Our team has gathered resources that are available to assist small businesses and individuals to help you navigate these challenging times. We are continuing to update this resource page so please check back on a regular basis.*
See below for three helpful websites to assist you in applying for loans or grants.
If you haven’t already, we encourage you to search the websites of your local and community banks and credit unions and establish relationships with representatives at those financial institutions to help better understand the support that is available to you. In many instances, they are offering free advice to help navigate this crisis.
- Small Business Paycheck Protection Program: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act includes a $325 billion small business loan program designed for businesses having fewer than 500 employees to be administered through the Small Business Administration (SBA). The maximum amount of the loan is the lesser of a multiple of 2.5x payroll or $10 million. Under certain conditions, there are aspects of the loan that qualify for forgiveness. The deadline to apply for the small business loan program is June 30, 2020, and details are expected to be issued soon and accessible at www.sba.gov.
For frequently asked questions, check out the U.S. Chamber of Commerce CARES Act Guide and Checklist
(Also available in Spanish, Préstamos de Emergencia por el Coronavirus
The 10 Commonly Asked Coronavirus Small Business Loan Questions
is also a great reference.
- Small Business Administration (SBA): The Coronavirus Small Business Guidance & Loan Resources page of the U.S. Small Business Administration is being continually updated with all SBA tools and resources, including preparedness checklists and different avenues to access capital, available to small businesses in certain jurisdictions throughout the United States.
- Families First Coronavirus Response Act: Employee Paid Leave Rights: The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with paid sick or family leave for specified reasons related to COVID-19.
- Internal Revenue Service: The Treasury Department and Internal Revenue Service extended the deadline for federal income tax returns from April 15, 2020 to July 15, 2020.
Click here for COVID-19 information listed by state, including available financial resources and state-by-state mandates and closures.
- Restaurant Worker Relief: The Restaurant Opportunities Centers United has compiled a list of national and local relief resources for restaurant workers.
- Restaurant Employee Relief Fund: Through the Restaurant Employee Relief Fund, grants will be provided to restaurant industry employees who have been adversely impacted by COVID-19, financially, whether through a decrease in wages or loss of employment.
- Bartender Emergency Assistance Program: The United States Bartenders’ Guild is offering emergency assistance grants to bartenders, their spouses, and children.
ADDITIONAL Financial Assistance
- American Express Financial Hardship: Amex is evaluating accounts on a case-by-case basis under its Financial Hardship Relief program to provide support for cardholders impacted by the COVID-19 epidemic. If approved, your interest rate may be lowered to rates as low as 0%, and you may receive a waiver on late and other account fees.
- American Express Working Capital: Amex business cardholders can enroll with no credit check and get ongoing access to funds used for vendor payments between $500 and $150,000 with repayment terms of 30, 60 or 90 days. Amex charges a fixed fee, between 0.6% and 5.25%, for this service.
- Chase: As a Chase Cardholder, you can call the number on the back of your card and ask to speak with an account representative about the possibility of relief from fees and interest. There are reports that Chase Cardholders have had success in having interest and late fees waived due to hardship related to the COVID-19 epidemic.
- Facebook: The social media company announced $100 million in grants for small businesses in a blog post on March 17. Details have yet to be announced for what businesses are eligible for the grants. There is a sign-up link in the blog post to stay updated when details are released.
- Forbes: List Of Banks Offering Relief To Customers Affected By Coronavirus (COVID-19)
- James Beard Foundation: Food and Beverage Industry Relief Fund to provide microgrants to independent food and beverage small businesses in need.
- Kiva: Offering 0% interest loans, expanding loan eligibility for more businesses in the US, increasing their maximum loan threshold from $10,000 to $15,000 and extending their grace period to up to 6 months for new borrowers.
- M&T Bank: M&T Bank is offering several options to help personal and business banking customers impacted by coronavirus, including special unsecured personal loans at a reduced APR to cover living expenses, fee relief, late fee supression, and changes to current loan payment amounts and loan length.
- Mainvest: Crowdfunding platform MainVest announced its new Main Street Initiative: a $2,000, zero-interest, 120 day loan for restaurants or other brick and mortars affected by the shutdown. Launch a capital raise on Mainvest and you may be eligible for the zero-interest $2,000 loan.
- Opportunity Fund: Opportunity Fund, which specializes in money lending to small businesses owned by women, immigrants and people of color, is collaborating with investors and nonprofits to put together a coronavirus relief fund that will provide grants and low-interest rate loans.
- PNC: PNC consumer loan and student loan customers can apply for relief through PNC's Consumer Loan Hardship Request Form and possibly receive up to 90 days in postponed payments with no late fees. PNC is also offering emergency hardship loans for qualified customers.
- The Small Business Relief Initiative: The Small Business Relief Initiative was started by GoFundMe to help small businesses that have been affected by the COVID-19 pandemic and empower their communities to rally behind them. GoFundMe has partnered with Yelp and Intuit QuickBooks to provide small business owners with the financial support and resources needed to continue running their businesses during and after the coronavirus crisis.
- US Bank: Offering a term loan between $5K and $250K with interest rates 2% lower than what a business would normally qualify for. They are also offering a line of credit in amounts $10K - $250K with interest rates 1% lower than normal.
*Please note that we do not certify as to the availability of any of these resources to you or as to whether the information presented is accurate or current. Nothing herein shall be construed as legal, tax or other advice.
- Fannie Mae: Fannie Mae wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. Mortgage assistance and relief options are available to those with impacted by COVID-19 with single-family mortgages.
- Freddie Mac: Taking action to help make sure homeowners with Freddie Mac-owned mortgages who are directly or indirectly impacted by COVID-19 are able to stay in their homes during this challenging time. This includes offering mortgage relief options for those who are unable to make their mortgage payments due to a decline in income during this time.