With many small businesses around the U.S. impacted by the coronavirus pandemic, federal, state and local governments have begun offering assistance in the form of low-interest loans and grants. However, while new federal actions like the Paycheck Protection Program have made headlines, many state and local programs have not been highlighted.
At least 24 states and the District of Columbia have financial aid programs to help small businesses. The U.S. Chamber of Commerce Foundation has released a helpful state-by-state guide that outlines the different loans, grants, and funds that state and local governments — as well as some private organizations — are offering to small businesses.
At least 24 states and the District of Columbia have financial aid programs to help small businesses.
Coronavirus Guide for Small Businesses
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A few of states featured in the U.S. Chamber of Commerce Foundation's guide include:
- California — The cities of Los Angeles, Sacramento, San Diego and San Francisco, as well as one Los Angeles-based organization, are offering loans, grants and donations designed to help small businesses.
- Colorado — The state of Colorado and the city of Denver have both created programs to help small businesses. The Colorado COVID Relief Fund’s purpose is to raise and allocate funds for community-based organizations including small businesses, with general operating grants of up to $25,000. The Denver Business Assistance Programs provide up to a $7,500 in cash grants.
- Florida — The Florida Small Business Emergency Bridge Loan Program, which has aided businesses since 1992, offers small businesses who have been hurt by COVID-19 with “short-term, interest-free working capital loans are intended to bridge the gap between the time a major catastrophe hits and when a business has secured longer-term recovery resources.”
- New York — New York City created the NYC Small Business Continuity Loan Fund to help small businesses stay afloat during the COVID-19 crisis. The fund targets businesses with fewer than 100 employees who have had sales drop 25% or more, and offers them zero-interest loans up to $75,000.
- Washington — Seattle small businesses are receiving aid from both Amazon and the city government of Seattle. Amazon created the Neighborhood Small Business Relief Fund, which is designed to help businesses with fewer than 50 employees or less than $7 million in annual revenue. Seattle’s Small Business Stabilization Fund is designed to help low- and moderate-income business owners and offers grants up to $10,000.
If you’d like to see how additional states, cities, and organizations are helping small businesses, read the guide to state-by-state financial assistance for small businesses.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
