Guide to understanding what’s in the new federal relief package for small businesses

Congress approved a new federal relief package to help struggling small businesses weather the coronavirus pandemic, putting an end to months of ongoing negotiations and congressional inaction.

COVID-19 Loans & Grants

As developments continue to unfold in response to the spread of COVID-19, we know many small businesses have questions about implications in the workplace and funding options to help bolster their businesses during this difficult time. We are compiling relevant tips and resources and information on new funding opportunities and policy developments that we are sharing on our website and through online presentations. We will be posting daily updates to this page with useful information about the ways small businesses can prepare for the impact of COVID-19 on their business and community.

Featured
State loan/grant programs
California

California’s Infrastructure and Economic Development Bank (IBank)

California Rebuilding Fund

  • Loan program to support California’s small businesses
  • Businesses eligible if they employed 50 or fewer employees (FTEs) and had gross revenues of less than $2.5 million or below in 2019 
  • Loans will need to be paid back over a 3- or 5-year term with a fixed annual interest rate that is currently 4.25%.

Area served: California
Audience: Small Business Owners

Application deadline: Open, no end date posted
Featured
Nonprofit loan/grant programs
Florida, Georgia, Illinois, New York, Wisconsin

Association for Enterprise Opportunity

Fiserv Back2Business Grant

Fiserv is giving back to help small businesses get Back2Business with a program focused on helping to jump-start Black- and minority-owned small businesses in hard-hit communities. Back2Business is designed to help stabilize and grow small businesses, with business consulting services, leading Clover payments technology solutions from Fiserv and financial support for employee payroll, rent or lease payments, operations equipment and resources.

Area served: Florida, Georgia, Illinois, New York, Wisconsin
Audience: Small Business Owners

Application deadline: Monday, March 15, 2021
Featured
Nonprofit loan/grant programs
California

Found/LA

FOUND/LA Small Business Recovery Fund

ROUND 4: Will open from Mar. 15 - Mar. 21

The FOUND/LA Small Business Recovery Fund is a partnership with Pacific Community Ventures and TMC Community Capital and a grant program to help protect small businesses across Los Angeles County. They aim to support local entrepreneurs like you that create the spaces that make our neighborhoods feel like home.

Area served: California
Audience: Small Business Owners

Application closed
Local government loan/grant programs
California

Los Angeles County Development Authority

Small Business Stabilization Loan Program

The Los Angeles County Development Authority has launched an affordable and flexible business loan program to support and help stabilize businesses in the region. Small Business Stabilization Loans range from $50,000 to $3 million, and can be used for working capital, equipment purchases, inventory, or refinancing of existing loans at higher interest rates.

Area served: California
Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
California

Working Solutions

Small Business Revolving Loan Fund

Working Solutions is pleased to announce the launch of a new Small Business Revolving Loan Fund to serve San Francisco’s District 10. In partnership with Renaissance Entrepreneurship Center, the Fund will provide affordable capital and free business consulting to businesses located in Bayview Hunters Point and other D10 neighborhoods (94124, 94134, 94107, 94103, 94110). Funding for this program is made possible by the D10 Implementation Committee. Applications will be accepted on a rolling basis.

Area served: California
Audience: Small Business Owners

Application deadline: Open, no end date posted
Corporate loan/grant programs
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont

Vistaprint, Boston Celtics Shamrock Foundation, NAACP

Power Forward Small Business Grant

The Power Forward Small Business Grant program aims to create a lasting impact through the economic empowerment of Black-owned small businesses across New England. Through a joint commitment of $1 million, Vistaprint and the Boston Celtics are teaming up with the NAACP to award transformative grants of $25,000 on a rolling basis. Through this initiative, grant recipients will have opportunities to be featured on national co-branded platforms along with receiving marketing and design resources customized to their specific needs to help their business grow and thrive.

Area served: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont
Audience: Small Business Owners

Application deadline: Open, no end date posted
Low interest loans
Colorado

LEAF Loans for Cooperatives

Local Enterprise Assistance Fund (LEAF) is one of only three Community Development Financial Institutions (CDFIs) in the country with a focus on cooperatives. Submit an initial inquiry using the on the site. If you pass an initial screen, a member of their lending team will be in touch to schedule a call, where they will ask additional questions about financial goals, social mission, uses of funds, credit, equity, and collateral. If LEAF determines your business is not ready to apply at this time, they will work with promising candidates to help strengthen your application.

Area served: Colorado
Audience: Small Business Owners, Non-profits

Application deadline: Open, no end date posted
Local government loan/grant programs
Colorado

City of Northglenn

City of Northglenn Business Utility Assistance Grant

This program is available to new or existing businesses in the Northglenn Urban Renewal Authority area. Its purpose is to provide assistance with upgrades necessary related to water, wastewater and storm water system upgrade costs. The property owner is allowed to receive reimbursement for up to 50 percent of the cost of the improvement with a maximum reimbursement of $12,500 or $13,750 if a Northglenn contractor is used for the improvements.

Area served: Colorado
Audience: Small Business Owners

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
Colorado

Colorado Lending Source

Colorado Main Street Loan Program for Women-Owned Businesses

The Colorado Main Street Loan Program for women-owned businesses is an affordable, flexible, and friendly loan program available to women-owned (51% or more) small businesses located in Colorado. The program has been made available through the generous funding support of The Women’s Foundation of Colorado. Different loan amounts are available under this program up to $25,000 and all are repayable over forty-eight months (four years) at a fixed interest rate of 3.00% with no repayments of principal or interest due during the first six months of the loan.

Area served: Colorado
Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
Colorado

First Southwest Community Fund

First Southwest Community Fund COVID-19 Rapid Response and Recovery Fund

In partnership with ZOMA Foundation, Catena Foundation, and Gates Family Foundation, nonprofit First Southwest Community Fund (FSWCF) is establishing a $3 million COVID-19 Rapid Response & Recovery Loan Fund to offer affordable loans to rural businesses and nonprofits affected by the COVID-19 crisis, with the goal to protect jobs and invest in our communities in the short, medium and long-term.

Area served: Colorado
Audience: Small Business Owners

Application deadline: Open, no end date posted

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National Resources

Featured national resource
Government loan/grant programs
National

SBA - U.S. Small Business Administration

Paycheck Protection Program

Congress in late December passed a new round of the Paycheck Protection Program and other small business aid.

The law includes a "second draw" PPP loan, new Economic Injury Disaster Loan program and extended traditional SBA loan relief programs. Here's what we know.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Wednesday, March 31, 2021
Featured national resource
Government loan/grant programs
National

Small Business Administration

Economic Injury Disaster Loan Advance

As part of the latest stimulus relief bill, Congress reauthorized funding for the Economic Injury Disaster Loan program.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Friday, December 31, 2021
Featured national resource
Corporate loan/grant programs, Local government loan/grant programs, Low interest loans, Nonprofit loan/grant programs, State loan/grant programs
National

Small Business Majority

Paycheck Protection Program lenders

Here is a list of lending institutions that we believe are accepting PPP applications from new clients, including both first-time PPP applicants and "Second Draw" applicants. We advise checking with your existing bank to see if they are offering PPP, or using the SBA’s Lender Match search feature to find a lender near you. We are updating this list daily; however, this list is not exhaustive, nor are we able to verify at this time that the institutions listed below are successfully processing PPP applications. We will update this list as we learn more. For any errors or omissions, please contact resources@venturize.org.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Featured national resource
Government loan/grant programs
National

SBA - U.S. Small Business Administration

PPP Loan Forgiveness Forms and FAQ

The SBA recently released its PPP Loan Forgiveness Application form. We are providing highlights and examples from the form below to help guide you through the process. If you have specific questions not covered here, please ask on our Community page where you can engage with business experts and other small business owners. The SBA has announced that it will begin accepting forgiveness application forms on August 10.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Open, no end date posted
Featured national resource
Corporate loan/grant programs, Local government loan/grant programs, Low interest loans, Nonprofit loan/grant programs, State loan/grant programs, Government loan/grant programs
National

Small Business Majority

Tips on finding funding and avoiding predatory lending during COVID-19

With state-mandated lockdowns and business closures, small business owners across the country are struggling to pay employees, rent, overhead costs and more. Now more than ever, it is important to be wary of predatory lenders as you seek out capital to keep your business afloat. Our guide to avoiding predatory lending includes guidelines for applying for PPP and EIDL, a checklist to determine if a loan is predatory and an outline of the Small Business Borrowers' Bill of Rights.

This document has been translated into Chinese, Vietnamese, Korean, Burmese, Khmer, Hmong, Bangladeshi, Nepali, Bhutanese, Hindi, Urdu, Punjabi, Thai, Lao, Tagalog, Samoan, Tongan and Marshallese in partnership with the National Coalition for Asian Pacific Americans Community Development with a grant from the Ewing Marion Kauffman Foundation.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Open, no end date posted
Corporate loan/grant programs
National

Nav

Nav’s Small Business Grant

Up to $10,000 to take your business to the next level. Submit entries between January 19th and March 8th for your chance to win.

Audience: Small Business Owners

Application deadline: Monday, March 8, 2021
National

FedEx

FedEx Small Business Grant Contest

The inner strengths you've discovered and valuable lessons you've learned this past year have helped you hang tough. Now you have a chance to win $50,000 to help your business continue to grow stronger. The 9th annual FedEx Small Business Grant Contest returns February 16.

Audience: Small Business Owners

Application deadline: Tuesday, March 9, 2021
Nonprofit loan/grant programs
National

Stavros Niarchos Foundation (SNF)

SNF Small Business Growth & Recovery Fund

The Stavros Niarchos Foundation (SNF) Small Business Growth & Recovery Fund grant program aims to help U.S. small businesses severely impacted by the pandemic stabilize and thrive by providing better access to affordable capital in the form of non-repayable grants of up to $20,000. Nonprofit organizations are not eligible for this opportunity.

Audience: Small Business Owners

Application deadline: Friday, March 19, 2021
Nonprofit loan/grant programs
National

Amber Grants for Women

Amber Grant

The Amber Grants began in 1998. Today, WomensNet carries on that tradition, giving away at least $10,000 every month in Amber Grant money. We’ve also expanded our grant-giving to include a year-end grant of $25,000.

Audience: Small Business Owners, Self-employed, Non-profits

Application deadline: Wednesday, March 31, 2021
Corporate loan/grant programs
National

1863

Recover. Rebuild. Resilience.

The program is for Black businesses based in Washington, D.C. The e-learning and curriculum is open to the Greater Washington, D.C. Region to help them navigate the short term challenges rising from COVID-19 and reach their #Beyond5 years in business milestone.

- $5,000 in grant funding*

- 20 hours of curated learning

- 3 months of business coaching

- Access to the 1863 member network

Audience: Small Business Owners

Application deadline: Tuesday, June 1, 2021
Government loan/grant programs
National

United States Department of Agriculture

USDA Farm Ownership Loans

No current or previous farm ownership requirements and 100 percent financing available make FSA direct farm ownership loans a valuable resource to help farmers and ranchers become owner-operators of family farms, improve and expand current operations, increase agricultural productivity, and assist with land tenure to save farmland for future generations. FSA’s Direct Farm Ownership loans are used to: buy a farm or ranch, enlarge an existing farm or ranch, make a down payment on a farm, purchase of easements, construct, purchase or improve farm dwellings, service buildings or other facilities and improvements essential to the farm operation, promote soil and water conservation and protection, pay loan closing costs.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Corporate loan/grant programs
National

SoGal Foundation

SoGal Black Founder Startup Grant

Black women entrepreneurs receive less than .5% of venture capital funding. We are standing up to help change that.


SoGal Foundation has teamed up with Winky Lux, bluemercury, twelveNYC, and other sponsors to make a small step towards progress by providing several $10K and $5K cash grants to Black women or nonbinary entrepreneurs. Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion dollar idea. They will also receive lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams.

Audience: Small Business Owners

Application deadline: Open, no end date posted
National

Intuit

Intuit Aid Assist

Intuit Aid Assist—a free service for everyone—helps U.S.-based businesses, self-employed, contractors, freelancers, and gig workers understand different business relief programs available due to the COVID-19 crisis. Start with a loan eligibility assessment or get an estimate with loan calculators.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Guaranteed Farm Loan Program

An alternative loan option for those seeking commercial lending assistance is the Guaranteed Farm Loan Program. Farm Service Agency works with USDA-approved banks and other commercial lenders. You apply for these loans through the approved lender and agree to their terms and conditions. Guaranteed Farm Loans are only available for family farmers or ranchers and must be used for farm ownership and operating expenses.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Direct Farm Operating Loan

The maximum loan amount for this loan is $400,000. There is no down payment requirement. Interest rates are calculated monthly and are posted on the 1st of each month. The purpose of the loan must be essential to the success of the farming or ranching operation. The funds may be used to purchase equipment, seed, livestock, and other necessities. They can be used to refinance certain farm-related debts (excluding real estate). Repayment terms vary from 1 to 7 years. The length of the loan depends on the amount and purpose of the loan. Collateral is required. Collateral for farm operating loans may be required up to 150% of the value of the loan.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Corporate loan/grant programs, Local government loan/grant programs, Low interest loans, Nonprofit loan/grant programs, State loan/grant programs
National

SBA - U.S. Small Business Administration

Paycheck Protection Program: For self-employed and independent contractors

The SBA has issued additional guidance around how self-employed individuals and independent contractors can qualify for the Paycheck Protection Program.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Government loan/grant programs
National

United States Department of Agriculture

USDA Microloan Programs

The focus of Microloans is on the financing needs of small, beginning farmer, niche and non-traditional farm operations, such as truck farms, farms participating in direct marketing and sales such as farmers’ markets, CSA’s (Community Supported Agriculture), restaurants and grocery stores, or those using hydroponic, aquaponic, organic and vertical growing methods.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Community Foundation Public Awareness Initiative

Coronavirus Relief Efforts

325 U.S. community foundations in all 50 states, plus the District of Columbia, have created relief funds to support those affected by COVID-19, directing critical relief to local nonprofits and partnering with local governments and health organizations to help contain its spread.

Audience: Small Business Owners, Non-profits

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
National

RCAC

RCAC Small Business Loans

RCAC is a 501(c)(3) nonprofit organization that provides training, technical and financial resources and advocacy so rural communities can achieve their goals and visions. RCAC’s Small Business Loan Program assists businesses to retain or create jobs and thus improve the economic condition of rural communities. This program offers short-term loans (up to $250k) for working capital and lines of credit as well as long-term loans for real estate and equipment. Most small businesses rely on lenders to provide the capital they need for acquisitions, capital improvements, business expansions and to bridge cash flow gaps. Without loans, many small business owners would be unable to realize their dreams of running their own business or expanding their operations. RCAC’s business loans are tailored to the needs of the particular business with flexible terms and requirements.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Low interest loans, Nonprofit loan/grant programs
National

Crowdfund Better

COVID-19 Crowdfunding Relief Initiatives

A list of crowdfunding platforms that have created special COVID-19 relief initiatives for U.S.-based campaigns.

Audience: Small Business Owners, Self-employed

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Restaurant Workers' Community Foundation Zero Interest Loans for Restaurants

The RWCF is in the process of working with our legal advisors to develop this area of work. In the coming weeks, we will produce a draft set of criteria for small businesses that can be applied fairly, and which align with our mission of supporting hospitality industry leaders committed to creating better working conditions across our four program areas: wage fairness and career ladders, gender equity and sexual violence, racial justice and support for the immigrant community, mental health and substance abuse. As we develop criteria, we will explore whether or not we can or should publicly name the businesses supported through the program, but at the very least, we will report on number of loans made and other relevant data. The Restaurant Workers’ COVID19 Crisis Relief Fund is currently open.

Audience: Small Business Owners, Employees, Self-employed, Non-profits

Application deadline: Open, no end date posted
Government loan/grant programs
National

National Independent Venue Association

Save Our Stages

NIVA has assembled the Implementation Task Force and is working with the Small Business Administration as they promulgate regulations - we are working hard to make sure that NIVA members receive the help they need via this program. We seek to ensure the emergency relief is dispersed as Congress intended, that the instructions and process to apply for grants ensure that the process is implemented accurately, fairly and as expediently as possible.

Since it could take many weeks, even months for the funding to flow, the NIVA Emergency Relief Fund, with The Giving Back Fund as its 501(c)3 fiscal sponsor, continues to raise money to assist the venues at greatest risk of permanently going under as we wait for the grants to be issued.


Audience: Small Business Owners

Application deadline: Open, no end date posted
Corporate loan/grant programs
National

Google and Alphabet

Google Ad Credits

To help address some of these challenges, Google is offering more than $400 million in Google Ad credits to small businesses.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Kiva

Kiva loan

Venturize is partnering with Kiva to bring affordable capital to small business owners during these challenging times. Kiva provides loans of $1,000-$15,000, zero-percent interest and no fees. There is a 6 month grace period and then fixed monthly principal payment (12-36 months). Funds are raised through community-backed crowdsourcing. Kiva will offer Venturize-referred applicants priority review if you apply through this link and mark "Venturize" as the answer to "how did you hear about Kiva." 

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

GoFundMe

The Small Business Relief Initiative

As part of the Small Business Relief Initiative, GoFundMe, Intuit QuickBooks, Yelp, GoDaddy, and Bill.com have each donated to the Small Business Relief Fund. GoFundMe.org, the charitable and advocacy arm of GoFundMe, started the Small Business Relief Fund to benefit small businesses. Supporters can donate to the Small Business Relief Fund, which will issue $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe. More partners will be announced in relation to this initiative at a later date.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Connect2Capital

Connect2Capital Loan

Connect2Capital is an online marketplace of nonprofit lenders. Fill out a short form to get connected to a network of lenders that may be able to help.

Audience: Small Business Owners

Application deadline: Open, no end date posted
Nonprofit loan/grant programs
National

Women Who Tech

Women Startup Challenge Grants Program

Women Who Tech will be awarding $20K in equity-free grants to women-led startups focused on Emerging Tech and solving systemic problems facing our world.


Audience: Small Business Owners

Application deadline: Friday, February 19, 2021
Nonprofit loan/grant programs
National

Citi Trends

Citi Trends Grant

In celebration of Black History Month, Citi Trends is acknowledging Black entrepreneurs that are making history in their community today. The goal is to help advance and further the businesses of Black entrepreneurs, by providing 10 entrepreneurs a $5,000 grant. Only applicants in the following product categories will be considered: Apparel, Beauty, Skin Care, Hair Care, Footwear, Home Décor, Bedding, Bath, Technology or Accessories.



Audience: Small Business Owners

Application deadline: Sunday, February 28, 2021