-AFTRA, Musicians Union, IATSE, AEA, PGA, AGMA, etc.
https://actorsfund.org/am-i-eligible-help
Foundation for Contemporary Arts:
$1500 grants to artist who work in a contemporary, experimental nature
https://www.foundationforcontemporaryarts.org/grants/emergency-grants-covid-19-fund
Union Plus:
Links to Benefits for Union members of all kinds
https://www.unionplus.org/hardship-help/union-plus-hardship-help-benefits
Writers Emergency Fund:
Aid for US based professional writers
https://pen.org/writers-emergency-fund/
AMDOC Covid Fund:
Aid for documentary film makers
https://www.amdoc.org/create/funds-residencies/
Music Covid Relief:
Aggregates aid links for musicians
Artist Relief:
Must be 18 or older, have been living and working in the US for the last two years
Grant of $5,000
https://www.artistrelief.org/
CORPORATE AID:
Check here for a regularly updated list of corporations offering financial aid.
https://www.uschamberfoundation.org/aid-event/corporate-aid-tracker-covid-19-business-action
A few examples:
AMEX Coalition to Back Black Businesses:
Meet criteria for being a Black-owned enterprise
Employ between 3-20 people
Be located in an economically vulnerable community
Grant of up to $5,000
https://webackblackbusinesses.com/
Shea Moisture Fund:
Grants for women of color entrepreneurs and minority owned businesses
https://www.sheamoisturefund.com/about-1
EnrichHER Loans/Lines of Credit:
For US based businesses that have been in operation at least 1 year
Businesses must have an annual cash flow of at least $100,00
https://go.ienrichher.com/financing-2020/
Verizon Small Business Recovery Fund:
Specifically for small businesses negatively impacted by COVID-19
Grant of up to $10,000
Prioritizes entrepreneurs of color, women-owned businesses and enterprises in historically underserved communities
Salesforce:
Specifically for small businesses negatively impacted by COVID-19
Grant of $10,000
2-50 Employees
Other eligibility requirements apply
Application open 4/27/20 at 8:00am PT
https://essentials.salesforce.com/salesforce-care-for-small-business/
Spanx:
Specifically for female-owned businesses negatively impacted by COVID-19
Grant of $5,000
https://www.spanx.com/the-red-backpack-fund
GRANTS TO FUND STARTUPS:
Check here for a list of grants for startups. These grants are not COVID-related, and some items may be out-of-date so make sure to read closely.