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Mark
We’re building a list of aid programs that may be useful to those affected by the crisis. Some submissions courtesy of Shopify, Welcome Conference, and Booooooom.


Federal Programs



The Small Business Administration offers an overview of current available programs, including: 

Economic Injury Disaster Loan: Low-interest loans of up to $2 million through the Small Business Administration for states impacted by COVID-19.

Paycheck Protection Program: Provides a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.

Express Bridge Loan Pilot Program: Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.

Debt relief: The SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. The SBA will also pay the principal and interest of current 7(a) loans for a period of six months.


State Programs



State of Massachusetts: Emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits.

State of Florida: Up to $50,000 per eligible small business. Loans of up to $100,000 may be made in special cases. Interest-free for the first year and 12% per annum thereafter.

State of Michigan: Grants up to $10,000 (less than 50 employees) and low-interest loans between $50,000 and $200,000 (less than 100 employees)

State of Connecticut: Qualifying business or nonprofit organizations can apply for a loan of up to $75,000 or three months of operating expenses (whichever is lesser).

State of Iowa: Offers grants ranging from $5,000 to $25,000, in addition to offering a deferral of sales and use or withholding taxes due, and waiver of penalty and interest to businesses with between 2 and 25 employees.

State of New Jersey: Announced a suite of programs to support small businesses including low-interest loans and grants to entrepreneurs.


Cities & Locales



City of New York: Zero-interest loans of up to $75,000 for businesses with less than 100 employees. Businesses with less than 5 employees can apply to have 40% of payroll costs covered.

City of San Francisco: $10,000 for employee salaries and rent for businesses with less than 5 employees.

City of Sacramento: Zero-interest loans of up to $25,000.

City of Chicago: Low-interest loans up to $50,000 for businesses who’ve suffered more than 25% revenue decrease due to COVID-19 and have under 50 employees.

City of Los Angeles: Low-interest loans between $5,000 to $20,000 to help with job retention

City of Denver: Cash grants of up to $7,500 to businesses in industries particularly hard-hit by the coronavirus, including restaurants, retail shops, barbershops, and nail salons.



Updated April, 2020.



Have more ideas? Email us.


Mark

The information contained herein is provided for general informational purposes only and does not create a professional or advisory relationship. It is provided without warranty or assurance of any kind © Copyright 2020 Capgemini America, Inc.