Where Can Businesses Get Financial Aid during the Coronavirus Pandemic?

Where Can Businesses Get Financial Aid during the Coronavirus Pandemic?
Reading Time: 3 minutes(Last Updated On: May 5, 2020)

Small businesses all across the United States are facing an unprecedented period of economic crisis. The coronavirus outbreak hasn’t just dealt business owners a bad hand – it’s switched up the game completely.

Federal, state, and local governments have imposed crippling restrictions that have all but eliminated thousands of small businesses nationwide. At the same time, government efforts to counteract their own restrictions with financial aid packages have yet to bear fruit. And all the while, entire industries are facing meltdowns. 

The situation is dire, that’s true. Don’t lose hope though – there are solutions out there!

 

As mentioned, government bodies are working hard to get desperately-needed money to the people and businesses that need it. Beyond that, there are several privately-sponsored initiatives that have popped up since the economic effects of the coronavirus outbreak have started sweeping across the USA.

We created this interactive map to highlight the current business funding relief out there for businesses hurt by coronavirus. If your business has been negatively affected by COVID-19 and you need financial aid, be sure to use this resource. 


↓↓↓Click your state on the map below for more info!↓↓↓ 

If you found this helpful, please share this map for other small business owners to use.
Click the 3-dotted icon on the top right of the map image above. 

If your specific state wasn’t listed, there are some other business funding initiatives that you could make use of, keep reading below to find out more. 

26 Financing options and grants for SMBs during the coronavirus pandemic

Fortunately, there are other routes that small businesses can take to obtain the funds they need to combat the effects of coronavirus. Those alternatives range from initiatives through big corporations like Facebook and Amazon, to federal and state-sponsored financial aid packages, and even a new gift certificate purchase program started by one of our lenders, Kabbage.

Here’s a list of alternative business funding solutions for small businesses hit by the coronavirus:

Private financial aid initiatives for business

Government bodies naturally have lots of bureaucratic hoops to jump through before financial aid programs can get approved. Then there’s the question of how those funds get distributed (more bureaucracy). Time is of the essence, and several private companies have stepped up to do what they can to offer a helping hand to small businesses in need.

These financial aid initiatives are available to all small business in the USA:

  1. Facebook’s Small Business Grants Program
  2. Kabbage’s Help Small Business Gift Certificate Program
  3. Amazon’s Neighborhood Small Business Relief Fund for Seattle small businesses

Federal financial aid for businesses

The Fed has taken several steps to protect American businesses during the coronavirus outbreak. Those steps include delaying the tax-filing deadline by 90 days, signing into law the Families First Coronavirus Response Act, and working tirelessly to enact more financial aid packages (two have already been passed, with more expected to come). For small businesses seeking financial assistance from the federal government, the SBA remains the best route to take.

  1. Economic Injury Disaster Loans (EIDLs)
  2. Paycheck Protection Program (PPP)

Read more about coronavirus SBA loans.

State financial aid programs for businesses

States coast-to-coast have been implementing their own programs and initiatives to help small businesses combat the effects of coronavirus. They range in size and scale depending on the state in question. Find your state below.

If your state has a financial aid program for businesses affected by coronavirus, and it isn’t listed below, you can let us know and we’ll be sure to add it in here.

  1. Alabama
  2. Alaska
  3. California
  4. Florida
  5. Iowa
  6. Maine
  7. Maryland
  8. Massachusetts
  9. Michigan
  10. Vermont
  11. Wisconsin

Local financial aid programs for businesses

While coronavirus continues to wreak havoc all around the United States, the silver lining is that it has united communities both large and small in the fight to protect small businesses. Below are some of the cities taking action to support business owners.

  1. Chicago
  2. Denver
  3. Los Angeles
  4. New York City
  5. Philadelphia
  6. Portland (Oregon)
  7. Sacramento
  8. Salt Lake City
  9. Seattle

Financial aid programs for restaurants

Social distancing has become the new norm in this age of coronavirus. Together with government restrictions on the restaurant industry, these changes have dealt a devastating blow to the restaurant industry. Fortunately, several companies have come up with ways to counteract the consequences of coronavirus.

  1. DoorDash’s new Merchant Financial Assistance for restaurants impacted by COVID-19
  2. One Fair Wage fund for tipped workers in need of financial aid during coronavirus

Time heals all wounds

It’s important to remember that this coronavirus pandemic will soon fade, as will the harm that it has caused to the economy. For now, what’s important is for businesses to remain informed of the options available to them, and to stay poised to bounce back when the clouds finally clear.

We will continue to update the list above as new developments are announced. Bookmark this page for your future reference!

And be sure to stay informed with the latest news and business funding updates available on our Coronavirus Business Impact page.

Disclaimer: The information contained in this article is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The author accepts no responsibility for any consequences whatsoever arising from the use of such information.