COVID19 Grants and Resources from Mike Muse

COVID19 Grants and Resources from Mike Muse

Mike Muse
 | 

Loans and Grant Programs

 

 

General Funds

 

Salesforce Care: Supporting Small Businesses Through COVID-19 Recovery

  • Grants of up to $10,000
  • Application available mid-April

Facebook Small Business Grants Program

Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. The grants will be provided to businesses in more than 30 countries. Information is limited, but sign up to get more details from the company when they’re available.

 

Alice COVID-19 Business Resource Center

  • Application Open
  • $10,000 grants
  • Must be a legal resident of the U.S. excluding Puerto Rico
  • Legal for-profit business entity based in the U.S.
  • Applicant must be the business owner who is the Founder and/or Legal executive

 

Give Together Now

https://givetogethernow.org/

 

 

 

Place-Based Funds

 

California

Main Street Launch-0% interest loans for small businesses

  • Company must be located in San Francisco
  • Revenue must be under $2.5M in revenue
  • Must demonstrate a 25% drop in revenue since January 1, 2020

 

Connecticut

Connecticut Business Loan Program– 0% interest loans up to $75,000

  • Companies located in Connecticut
  • Fewer than 100 employees

 

Floridia

Florida Small Business Emergency Bridge loan program– 0% interest for the first year and then 12% interest (loans from $50,000-$100,000)

  • Must have 2-50 employees
  • Submit application by May 8

Illinois

As part of the Chicago Small Business Resiliency Fund, starting March 31, small businesses in Chicago could apply for low-interest loans of up to $50,000 with repayment terms of up to five years. The amount of the loan you’ll qualify for depends on your revenues before business was affected by the coronavirus.

Who’s eligible: You must demonstrate a 25% drop in revenue, have less than $3 million in revenue and fewer than 50 employees, and have no current tax liens or legal judgments.

How to apply: Apply online and include your most recent tax return, bank statements going back to October 2019 and photo ID.

 

Louisiana

Small businesses in Louisiana can apply for the Louisiana Loan Portfolio Guaranty Program. This program offers loans of up to $100,000 per applicant at no interest and with no payments due for the first six months. After that period, interest rates will be no more than 3.5%. A total of $50 million is available for the program.

Who’s eligible: Small businesses in Louisiana with fewer than 100 employees that are impacted by the COVID-19 crisis.

How to apply: Apply directly with a participating bank. Read more about the program and application requirements.

 

St. Paul, Minnesota

https://m.startribune.com/st-paul-okays-1k-emergency-grants-for-up-to-1-000-families-affected-by-covid-19/569300942/

 

New Jersey

New Jersey is launching a $10 million program to offer low-cost financing to New Jersey small businesses and nonprofits. The program will provide a direct loan of up to $100,000. Payments will be deferred for 12 months.

Who’s eligible: Small businesses and nonprofits that have existed in New Jersey for at least one year and have less than $5 million in annual revenue. The business must have been negatively impacted by the COVID-19 crisis and must have seen a reduction in business hours, at least a 20% decline in revenue, or meet other requirements outlined by the state.

How to apply: Applications open April 13.

 

New York

Application intake for the New York City Small Business Continuity Fund, which provided up to $75,000 in interest-free loans from the city to cover revenue losses, has been paused. But businesses can fill out an interest form to learn about new local and state programs as they become available.

 

North Carolina

North Carolina has created Rapid Recovery Loans for businesses across the state. Loans are available in amounts up to $50,000, capped at two months of current revenue. The loans come with six months at 0% interest and no required payments, and then will be subject to four-year repayment terms at 5.5% interest. Who’s eligible: Small businesses with at least one employee in North Carolina, which can include a self-employed owner. How to apply: Apply online.

 

Oklahoma

Oklahoma City is $5.5 million in cash incentives, no-interest loans, low-interest loans and technical assistance for small businesses. Loans can be up to $100,000.

Who’s eligible: For-profit businesses in Oklahoma City that have been in business for at least one year and have up to 50 full-time employees; the businesses must be able to demonstrate a 50% drop in revenue between March 16-April 15, compared to the same period in 2019. How to apply: Business owners can apply for the available programs online now through April 17.

 

Pennsylvania

Pennsylvania is offering loans to small businesses through its COVID-19 Working Capital Access Program. These loans can be up to $100,000 and have three-year terms with a 12-year amortization schedule. All loans have a 0% interest rate, except for agricultural producers, who will have a 2% fixed interest rate for the life of their loan. Who’s eligible: For-profit businesses in Pennsylvania with 100 or fewer full-time employees in retail or service sectors. Agricultural producers are also eligible. How to apply: Businesses interested in applying for a loan will have to apply in the county their business is located in.

Read more about where to apply here

 

Utah

Utah has launched the Utah Leads Together Small Business Bridge Loan program, which offers loans of $5,000 to $20,000 with 0% interest for up to 60 months. Repayment can be deferred for up to 12 months. Who’s eligible: Small businesses in Utah with 50 or fewer employees who can show six months of estimated revenue loss or other documented loss evidence.

How to apply: Apply online from April 13 to April 16.

 

Washington

Amazon Neighborhood Small Business Relief Fund

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.

Washington State is offering small business emergency grants of up to $10,000 through its new Working Washington Small Business Emergency Grant program.

Who’s eligible: Small businesses that have been operating for at least one year and have up to 10 full-time employees.

How to apply: Apply online here; some counties have already closed applications due to overwhelming interest.

 

Impact-based funds

Open Road Alliance

  • Lost Event revenue
  • Accelerating Incoming Emergency Funds
  • Co-investment to support social enterprises
  • Deep impact loans

 

Programs for women and underrepresented entrepreneurs

The Red Backpack Fund–$5,000 grant

  • Application now open
  • Majority Women-owned businesses
  • 1-50 employees
  • Able to demonstrate COVID-19 is financially impacting the business

 

SheaMoisture $1M Relief fund for Women and Minority Entrepreneurs-Black Business Relief Fund

  • Application due by April 15, 2020

 

Healthcare Startups fighting Covid-19

Antler Call for Startups Fighting Covid-19

  • $100,000
  • Startups focus:
Mitigation (e.g. masks, contact tracing, surveillance, data infrastructure)
Medical Equipment (e.g. test kits, protective devices, ventilators)
Remote Health (e.g. telehealth, remote patient monitoring, symptom checks) and
Digital Tools (e.g. remote work, smart delivery, e-learning).
 

This article is intended to convey generally useful information only and does not constitute legal advice. Any opinions expressed are solely those of the author, not LawChamps.

Mike Muse

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