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 update weekly 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!
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 Assistance for Small Business
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. These assistance programs provide targeted, low-interest disaster recovery loans to small businesses impacted by the outbreak. The following includes information on the SBA’s Economic Injury Disaster Loan (EIDL) program as well as federal, state and private resources for small businesses dealing with the impact of COVID-19.
Accessing SBA’s COVID-19 (Coronavirus) Disaster Relief Lending
- The U.S. Small Business Administration is offering disaster-designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the COVID-19/coronavirus outbreak. Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
- Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the COVID-19/coronavirus outbreak.
- SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
- Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
Small Business Eligibility
Who is eligible:
- A small business concern
- Most private non-profits of any size
- A small business engaged in aquaculture
- Small agricultural cooperative
- Located (physical presence) within the disaster-declared areas
- Have suffered, or are likely to suffer, substantial economic injury as a result of the disaster
- Do not have Credit Available Elsewhere
- The size of the applicant alone (without affiliates) must not exceed the size standard for the industry in which the applicant is primarily engaged and
- The size of the applicant combined with its affiliates must not exceed the size standard designated for either the primary industry of the applicant alone or the primary industry of the applicant and its affiliates, whichever is higher.
- Must be an independently owned and operated business
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 email@example.com (link sends e-mail).
Presidential and SBA Declared Disaster Areas (check for Coronavirus (COVID-19) SBA declared disaster by state or by county)
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
State COVID-19 Small Business Resources Resources
While the SBA designates disaster areas at the county-level, it is possible that an entire states be declared disaster areas. The SBA Emergency Injury Disaster Loan is one component to support small businesses. Some states or municipalities may provide financial assistance to small businesses. The following are COVID-19 specific state resources.
Coronavirus (COVID-19) Resources – information for employers, employees and residents compiled by the California Governor’s Office of Business and Economic Development
COVID-19 Small Business Response Resources – statewide resources from the Colorado SBDC
Information and Resources on Coronavirus – resources for employees and employers from the Colorado Department of Labor and Employment
COVID19 Business Resource Center – from the Connecticut SBDC
Coronavirus: Small Business Updates and Resources from the Tampa Bay SBDC
Information and Resources for Small Businesses – from the Indiana Chamber of Commerce
COVID-19 Relief Loan Programs – from the Finance Authority of Maine
Resources for Michigan Businesses during COVID-19 – from the Michigan Economic Development Corporation
COVID-19 Business Toolkit – from the 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 – resources from the Department of Health and Human Services
COVID-19 Resources from the Oklahoma Department of Commerce
Responding to COVID-19 – for businesses
Business Resources for Coronavirus – from the Pennsylvania Chamber of Business and Industry
COVID-19 Resources – from the Rhode Island Commerce Corporation
COVID-19 Resources – from the South Dakota Governor’s Office of Economic Development
COVID-19 Business Resources – from the Texas Economic Development
COVID-19 Resource Center – from the Virginia Chamber of Commerce
Coronovirus Disease (COVID-19) – information from the Department of Health and Human Resources
Wisconsin (see Business tab)
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!
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