Covid-19 Relief Funding Resources for Small Businesses
During this unprecedented time, many small businesses have seen significant loss in their revenue and many of them are facing difficulty paying their obligations such as payrolls and rents.
Therefore, we are compiling this list of resources focusing on various funding options such as grants and loans that you can apply for to help you with much needed cash. It will focus on the resources for small businesses based in the San Francisco Bay Area or Northern California.
We will continue updating this list as new programs come out.
Paycheck Protection Program
A Fed funded Covid-19 relief loan with partial forgiveness feature to help you with current business obligations such as payrolls and rents. This is so far the biggest funding source. Sole proprietors, independent contractors, and self-employed people can also apply.
Apply through a SBA 7 ( a ) lender ( most banks are). Contract your bank to apply.
Economic Injury Disaster Loans
A Fed funded Covid-19 relief loan that comes with up to $10k grant to help with current obligations. Payment term may be up to 30 years. Sole proprietors, independent contractors, and self-employed people can also apply.
Apply through SBA directly.
SBA Express Bridge Loans
These up to $25k loans are intended to be loans with quick approval process to help you bridge the funding gap to meet your immediate needs while you are waiting for other loans to be approved. You can apply for this loan directly from your bank if they are a SBA express lender.
San Francisco Hardship Emergency Loan Program
0% interest loan up to $50k with flexible payment terms for San Francisco Based Businesses
COVID-19 Small Business Resiliency Fund
$10k grant to help affected small businesses in San Francisco. Application is closed as of March 29 due to high demand however, an additional $1 million have just been added to the fund.
California Disaster Relief Loan Guarantee Program — COVID-19
It is for qualified small businesses in California with 1-750 employees. Apply through participating lenders.
Arts Loan Fund
Available to small to mid sized art organizations.
Verizon Small Business Recovery Fund
Up to $10k grant to small businesses with immediate needs.
Facebook Small Business Grant Program
Covid-19 specific grants that will help businesses in over 30 countries.
Kiva
0% interest loan through crowdfunding. Maximum loan amount has been increased to $15k due to Covid-19.
Self-Help Option
One of my clients has taken the initiative to create a site for small businesses that are affected by Covid-19 to sell gift cards. This can be a great way to sell your products and services and generate some cash now while deliver the products and services in the future.
GoFundMe Small Business Relief Fund
GoFundMe, Yelp, Intuit Quickbooks, and Bill.com created this fund to provide a $500 matching grant for small businesses that have a campaign on GoFundMe to raise money due to Covid-19 and have raised at least $500.