This COVID-19 small business resource guide is committed to providing the latest information, tools and support available to small businesses impacted by the COVID-19/novel coronavirus outbreak. This page will be updated frequently as new federal, state and private resources to assist small businesses become available. Additionally, you can also receive professional business advice and free or low-cost business training from your local Small Business Development Center!
Updated May 26th, 2020
About COVID-19, also known as the Novel Coronavirus
SARS-CoV-2, or Severe Acute Respiratory Syndrome Coronavirus 2, is the formal designation for the virus that causes COVID-19, or Coronavirus Disease 2019. Comprehensive information regarding the virus, disease and protection measures can be found at the U.S. Center for Disease Control and Prevention and the World Health Organization. With global spread at an alarming rate, the World Health Organization declared this outbreak a pandemic on March 11th, 2020.
COVID-19 Small Business Resources & Assistance
The United States Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Families First Coronavirus Response Act in March 2020 to provide federal government support in response to the COVID-19/novel coronavirus outbreak. After the initial funds were exhausted, Congress passed the Paycheck Protection Program & Health Care Enhancement Act in April 2020 to provide an additional $380 billion to resume the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program.
The U.S. Small Business Administration (SBA) is continuing to lead the rollout of assistance for America’s small businesses. This includes the Paycheck Protection Program (PPP), the Economic Injury Disaster Loans (EIDL), SBA Debt Relief on new and current 7(a) loans, SBA Express Bridge Loans and additional guidance to businesses and employers.
Paycheck Protection Program
This program is a loan offering designed to provide a direct incentive for small businesses to retain their workers and cover certain other expenses. Eligible recipients may qualify for a loan up to $10 million. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll, rent, mortgage interest and utilities.
Any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by the outbreak are eligible. The program will be available through June 30, 2020.
To apply, contact any existing SBA 7(a) lender. Contact your local lender to determine if they are participating in the program. Loan application processing resumes April 27, 2020.
Learn more about the SBA Paycheck Protection Program here.
For small businesses who secured the PPP loan, a key benefit was funds designated for specific expenses made the loan forgivable. The SBA released the application and instructions for the Loan Forgiveness on Friday, May 15th. Provided below are resources on navigating and understanding the process.
- SBA Paycheck Protection Program Loan Forgiveness Application – instructions to calculate PPP loan forgiveness
- Paycheck Protection Program resources for CPAs – resources from the American Institute of CPAs
- PPP Loan Forgiveness Application Guidance for the Self-Employed, Freelancers and Contractors – article from Forbes offering guidance to navigate the application process.
Economic Injury Disaster Loans & Loan Advances
The U.S. Small Business Administration announced on March 12, 2020 that they will be processing disaster assistance loans for small businesses negatively impacted by COVID-19/novel coronavirus and the federal, state and local efforts to combat the spread. This assistance program provides targeted, low-interest disaster recovery loans up to $2 million and loan advances up to $10,000 to small businesses. These loans provide working capital to support small businesses that are experiencing temporary loss of revenue as a result of the outbreak. Complete eligibility criteria can be found in the online application.
To apply, complete the streamlined, online application here: COVID-19 Economic Injury Disaster Loan Application.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
Learn more about SBA Disaster Loan Assistance here.
This program will provide reprieve to small businesses as they overcome the challenges created by the outbreak.
For new 7(a) loans issued prior to September 27, 2020, the SBA will pay the principal and interest on these loans. For current 7(a) loans, the SBA will pay the principal and interest for a period of six months.
Express Bridge Loans
This program is designed for small businesses who currently have a business relationship with an SBA Express Lender. Loans of up to $25,000 can be secured with a fast turnaround to provide bridge funding to cover immediate expenses while the small business applies for or awaits disbursement of a direct SBA Economic Injury Disaster Loan (see above).
To apply, begin by contacting your local SBA District Office to find an Express Bridge Loan Lender.
Learn more about SBA Express Bridge Loans here.
COVID-19 Small Business Financial Aid & Tax Guide
The U.S. Chamber of Commerce, as part of their Save Small Business Initiative, has prepared the following comparison guide to assist small businesses with evaluating their options:
Guidance for Businesses & Employers
The following interim guidance is based on what is currently known about the Coronavirus Disease 2019 (COVID-19). For updates, visit the U.S. Center for Disease Control and Prevention and the World Health Organization.
Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19) – guidance that may help prevent workplace exposure in non-healthcare settings. See guidance for Healthcare Professionals here.
Detecting Scams & Fraud
Scammers and other bad actors are actively using these opportunities to defraud individuals and small businesses as well as compromise sensitive information. This includes the fraudulent use of the U.S. Small Business Administration (SBA)’s name and logo in phone calls, emails, text messages and letters. The SBA has provided the following guidance:
- If you are contacted by someone claiming to be from the SBA – suspect fraud.
- Email address from SBA or other legitimate government agencies will always end in .gov.
- There is no cost to apply for a COVID-19 Economic Injury Disaster Loan and SBA will never ask you to provide a credit card.
- Do not release any private information (SSN, DOB, etc.) or banking information in response to an unsolicited caller, letter, email or text.
- An SBA logo in an email or webpage does not guarantee the information is accurate or from the SBA.
- Check for spelling and grammatical errors in an email and be wary of clicking on any links or opening attachments.
- If you are in the process of applying for an SBA loan and receive correspondence asking for PII, ensure that the referenced application number is consistent with your application number.
- For help with Economic Injury Disaster Loans, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or send an e-mail to email@example.com.
- For inquiries regarding SBA support for small businesses, send an email to answerdesk@sba,gov.
Be vigilent and trust your instincts. If something seems too good to be true, then it likely is.
Other Federal COVID-19 Small Business Resources
U.S. Department of Labor Coronavirus Resources covering issues such as workplace safety; wage, hours, and leave; unemployment insurance flexibilities; and injured federal workers.
FEMA Coronavirus best practices, fact sheets, and other community resources
FEMA Toolkit for Businesses Resuming Operations – provides content to conduct a workshop for resuming operations.
State COVID-19 Small Business Resources Resources
While their are numerous federal resources and assistance programs underway, many states and municipalities have established resources and financial assistance programs for their local small businesses. The following are specific state COVID-19 small business resources. If you are aware of other resources in your state we should include, please Contact Us.
Coronavirus (COVID-19) Outbreak Updates – Alabama Department of Revenue
Business Resources for Coronavirus Response – Chamber of Commerce Association of Alabama
Business Resources for Coronavirus – Alaska Chamber
COVID-19 Resources: What you need to know – Arizona Small Business Association
Coronavirus Information Center – Chamber Business News, a project of the Arizona Chamber Foundation
COVID-19 Resources for Businesses and Employers – Arkansas Economic Development Commission
COVID-19, Coronavirus & Arkansas – Arkansas State Chamber of Commerce
Coronavirus 2019 (COVID-19) Resources – California Office of Business and Economic Development
Disaster Relief Loan Guarantee Program for COVID-19 – Small Business Finance Center (SBFC) – California Infrastructure & Economic Development Bank
Colorado Dept. of Labor: Information and Resources on Coronavirus – resources for employees and employers from the Colorado Department of Labor and Employment
Coronavirus Disease 2019 (COVID-19) in Colorado – state and national resources from the Colorado Department of Public Health & Environment and State Emergency Operations Center
Coronavirus Disease 2019 (COVID-19) Business Resources – State of Connecticut
COVID-19 Information for Delaware Small Businesses – Delaware Division of Small Business
COVID-19 Business Resources & Economic Relief – Florida Chamber of Commerce
COVID-19 Information for Small Business – Illinois Department of Commerce & Economic Opportunity
Small Business COVID-19 Relief Program – Invest in Illinois
Chicago Small Business Resiliency Fund – City of Chicago
Information and Resources for Small Businesses – Indiana Chamber of Commerce
COVID-19 Relief Loan Programs – Finance Authority of Maine
Coronavirus (COVID-19) Information for Businesses -State of Maryland
Small Business Emergency Relief Programs – Maryland Dept. of Commerce
Layoff Aversion Fund – Maryland Dept. of Labor
Resources for Michigan Businesses during COVID-19 – Michigan Economic Development Corporation
COVID-19 Information & Resources – Minnesota Dept. of Employment & Economic Development
COVID-19 Business Toolkit – Minnesota Chamber of Commerce
Mississippi Emergency Management Agency COVID-19 Resources – state of emergency declaration, testing sites, and closures
Guidance to Nevada’s Employers and Workforce – Nevada Department of Health and Human Services
New Mexico Small Business Investment Corp. – funding added to support small businesses impacted by COVID-19
COVID-19 Resources for Businesses and Employers – North Carolina DHHS
COVID-19 Business and Employer Resources – North Dakota State Government
COVID-19 Resources – Oklahoma Department of Commerce
Responding to COVID-19 – for businesses
Business Resources for Coronavirus – Pennsylvania Chamber of Business and Industry
Puerto Rico Departamento de Desarrollo Económico y Comercio – Herramientas para COVID-19 – Sitio en español: Provedor de herramientas para ayudar a los PyMEs a enfrentar los retos que trae consigo el COVID-19. (Site is Spanish only, provides tools for small and medium-sized businesses to face the challenges of COVID-19.)
COVID-19 Resources – Rhode Island Commerce Corporation
COVID-19 Resources – South Dakota Governor’s Office of Economic Development
COVID-19 Business Resources – Texas Economic Development
COVID-19 Resources for Employers – Texas Workforce Commission
COVID-19 Resource Center – Virginia Chamber of Commerce
Coronavirus Disease (COVID-19) – information from the Department of Health and Human Resources
COVID-19: How we can help businesses – University of Wisconsin Institute for Business & Entrepreneurship
Private Sector Resources for Small Businesses
While federal, state, local governments are providing financial assistance to small businesses, so too has the private sector stepped up to support entrepreneurs. The following are select resources from private sector.
Find Funding Assistance & Relief by State – small businesses funding by states (federal and private)
COVIDCAP: Cash Relief for Entrepreneurs Everywhere – global searchable database for entrepreneurs to identify over $1 trillion in local COVID-19 cash and cash-equivalent relief, compiled by CASE at Duke University’s Fuqua School of Business.
Funds for Coronavirus Relief Provided By Candid – a compiled list of funds specifically established for businesses affected by the coronavirus pandemic
US Chamber of Commerce: A State-by-State Guide to Coronavirus Financial Assistance – state and regional financial assistance opportunities for small businesses
The Big List of COVID-19 Financial Assistance Programs for Small Businesses by State – a comprehensive guide of financial assistance programs for small businesses hurt by the outbreak of COVID-19 by state and county
Resources for Women-Owned Businesses – funding resources for women owned businesses
Small Business Assistance
Facebook Small Business Grants Program – Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries.
Google support small businesses and crisis response – a $200 million investment fund that will support NGOs and financial institutions around the world to help provide small businesses with access to capital.
Goldman Sachs COVID-19 relief fund – $250 million to provide emergency loans to small businesses across the country
JPMorgan Chase Supporting Small Businesses – $8 million to assist small businesses vulnerable to significant economic hardships in the U.S., China and Europe.
Verizon and LISC Support Small Businesses – investment of $2.5M to support small businesses with up to $10,000 grants.
Wefunder helping small businesses – Wefunder has funded ~$130M in hundreds of small businesses from over 400,000 investors.
US Bank helps small business owners – $4 million in grants in the hands of three key national partners – LISC, the United Way and Operation HOPE – to support small business owners and crisis relief.
Zapier helps most impacted small business customers – committing $1 million to help our most impacted small business customers
GoFundme Small Business Relief Fund – helping small businesses to collect money for funding
Mailchimp Relief Fund – giving $10 million in Mailchimp service to our small business customers who have been impacted by the COVID-19 crisis.
Kabbage Helping Small Businesses – launched an online hub to boost sales by including through a system where businesses can sell gift cards to consumers for use at a later date.
AT&T waiving fees – next 60 days, AT&T will not terminate their services because of their inability to pay
1Password Business offering free service for 6 months to Small Businesses – 1Password proving free 6 months service to keep business files secure when working remotely.
LinkedIn offering free courses for working remotely –free learning path with online courses.
Cisco WebEx COVID-19 – committing $225 million in cash, in-kind, and planned-giving to support both the global and local response to COVID-19.
Zoom Support during the COVID-19 pandemic – articles and video tutoirals on effectively using Zoom to navigate the coronavirus pandemic. Offering free for personal meetings for small businesses.
Visa Foundation Grants – committing $210 Million to Support Small and Micro Businesses and Immediate COVID-19 Emergency Relief
AssistHer Emergency Relief Grant – offering up to $10,000 grant to women owned businesses.
Hello Alice Small Business Grants – offering up to $10,000 emergency grants, being distributed immediately to small business owners impacted by this pandemic.
Thryv Foundation funding grants to small businesses – helping small businesses with grants
Already in business or thinking about starting your own small business? Check out our various small business resources:
- View small business help topics here: Small Business Information Center
- View business reports here: Small Business Snapshots
- View industry-specific research here: Market Research Links
Remember, you can also receive free professional business advice and free or low-cost business training from your local Small Business Development Center!
If you have a small business resource you think should be included here, please Contact Us.