United States & Covid Recovery – How Each Of The 50 States Are Helping Their Small Businesses Recover Financially From Coronavirus
How the US Government is Helping Small Businesses in Each State?
According to a report by the U.S Small Business Administration, small businesses in U.S make up 44% of the economic activity in the country, thereby making significant contributions in making the state the world’s largest economy by GDP, accounting for $21.43 trillion out of the total world’s GDP of $88 trillion.
The booming economic environment is made possible with the help of the U.S government that takes different measures to ensure that small businesses get the opportunity to thrive, even when times get tough. The government has formed the SBA – Small Business Administration specifically for the purpose of helping small business owners.
What is the SBA?
The Small Business Administration is a government agency that helps budding entrepreneurs set up and grow their business and assists small business owners in increasing their revenue. This includes assistance in the form of financial loans as well as administrative assistance, aimed at helping the businesses make the right decisions and to scale their growth.
The Impact of Corona Virus on Small Businesses across the U.S
The Corona Virus situation, that has spread around the globe like fire has impacted businesses everywhere and the United States is no exception. Earlier this year the economic recession was predicted to be huge, as evident by a Goldman Sachs survey that indicated that half of the small businesses could be forced to shut down as a result of the pandemic.
To fight back against the economic crisis and help retain the livelihood of small business owners, the local as well as federal government has taken various steps in different states of the country. Let’s take a look at how the government is helping small businesses in each state.
Like other states, Alabama too has a ‘Small Business Development Center (SBDC)’ which helps start up not only to create their footprint but to expand as well. The state’s SBDC Network focuses on person to person business advising and training for small enterprises. Programs are specifically designed to meet the needs and growth of small business which includes different opportunities which not only help business itself but the state’s economy as well. Alabama SBDC have launched different programs like the 7a loan program , this program is especially designed for some specific businesses e.g. exporting businesses , businesses in rural areas etc. there is a Microloan program , it provides short term and small loans to businesses which have potential to grow.
There is another 504 Loan Program, it provides fixed term and bigger loans for the purpose of either expansion or modernization. Other than this Alabama SBDC provides help with structuring the finances, identifying the source of funding, preparation in financial projection, exporting working capital and other such ventures. Apart from loan programs there are grant programs as well; two most important among them are Small Business Innovation Research (SBIR) grant program and Small Business Technology Transfer (SBTT) grant program.
They both deal with technological knowhow to new enterprise, their training and are linked with Research and development. STTR specifically asks new businesses to collaborate with research and development institutes for their chance for better growth and innovation. Alabama SBDC also focuses on venture capital which means more emphasis on equity financing. Like other SBDC they also take care of disaster management which is very important looking at the COVID crisis. Alabama plays an important role in contributing to the state’s economy.
The state of California is home to the most number of small businesses in U.S, a staggering 4.1 million small businesses operate there. To help small enterprises, the California Rebuilding Fund was granted $25 million to be loaned to the small scale businesses operating in the state. The owners of companies struggling to recover in the post COVID period can apply for loans through an online portal. These loans will come from different companies, philanthropists, banks and government entities.
The local government has also ensured that the small business support centers are also playing their part in helping avert the financial crisis faced by business owners. These centers help the trading companies get free consultations and free or low cost training that are helping them scale their growth and connect to different funding opportunities.
The governor of California, Gavin Newson also signed an executive order that provided the local governments a greater authority over stopping commercial renters that are financially struggling from getting evicted.
Colorado has provided the best enabling business environment in the USA. AS of 2018, according to the
USA Small Business Administration Office of Advocacy, Colorado has experienced a growth rate of 3.8% which is way more than the 3.8% of the entire American growth rate. The state employs 1.1 million people and businesses with less than 100 employees have the largest share of small business employment in the state. The real estate sector is a booming business there. Real estate has birthed many job opportunities for the residents.
Paycheck Protection program is a government sanction fund created to support small enterprises for the people of Colorado. The loans amounting to $10 million are disbursed for payroll, business mortgage interests, business rent or business-related utilities. Small business association has also provided a debt relief fund. Small Business Association will support the small enterprises by paying interest, principal fee and microloans for the period of six months.
The Colorado department of labor and employment has created a layoff Assistance page that has penned in detail the resources and programs to assist the business owners in making difficult decisions around laying off employees. The state has also assisted the workers and families in doling out payment up to $1200 for individuals and $2400 for married couples. Parents are also eligible for getting $500 for each child especially for tax filers.
A special department under the name of ‘Connecticut Small Business Development Center’ has been established in the state. It provides financial, technical, statistical and other sorts of assistance to new enterprises. It provides access to capital through different means, one way of doing it is through preparing a loan package. It helps the enterprise create a strong case which makes the lender agree to lend the loan. It also provides finance strategy, business assessment and advising
Small businesses are financed through two programs, ‘Economic and Manufacturing Assistance Act’ also called MAA or through ‘Small Business Express Program’. They help entrepreneurs to get loans at low interest rates and they are direct but incentive driven loans. While the Small Business Express Program provides grants and loans to create job opportunities. They also provide incubator grant programs to those who are in the state’s incubator facilities.
There are also regional and statewide loan programs which include lending partners as well. Community Economic Development Fund (CEDF), Connecticut Community Investment Corporation (CTCIC), BDC capital are examples of lending partners. Loan programs like Waterbury Development Corporation (WDC) emphasizes one to one assistance to new businesses , Community Capital Fund , Northeast Connecticut Economic Alliance and other such programs helps in economic growth , employment growth and retainment , manufacturing enterprises and loans on low interest rates. Connecticut annual growth rate is at 3.9% which is higher than many other states. It encourages small business and provides a conducive working and business environment.
Florida is another state which helps small businesses and provides lucrative business opportunities. One of the important nonprofit organizations which helps in economic development for the state of Florida is Enterprise Florida, Inc. (EFI), it is a public private partnership between Florida and the government. EFI through different programs help small businesses. Few such programs are SSBCI State Small Business Credit Initiative and Microfinance Guarantee programs which are designed to help businesses in different ways , e.g.: loan and its approvals and helping in startup costs , giving the franchises fee, provides necessary capital security.
Another such program is venture capital program, businesses that have potential to grow are helped either through investing directly in them or through funding investment in other enterprises that in return finance other individual businesses. Not only this, it also helps small businesses in training, finances, and development. EFI also encourages export through counseling small businesses which are looking to diversify and expand their products by letting them know about demand and supply at the international market.
States take different measures to train the workforce as well, Quick response training (QRT) provides small business opportunities to grow and provides them with training which helps new businesses to expand. Another such program is Incumbent Worker Training Program (IWT), it helps workers and businesses to stay competitive in the global market.
Starting a business at a small scale in Georgia is not difficult due to the assistance local governments gives to entrepreneurs. Talking about finances, the state has started an initiative under the name Small Scale Business Credit Initiative (SSBCI), this is a federation run program administered by the Treasury department. SSBCI provides funds for new and already established businesses. They have launched different types of programs like Capital Access Program or CAP, Loan Guarantee Program, Venture Capital Program and more of such programs that help in funding different types of businesses. Apart from credit it also provides Micro loans / community Development Financial Institution (CDFI), it provides loans up till USD 50k for such businesses that have five or less than five workers with yearly sales of less than USD 100k.
There is another similar program called the Georgia Micro Enterprise Network commonly short formed as GMEN it helps in creating self-sufficient individuals driving economic growth, it supports businesses through exploring new businesses opportunities and creating workforce. Green loans is another such effort which focuses on granting loans to eco-friendly goods. Energy efficient projects receive grants of around USD 10 million under ‘Energy Efficient and Renewable Energy Competitive Grant
Program’. State also offers Rural Businesses Loan which includes USDA Rural development program and ACE which stands for Access to Capital for Entrepreneurs. It helps in giving loans with low interest rates and easy terms of repayment. Georgia is provided with loans for small businesses at federal level through early stage innovation funds, state’s regional commissions and through Small Business Innovation Research (SBIR). Georgia provides vital opportunities for businesses to grow and expand.
Image credits: Small Business Administration USA
It is yet another state that provides assistance to small businesses in order for them to grow and make their name. Capital is fuel to start any business, the Illinois department of commerce helps businesses to find and locate funds for themselves. There are programs designed for it, two such programs are, advancing the Development of Minority Entrepreneurship (ADME), it is designed to provide investment to small businesses in Illinois.
Advantage Illinois is another such program that helps existing small businesses to expand and new businesses to start by providing them access to capital. There are more such programs as well like loan programs called Participation Loan Program and capital access program. Illinois also provides new businesses exposure to technological innovation through ‘The Illinois Science & Technology Coalition Resource Directory’.
It also provides training through different programs. Not only this but Illinois has one of the best research and development, with funding of USD 2.4 billion annually, it trains, helps and produces the best entrepreneurs. The State’s Department of Commerce and Economic Opportunity (DECO) emphasizes small business in Illinois in order to create more jobs and to foster economic growth. Department has access to resources which help startups to grow. In Illinois small businesses continue to grow and more and more opportunities are made for new businesses to start.
To start any small business, one needs capital for that purpose government backed loans and other financial offers are given. Louisiana economic development provides guarantee and loan programs. In association with SSBCI, Small Business Credit Initiative, it provides capital assistance. It also provides guarantee which ranges up to maximum seventy five percent of loan with zero percent application fee. U.S. small business administration provides different types of loans from direct to indirect, these loan programs are specifically designed for businesses that work in rural areas or need loans at micro level. Even if little loans or grants are given by the federation, local governments provide small business grants which are enough for new businesses to grow and retain themselves. Those who receive those small grants don’t need to pay back those funds to the government.
There are also government and federal funding agencies like the Administration for Children and Families (OFA). Louisiana in collaboration with Louisiana Economic Development (LED) has made Louisiana Loan Portfolio Guaranty Program which provides loans of up to USD 100k. There is another program named Louisiana Economic Recovery Task Force, it helps in recovery of short and long term economic resurgence especially to those businesses that are in crisis.
Other resources at local level include the Paycheck Protection Program (PPP), it provides small enterprises with capital as funds for up to 8 weeks that covers payroll, interest on mortgages and other utilities. SBDC Louisiana under their official website has provided statistical data which states it is responsible for starting 162 businesses, creating 904 jobs, giving 15,619 consulting hours in one year that was from October 2018 to September 2019. Louisiana local government provides opportunities for new businesses to grow and expand.
In Massachusetts too there are funding programs which provide capital investment, loans, grants, surety bonds and grants. Those who don’t qualify for bank loans, they are helped through government loan programs. Federal government grants loans and if defaulted, it is responsible to repay the loan to the lender. There are different departments that are specifically designed to help in finances. Small business administration helps in giving loans to expand a business, exporting goods and in managing disaster.
For rural areas and agri based business there is another department under the name U.S. department of Agriculture (USDA). Small business lending fund is another effort to boost the economy and promote growth of business by knitting banks and new businesses together. Local government provides services such as business advising, training, trade assistance, government procurement assistance and even business counseling. Massachusetts Small Business Development Center Network (MSBDC) is one such organization that helps small businesses to start and expand.
It helps around 4500 small businesses yearly through its different programs. It has secured USD 66.8 million in 2019 for new entrepreneurs. State also provides emerging technological funds to new businesses so they can stay competitive and efficient in the market. Small business administration (SBA) during the pandemic announced a special program for coved affected businesses where they could ask for extra grants and debt relief programs. There is a Payment Protection Program (PPP) which helps in providing loans to pay mortgages interest, payroll costs, utilities and other necessary payments. It helps in providing professional licenses and training necessary for business to grow.
Firstly economic growth in Michigan improves every year, in 2018 it was the seventeenth largest economy in the USA. There is plenty of space available which means low rents, their industry is strong and cost of living is less compared to other states. State offers a very conducive environment for Business. It has only six percent corporate income tax and eliminates personal property tax on industries. Michigan is ranked in top 10 states for expansion of new businesses. State has provided a number of programs to help finance new businesses. Michigan Business Development Program (MBDP) is one such initiative that provides loans, grants and other economic assistance.
Michigan Community Revitalization Program short formed as MCRP, State Essential Services Assessment (SESA) are other examples of state help to expand and start new businesses. Michigan is constantly finding ways to lessen or maintain the low rates of tax. Apart from this there is unemployment insurance to protect those workers who have lost their jobs. State also gives worker compensation making Michigan a lucrative spot for businesses to start and expand.
Michigan has also taken measures to secure businesses and their employees during COVID, like other states it has a Paycheck Protection Program (PPP). Economic Injury and Disaster Loan (EIDL) under the state treasury also is an effective way to make sure that businesses don’t lose their mark, under EIDL fixed rate small loans are given for businesses to keep running. SCORE’s volunteer professionals and experts from other businesses give training, guidance and counsel new entrepreneurs which help them stay motivated and grow. All such steps help small businesses in state to retain themselves and expand as well.
The state of Mississippi has funded the Small Business Association to assist entrepreneurs having small businesses. Major chunk of the US economy is hinged around small sector enterprises that spur the job creation process. Keeping this economic spawning business creativity in mind Congress in 1953 formed the US small business administration to look after the interests of small sector enterprises. SBA provides advocacy, training and financing to small businesses. They have incubation centers in all states. Mississippi governor Tate Reeves has signed the senate bill into law establishing the Back to Business Mississippi grant program. It will boast the business crumbling under the heavy weight of Covid induced economic slowdown.
The businesses with 50 or fewer than 50 employees will be given grants under this program, including salaries and operating expenses. The business falling under eligibility requirement will be disbursed capital ranging from $1500 to $25000. Mississippi bankers association has helped in creating awareness of this government funded program. The small businesses that have not availed this facility under Paycheck Protection Program (PPP) loans to consult their banks as the Small Business Association is allowing banks to submit loans for approval. This program has acquired $300 billion in funding from congress. It has funded more than 1 million loans to small sector enterprises throughout the state under the passage of Coronavirus Aid, Relief, and Economic Security (CARES) Act administered by Small Business Association SBA and other banks.
In Maryland, COVID-19 Layoff Aversion Fund has been established and is worth $7 million. It provides funds up to $50,000 per business to assist in their financial needs regarding equipment, insurance, development matters and sanitation. A total of $130 million in loans and grants has been approved by the Maryland government, for funding the small businesses. Out of this $75 million are dedicated to profit business loan funds. There’s also a grant program grant program worth $50 million in which a grant of $10,000 per business will be provided to profit businesses.
In order to induce the Maryland producers to produce equipment for personal protection against COVID, a $5 million program, COVID-19 Emergency Relief Fund has been established. The state has also launched a “Business Relief Wizard”, to inform and update the business owners about federal and state aid available. The state Governor, Larry Hogan has announced an emergency order which suspends the tenant evictions by the Maryland courts due to their inability to pay rents due to the COVID-19 economic uncertainties.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has offered an award through the U.S Economic Development Administration, establishing Maryland Economic Adjustment Fund (MEAF). Small businesses will be able to tackle the economic consequences of coronavirus with the help of this fund. On the basis of concerned project, long term loans of $25,000 to $150,000 with an interest rate of 4% will be provided.
Moreover, CARES Act has also provided $1 million for establishing the Maryland COVID-19 Emergency Relief Grant Fund under the supervision of the Maryland Department of Commerce in collaboration with the Maryland Department of Housing and Community Development. In order to offset the economic stresses funds up to $10,000 can be availed. For emergency economic relief, low interest rates loans ranging from $25,000 to $200,000 are also available under Maryland Small Business Development Financing Authority (MSBDFA) Fund.
As of 2020, according to the Small Business Administration (SBA), Missouri has more than 530,380 small businesses. These small businesses in U.S state of Missouri have created a total of 13,855 jobs in 2019. The Paycheck Protection Program would lend “each small business a loan up to $10 million for payroll and certain other expenses”. According to the SBA, other expenses mentioned in the program could include rent, mortgage interest or utilities. This is a forgivable loan for businesses which keep their workers on the payroll for 2 months. Though, all businesses are not eligible to apply for this assistance. This program is not restricted to but also includes small businesses with 500 workers or less. There are some other relief programs also available for small businesses in Missouri, such as disaster relief loans based on low interest rates which offer up to $2 million.
Missouri Department of Economic Development is providing grants to small businesses across the state to overcome the loss caused by COVID-19. According to the Small Business Grant Program, the Department is helping out small family-owned farms and businesses which were worst impacted by the detrimental effect of COVID-19. The grants are specifically being granted to the service industries including food, health, accommodation, retail trade and small farms to help them compensate the incurred loss.
There are several incentives provided by the local government to business holders. The Missouri Works Program running under local government helps the businesses to access capita through tax credits or withholdings and purchase equipment. The Small Business Loan Program directly lends loans on very low interest rates and even without interest. The Missouri Government also provides an Action Fund Loan to help startups expansion and retention. Missouri small businesses can apply for emergency grants of up to $50,000 through a new $30 million program.
U.S. Small Business Administration’s (SBA), Paycheck Protection Program (PPP) provides 100% federally guaranteed forgivable loans to small businesses. SBA has already issued 22,583 loans to Montana businesses. PPP has provided federal loans of more than $1.75 billion. SBA’s Economic Injury Disaster Loan (EIDL) provides loans up to $2 million to small businesses in declared disaster areas. A series of special tax laws of Internal Revenue Service (IRS) also provide financial recovery to businesses affected with a disaster. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act worth $376 billion, SBA Express Bridge Loans, and SBA Debt Relief are also available for the relief of small businesses in Montana.
To recover from the unprecedented economic situation caused by Coronavirus, Montana is making emergency financial relief available from the federal government to the hardest-hit small businesses. Montana’s small businesses can apply for financial relief for things like rental and mortgage assistance, business and non-profit grants, grants to serve seniors and those living with a disability, food banks and local food producers. Under Montana Department of Commerce, Small Business Development Centers (SBDC) have ten centers around the state, focusing on counseling and loan packaging assistance to small businesses. Federal Emergency Management (FEMA) has authorized Public Assistance (PA) grant program and Local Government Reimbursement Program, which is available for direct costs associated with COVID.
Big Sky Economic Development Trust Fund’s (BSTF) Workforce Recovery program under the Montana Department of Commerce will provide reimbursement to Montana businesses impacted by COVID-19. The Montana Working Capital Program under the Board of Investments and Department of Revenue, provides grant funds to support working capital loans to aid Montana businesses. Under Micro Business Development Corporation, Montana Facility Finance Authority has authorized an Emergency Loan Program which provides short-term loans to small businesses in certain projects. Micro Business Finance Program provides loans up to $100,000 to Montana businesses with less than 10 employees to help them start or expand a business, and for training and technical assistance.
There are around 179,509 small businesses in Nebraska, employing more than 412,587 people. Small businesses are the lifeblood of the Nebraska economy, and their continued survival and growth are of paramount importance. The Nebraska Department of Economic Development (NDED) has allocated Community Development Block Grant (CDBG) funds to assist qualified businesses that have been impacted by the COVID-19 outbreak. NDED has funds available to provide short-term working capital to help businesses retain jobs, open new businesses or expand operations to create jobs, or manufacture medical supplies.
The Nebraska Small Business Stabilization (SBS) Grant allocates working capital to help Small businesses cover operating expenses related to loss incurred due to COVID-19. Federal aid has expanded the SBS grant’s availability from previously business with 49 employees to 75 or less employees.
Federal government has allocated $1.1 billion to Nebraska under coronavirus relief package. After Small Business Administration (SBA) declared Nebraska’s disaster declaration, Nebraskan small businesses can apply for loans under SBA Disaster Assistance grants worth at least $12,000. SBA’s Economic Injury Disaster Loan (EIDL) providing loans up to $2 million and Paycheck Protection Program with its forgivable loans are also in service for Nebraska.
Nevada ranks 32nd in small business productivity by state. A sizable part of federal grants worth $3,757.00 million along with local government funding worth $3,143.00 million is available for small businesses in the state. The Department of Business and Industry (B&I) has established a Business Resource Center which provides local, state and federal resources to support small businesses during the current economic uncertainty.
The Business Resiliency Toolkit has been established by the Nevada Small Business Development Center (Nevada SBDC) which holds a plan for promoting resiliency among small businesses. The toolkit has been developed in collaboration with the Washington SBDC and it also helps small business owners plan for any kind of disruption caused by natural disasters or pandemics.
The Federal Government approved a Coronavirus Aid, Relief, and Economic Security (CARES) Act providing 3 financial assistance sources through Small Business Administration (SBA) to assist small businesses in countering the unprecedented economic disruptions of COVID-19. Nevada State Bank is a Preferred SBA Lender and provides affordable loans based on monthly payments.
In this states, majority of the grants worth more than $2,612.00 million and additional local government funds worth $1,986.00 million, are channelized annually to help through the economic growth of small businesses in New Hampshire.
New Hampshire Small Business Development Center (SBDC) provides free of cost confidential business consultations and education to small businesses statewide to help improve and grow their businesses.
The U.S. Small Business Administration (SBA) offers financing and grants, as well as consultations and counseling services. New Hampshire SCORE provides expert guidance and services from business professionals for expansion of businesses.
New Jersey’s small businesses are a vital component of the state economy. New Jersey is the eighth largest economy in the U.S., worth $624.9 billion annually. Due to COVID-19 crisis, New Jersey and the federal government have launched new assistance programs for small businesses. U.S. Small Business Administration (SBA) is providing low interest disaster loans worth $2 million to the affected small businesses. Paycheck Protection Program provides forgivable loans up to $10 million to businesses with employees less than 500 for workforce expenses, rent, utilities and mortgage interest payments.
Under Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act Relief Bill a second round grant program worth $45 million has been authorized by the state governor. It provides grants worth $10,000 to small businesses with 25 or less employees. Emergency Loan Loss Reserve Fund through Community Development Financial Institutions (CDFI), is a $10 million capital reserve fund which provides low-interest working capital to small and micro-businesses. Under CARES Act, Worker Retention Tax Credit provides refundable payroll tax credit to eligible employees. Small Business Emergency Assistance Loan Grants, a $5 million program, offers grants up to $5,000 to small businesses with 10 or less employees.
Under NJEDA’s existing Premier Lender or Premier CDFI programs, the Small Business Emergency Assistance Guarantee Program provides 50% guarantees not to exceed $100,000 on loans made through the participating institutions. It is a $10 million worth program which will also provide a 50% guarantee for lines of credit to cover decreased revenue, workforce deficiency, supply chain losses and other COVID-19-related impacts. Emergency Assistance Grant Program worth $1.25 million and grants up to $250,000; and Emergency Technical Assistance Program worth $150,000 are also administered by CDFI.
There are 12 Small Business Development Centers in New Jersey to support the development and retention of small businesses. New Jersey Entrepreneur Support Program, worth $5 million, provides working capital loan guarantees of 80% for startups. New Jersey Economic Development Authority Grant and Loan Programs also helps small businesses. New Jersey Department of Labor and Workforce Development, State of New Jersey Business Portal, New Jersey SCORE, New Jersey Business Action Center, Union County Economic Development Corporation, NJ State Chamber of Commerce, and Service Corps of Retired Executives provide professional assistance, economic aid and technical support to small businesses in New Jersey.
Small businesses are the backbone of New Mexico’s economy and have suffered greatly from COVID-19 and need critical funding. The US Small Business Administration (SBA) provides various programs to help small businesses. As Economic Injury Disaster Loans (EIDL) provide loans as economic relief to small businesses currently suffering through a loss of revenue due to COVID-19.
The Small Business Recovery Act of 2020 allocates $400 million in funds from the New Mexico State Severance Tax Fund to provide loans to the COVID affected small businesses among others. There is also a Small Business Recovery Loan Fund administered by the New Mexico Finance Authority. The NM Small Business Investment Council has enlisted numerous partners which offer loan programs. New Mexico Recovery Fund is available for businesses with employees more than 40.
Under the Local Economic Development Act (LEDA), the New Mexico Economic Development Department (NMEDD) is authorized to manage grants on reimbursement basis to local county and municipality governments. These grants help small businesses expand and relocate businesses and stimulate economic development.
The New Mexico Small Business Assistance Program (NMSBA) provides technical assistance to small businesses. The businesses requiring national research expertise are provided assistance such as testing and evaluation of a product from scientists at national laboratories of Los Alamos and Sandia. New Mexico Small Business Continuity Grants, the Grant Plant Inc. COVID-19 Emergency Grants, and NM Grant Makers Association provide funds and grants to counter economic loss. There’s also a searchable database as Grant Station which offers COVID-19 Related Grant Opportunities.
Small businesses make up 99.8 percent of all businesses in New York. New York State is providing up-to-date resources and information about economic recovery and loans, funding and business counseling to the small businesses affected by COVID-19. New York has 24 development centers dedicated for small businesses to help business development and retention. The Internal Revenue Service helps the COVID affected taxpayers and businesses. Tax Help is available for free filing of income tax returns. Empire State Development’s Small Business Division and New York SCORE provide technical assistance and additional resources.
The New York Forward Loan Fund (NYFLF) is a loan program aimed at economic recovery of New York State small businesses after reopening. Businesses with 20 or less employees will be helped with their expenses and financial costs. The New York City has launched the Employee Retention Grant Program offering grants up to $27,000 to help small businesses in retaining their employees, if they prove at least a 25% reduction in revenue as a result of COVID-19. Community Development Financial Institutions (CDFIS) are providing capital and credit in low-income communities and access to business opportunities. To help with the operational expenses, the Small Business Continuity Loan Program offers interest free loans of up to $75,000 for businesses with less than 100 employees.
SBA Subsidy Loan Program, funded by the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loans to the businesses existing recipients of SBA loans. SBA Economic Injury Disaster Loan (EIDL) Program provides loans of up to $2 million to small business help overcome COVID related financial stresses due.
The Federal Reserve is financing the Main Street Lending Program which provides loans for small businesses affected by coronavirus pandemic. A portal providing sources of assistance for small businesses has been launched by the CARES Act Works for All Americans and U.S. Department of the Treasury. Treasury Department and Internal Revenue Service have announced deferral of duties and fees on certain imports.
Small businesses play a huge role in driving North Carolina’s growing economy.. Minority and women-owned businesses were hit hardest by the coronavirus pandemic in NC and will have access to $12 million in grants to counter the crisis. To support North Carolina Historically Underutilized Businesses (HUB) and Disadvantaged Business Enterprise (DBE) firms crushed by coronavirus, the NC Department of Administration has provided a grant program under RETOOLNC. NC Department of Commerce is also providing additional resources for COVID suffered small businesses like the Mortgage, Utility and Rent Relief (MURR) Program.
Furthermore, NC Department of Commerce Job Retention Grant (JRG) is also providing grants worth 2 months payroll plus 25% of that amount. NC COVID-19 Rapid Recovery Loan Program launched by the Golden LEAF Foundation provides loans worth $15 million in funding to counter the effects of a battered economy. North Carolina Office of State Budget and Management has specified the amount each county’s small businesses will receive in Coronavirus Relief Fund (CRF) . Thread Capital COVID-19 Rapid Recovery Loan, and some other country specific programs as Wake Forward Program worth $5 million, and Raleigh Stands Up for Small Business Fund worth $1 million, are also providing recovery grants and loans to small businesses.
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Main Street Lending Program is providing $600 billion in for small- and medium-sized businesses.The U.S. Small Business Administration, SBA’s Economic Injury Disaster Loans, the Paycheck Protection Program (PPP), SBA Debt Relief, and SBA Express Bridge Loans are also available to cater financial needs of small businesses. The US Chamber of Commerce is also providing grants worth $5,000 to small businesses.
Business Link North Carolina (BLNC) provides free consultation services for small businesses in North Carolina. The N.C. Procurement Technical Assistance Center, Small Business Center and Small Business & Technology Development Center (SBTDC) also provide required guidance regarding business.
Under Recovery Assistance grants of Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Economic Development Administration (EDA) is awarding $6.8 million in to manage and fund Revolving Loan Funds (RLFs). The small businesses in ND which have suffered due to COVID-19, will be provided critical gap financing through these funds. ND has also been declare an economic disaster by the Small Business Administration (SBA). Consequently, the state will also be getting Economic Injury Disaster Loans (EIDL) for small businesses suffering through economic injury. The Paycheck Protection Program (PPP) is also providing forgivable loans to help businesses in rents and utilities, etc.
Under CARES Act, USDA-Rural Development Business & Industry (B&I) Loan Guarantee Program provides loan guarantees to the creditors lending loans to agriculture producers and businesses based in rural areas. The Bank of North Dakota (BND) is offering long-term loans based on low interest to ND small businesses for economic recovery. The Small Employer Loan Fund (SELF) will offer a 10 year loan of up to $50,000 to small businesses with 10 or less employees. A loan of up to $5 million is also available through the COVID-19 PACE Recovery Program (CPRP). Businesses with 500 or less employees can apply for it.
Small manufacturers get technical assistance from the Dakota Manufacturing Extension. Center for Technology and Business provides confidential advice, training and technical support through the North Dakota Women’s Business Center and the IDEA Center. To restore customer confidence, the North Dakota Department of Commerce’s Economic Resiliency Grant (ERG) Program is launched through which North Dakota businesses can get grants up to $50,000 for the aim of restricting the spread of coronavirus. “The Commerce Department will continue to work to find funding sources to mitigate the losses businesses are suffering in this uncertain time.” ND Small Business Development Center, ND Women’s Business Center, SCORE Mentors are also available to help out small businesses in the time of need.
In order to provide economic assistance to overcome the temporary loss of revenue due to COVID-19, the U.S. Small Business Administration (SBA) is providing low-interest based federal disaster loans up to $2 million for affected small businesses in Ohio. Economic Injury Disaster Loans is providing loans to small businesses which have been financially crushed due to Coronavirus. Economic & Community Development Institute (ECDI) is SBA’s lender which is offering loans, technical assistance and various services to small businesses throughout the state. These loans can be utilized for payroll, inventory, or other working capital.
Rather than laying off the workforce, Shared Work Ohio allows business holders to reduce payroll costs between 10% and 50%. The Ohio Department of Health has established a clearinghouse of local, state and federal resources for small businesses including resources for economic disaster loan programs, bar and restaurant relief, etc.. Ohio House 2020 Economic Recovery Task Force has developed a website for Small businesses. Small Business Development Centers of Ohio are available throughout the state. Women’s Small Business Accelerator (WSBA) provides guidance and training to women business owners. SCORE Columbus provides mentorship to small business holders.
Oklahoma City Council (OCC) has provided $5.5 million through an economic development fund for helping small businesses. It is also offering low interest loans and technical assistance like online sales during the pandemic. The OCC has distributed $400,000 through the Community Development Block Grant funds to the Urban Renewal Authority Small Business Grant Program. This program awards grants up to $10,000 to the urban small businesses. The Small Business Continuity Program is also providing funds to small businesses with five or less employees, based in Urban Renewal zones.
Oklahoma Department of Commerce is readily available to provide small businesses the information and connection to their needed resources. Oklahoma Manufacturing Alliance helps small manufacturers get the support they need to grow and compete. OSU Food & Agricultural Product Center offers small businesses technical and business expertise thus stimulating the growth of agricultural products and foods in Oklahoma.
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Assistance grants, Economic Development Administration (EDA) has awarded $1.9 million to manage and fund Revolving Loan Funds (RLFs) that will help the affected small businesses across Oklahoma by providing critical gap financing. Miami Area Economic Development Service will receive $825,000, Northern Oklahoma Development Authority, Enid, Oklahoma, will receive a $550,000, and REI Oklahoma, Durant, Oklahoma, and will receive a $550,000 in these funds to provide relief to their respective counties.
Women’s Business Center and the Office of Women’s Business Ownership (OWBO) helps women launch and run successful businesses. Through connect opportunities, SBA Office of Women Business Ownership also helps women entrepreneurs start new businesses and compete in the market. SBA has launched a series of free online courses to assist small businesses by informing them basics about contracting with government agencies.
SBA’s Economic Injury Disaster Loans of up to $2 million are also available to small businesses in 24 counties of Oklahoma for providing financial assistance. The State Chamber of Oklahoma has helped SBA in providing outreach and information regarding the disaster loans. State Trade Expansion Program (STEP) is dedicated to helping expand exports of small businesses. STEP has provided 5 grants to Oklahoma in the last decade, worth $2.2 million. Paycheck Protection Program and Coronavirus Tax Relief are also available in the state.
Small Business Administration (SBA) is providing Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP), Express Bridge Loans and Debt Relief also available for Oregon based small businesses. Main Street Lending Program is providing around $600 billion in low interest loans to small businesses. U.S. Chamber of Commerce Foundation has launched the Save Small Business program which provides $5,000 grants to small businesses.
Entrepreneurial Development Loan Fund (EDLF) provides direct loans to help small businesses expand in Oregon. Oregon Business Development Fund (OBDF) offers direct loans to small businesses for working capital and retention of jobs. On the early stages of small businesses, Oregon Royalty Fund (ORF) offers direct loans for working capital. To increase the accessibility of capital to small businesses, Credit Enhancement Fund (CEF) offers loan guarantees to financial institutions. CCD Business Development Corp. has established a micro-lending program to cater COVID-19 needs of small businesses. Oregon Community Foundation has provided numerous grants for small businesses. Oregon Dept. of Revenue provides Tax Relief Options for small businesses.
OCF has provided an investment of $300,000 to the Oregon Small Business Stabilization Fund. It has provided more than $2.6 million in emergency capital to help serve small businesses. The Small Business Grant Program provides funds based on the number of employees and grants can range from $2,500 to $25,000. The Oregon Small Business Development Center has provided technical assistance to more than 5,200 small businesses March.
There are 1.1 million small businesses in Pennsylvania, employing 2.5 million people. The state of Pennsylvania has already awarded grants of $96 million to 4,933 Pennsylvania based small businesses that which suffered economic injury by the COVID-19 crisis and business closure shutdown. Through the state budget and in collaboration with state legislators a COVID-19 Relief Statewide Small Business Assistance funding has been developed has been developed It also received funds worth $2.6 billion from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Hence, CARES Act has provided $225 million as relief funds for small businesses in the state.
The Pennsylvania Community Development Financial Institutions (CDFI) has specifically dedicated funds for the smallest and most vulnerable businesses across Pennsylvania. The institutions received thousands of applications and more than $860 have already been distributed. CDFIs are helping businesses which have missed the opportunity offered by the Paycheck Protection Program.
The Department of Community and Economic Development (DCED) and PA CDFI are administering the grants through three programs. These programs include a $100 million Main Street Business Revitalization Program providing aid to the business which had to go through closure orders for restarting and rebuilding their businesses. Another $100 million are specified for the business owners who have been left behind both economically and socially under the Historically Disadvantaged Business Revitalization Program. And a $25 million Loan Payment Deferment and Loss Reserve Program for offsetting financial difficulties by extending the debt repayment deadlines.
The PA Governor has specifically announced some programs for the small business in the state including Small Business First Fund, Pennsylvania Industrial Development Authority (PIDA) and the COVID-19 Working Capital Access Program (CWCA). The Commonwealth Financing Authority (CFA) has approved $40 million for the Small Business First Fund. PIDA has authorized $60 million for offering loans of $100,000 or less to small businesses employing 100 or less full-time workers.
The state has provided $100 million to offer financial and technical assistance to small businesses for reopening and adaptation to the current scenario. Rhode Island Commerce has established a $50 million Restore RI program providing grants up to $15,000 based on the employee count, to support small businesses with reopening costs. It includes a $3.5 million Repositioning program worth, $5.5 million Technical Assistance Program and a $20 million Small Business Development Fund. Rhode Island Gift It Forward Program and Rhode Island Small Business Development Center are also available.
Gusto Covid-19 Small Business Relief Finder is a questionnaire to support small businesses in finding federal relief fund options. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) including the forgivable loans of Payment Protection Program are also available for the State. SBA Express Bridge Loans offers loans up to $25,000; larger Economic Injury Disaster Loan provides up to $2 million; and the Main Street Lending Program provides loans for 5 years.
Rhode Island’s microenterprise stabilization grant program is designed to help small businesses which missed the federal aid, by providing grants of up to $5,000 to qualifying microenterprises. Microenterprise Stabilization Grants is a MicroE Program which provides grants of $5,000 to eligible small businesses with five or less employees statewide. Verizon Small Business Recovery Fund’s LISC is providing grants of up to $10,000 to help small businesses.
The U.S. Small Business Administration (SBA) is providing Economic Injury Disaster Loans, federal disaster loans based on low interest rates, for small businesses based in South Carolina, which suffered financial losses due to COVID-19.These loans will be available for all 46 counties in the state. All small businesses which suffered economic injury during May to June, 2020 will be eligible to apply for this loan worth up to $2 million to help meet financial obligations and operating expenses.
Under Coronavirus Aid, Relief, and Economic Security (CARES) Act 2 programs have been to help the state small businesses with revenue or service loss incurred due to COVID. One is the Minority and Small Business Relief Grant Program which provides grants from $2,500 to $25,000 each business. The other one is the Nonprofit Relief Grant Program offering grants ranging from $2,500 to $50,000.
Coronavirus Relief Funds (CRF) for up to $400 million has been sanctioned to support small businesses in South Dakota which have faced at least 25% reduction in their gross revenue from March till May 2020 due to COVID. The eligible businesses will be awarded grants up to $100,000 per business.
Small Business and Healthcare Provider Relief Program has also been announced to help South Dakota based small businesses with some other organizations. It will receive $580 million from Coronavirus Relief Fund (CRF). The Small Business Startup program offers grants up to $10 million to the small business in state which underwent the COVID-19 disaster.
Coronavirus Aid, Relief, and Economic Security (CARES) Act is financing the Small Business COVID Interruption program to help small businesses offset the financial stress. CARES Act is also providing $1.8 million grant to an organization which will use this amount to monetarily help the small businesses based in specific 12 county area of north central South Dakota. SBA is also offering long term loans with extension in repayments. Under SBA’s Economic Injury Disaster Loans (EIDL) South Dakota business holders can avail up to $2 million each. Businesses have been encouraged to seek the benefit from this prospect in order to remain operational.
Partnering with the state and federation, the Tennessee Department of Economic and Community Development is trying hard to confront the financial challenges. Under the federal Coronavirus Relief Funds, Tennessee Business Relief Program has been established which is available for 40,000 small businesses. Executed by the Tennessee Department of Revenue, the program has already provided relief funding worth $128 million to about 17,000 small businesses to make up for financial loss incurred due to business shutdowns. Depending upon the gross sales of business, these payments range from $2,500 to $30,000.
Coronavirus Aid, Relief, and Economic Security (CARES) Act has set aside $200 million for the state of Tennessee for small businesses. SBA’s Economic Injury Disaster Loans (EIDL) provides low interest loans which are also available for Tennesseans, through which they can borrow up to $2 million. These loans help cope up with the financial commitments and operating costs. The U.S. Chamber of Commerce has provided short-term relief as the Save Small Business Fund for small businesses employing 3-20 workers in COVID affected areas and this Fund is also available for small businesses in Tennessee. Numerous resources to help out the Tennessee’s small businesses through the current situation have been compiled under Launch Tennessee.
Texas has 2.8 million small businesses which employ more than 4.8 million people. Economic Development Administration of the U.S. Department of Commerce has dedicated $1.5 billion in Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Assistance to abate the sufferings. Under CARES Act, a Coronavirus Relief Fund (CRF) has been established worth $5.06 billion providing funding to the Texan local governments to support in compensation of losses due to COVID-19. SBA provides a number of loan resources like Economic Injury Disaster Loans (EIDL) Program which is worth $2 million and offers long-term loans to small businesses based on low-interest. Texas Governor also made sure that a total of $50 million will be utilized in loans to the small businesses through Paycheck Protection Program.
Furthermore, Community Development Finance Institutions (CDFI) are also there to provide assistance. The Texas Workforce Commission (TWC) has updated their website for advising the workers by providing additional resources concerning COVID-19. Moreover, to inform the Texan small businesses about relevant information, the Texas Governor has organized a Small Business Assistance Team, which has been arranging webinars and provides with resources needed during this crisis. Skills Development Fund through TWC’s Skills for Small Business Program, is offering funds up to $2 million.
The Texas Division of Emergency Management (TDEM) partners with Texas A&M AgriLife Extension provides individual aid regarding funding and guidance about its uses to all the counties and cities. Texas A&M AgriLife Extension Service is also offering free of cost online trainings to help locals regarding the federal aid presented to Texas. Texas COVID Relief Fund, FEMA Community Disaster Loan (CDL) Program, and a number of other grants and relief programs are also available to help the small businesses in Texas.
The businesses in all 29 Utah counties can apply for the Small Business Administration offered Economic Injury Disaster Loans based on low-interest rates, to compensate for the financial loss. The SBA is providing low interest federal disaster loans up to $2 million for small business that suffer “substantial economic injury as a result of the Coronavirus (COVID-19)”along with SBA Loan Debt Relief. “Small business owners are the backbone of Utah’s economy, and these available loans demonstrate how vital they are.” The Paycheck Protection Program provides Loans on favorable terms to businesses which suffered due to current economic uncertainty. Its main purpose is to assist small businesses keep their workforce employed. Main Street Business Lending Facility, a program funded by federal treasury is responsible for promoting lending to small businesses.
A Coronavirus Economic Response Task Force to provide business strategies has been organized by Governor Herbert, which is composed of industry representatives and members from the Economic Council. Another state program, COVID-19 Commercial Rental Assistance Program established by the Governor’s Office of Economic Development helps certain businesses by providing them with rental relief grants. A Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Assistance grant worth $1.9 million is channelized by the Economic Development Administration (EDA) to finance the Utah Small Business Loan Fund. This Fund will in turn capitalize a Revolving Loan Fund (RLF). RLF will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Utah. The Revolving Loan Program is also being financed by Community Development Block Grant allocations, and a grant from the U.S. Rural Development Administration (USRDA).
Federal and state government are making efforts to provide relief to the small business owners hit by the financial repercussions of COVID-19. SBA’s grants and loans, Economic Injury Disaster Loans, federal government relief funds, Paycheck Protection Program , loan and tax deferrals, all are in place to help out small business to cope with the situation. “SBA is strongly committed to providing the most effective and customer-focused response possible to assist Vermont small”. Small Business Debt Relief Program is a non- disaster loan provided by SBA which offer immediate relief.
The state Agency of Commerce and Community Development is running a Small Business Recovery Technical Assistance Program provides small business owners with technical assistance regarding strategy, operations, management, legal services, marketing and other technical aid. Citizens earning less than $75,000 are being presented with a $1,200 check. The unemployed were awarded $600 on top of current payments for several months. The state has put together a business task force to help in business recovery. Vermont Small Business Development Center provides business advice and training without any cost.
The Vermont government sent around $600 million to Governor Phil Scott’s desk for Covid-19 relief spending out of which $400 million are being used for economic relief packages. Under the package, $96 million are dedicated for funding the grants. Vermont Emergency Economic Recovery Grants worth $150 million are being offered to businesses which can demonstrate a loss of at least 50% of their regular income in a single month of the first half of 2020. These grants are based on 10% of 2019 annual revenues, and are limited to no more than $50,000. The state’s Community Development Block Grants program worth $1.5 million is also offering awards of $5,000, $7,500 or $10,000 to sole proprietors without any racial or gender discrimination. It will help cover the financial costs as rents, utilities, etc.
Virginia has charted many assistance efforts to help small businesses across the state. Under Workforce Innovation and Opportunity Act, the governor has approved funding for emergency purposes. The Rebuild Virginia grant is worth $10,000 per business and the Virginia government is trying to cater about 7,000 grants making up a sum of $70,000,000. These grants are also being funded federally by Coronavirus Aid, Relief, and Economic Security, CARES Act funds and will help business owners with issues such as mortgage payments, labors salaries and workers support. But the awardees of paycheck protection funding and any type of economic injury disaster loan cannot apply for the Rebuild grant.
The tax filing deadline was also extended to June 1. The non-emergency evictions of the tenants due to their inability to make rental payments, have been suspended. Immediate financial assistance is being provided as forgivable loans through Virginia 30 Day Fund. The Virginia Small Business Development Center (SBDC) has started helping out businesses to strategize and reopen through establishing a Business Recovery webpage.
SBA is directly working with the state government and its Economic Injury Disaster Loan program is offering loans of up to $2 million to small businesses to offset the loss being suffered due to COVID-19. Coronavirus Aid, Relief, and Economic Security, CARES Act and Paycheck Protection Program are also in service to help out the businesses federally and are also collaborating with the local government.
Under the State Trade Expansion Program (STEP), The Washington State Department of Commerce has been awarded a grant worth $1.35 million by SBA to assist small businesses in expanding their trade and maximizing their exports’ value. This has made Washington to be one of the two states which have attained more than $1 million in STEP. “The SBA is committed to assisting small businesses to enter and prosper in the global marketplace.”
Washington State Department of Commerce is offering the Working Washington Small Business Grant which will deliver as much as $10,000 for small businesses. This grant will assist business holders in paying their utility bills and rents. This grant can also be used for other expenses as incurred upon supplies. The Department of Commerce is also helping businesses in increasing their resilience while working with the concerned organizations. The state governor has convinced the business holders to seek assistance from Office of Civil Legal Aid to know how government can help them compensate the losses suffered due to COVID-19. Washington Small Business Emergency Grants are also offering up to $10,000 as reimbursable funds. A small business grant program worth $1 million has also been established.
In the meantime, Office of Economic Development has also launched several capital programs. Small Business Stabilization Fund is established under which a grant worth up to $10,000 can be availed by microenterprises based on low income and employees not more than 5. Small Business Tenant Improvement Fund provides awards of up to $50,000 to help low income businessmen in the improvement and expansion of their market space. Working along SBA, Business Impact NW provides loans worth $2,500 to $250,000 to help business owners cope up with their capital needs. There’s also a community lender partnering with Seattle government, Craft3, which provides loans up to $3,000,000 for inventory, working capital and project financing, equipment, real estate and debt reform.
A federal grant “Washington State Safe Start Projects Grant” helps businesses to restart and rebuild while increasing their resilience. Meanwhile, Economic Injury Disaster Loans, Coronavirus Aid, Relief, and Economic Security (CARES) Act, Paycheck Protection Program (PPP) are all there to help compensate the COVID-19 impacts. As for example, a second round of grants worth $10,000 are being offered to assist small businesses with 20 or less employees. It’s in action under Federal Coronavirus Aid, Relief, and Economic Security, CARES Act and consists of a $10 million budget.
Small businesses are the foundation of the economic growth in West Virginia. The majority of the federal budget in state grants is allotted to the businesses each year. Federal grants worth $4,922.00 million and state funding of $4,031.00 million is annually distributed for small businesses along with larger ones. West Virginia Economic Development Authority is providing loans ranging from $50,000 to $10 million.
The US Small Business Administration (SBA) has offered several loan programs for small businesses to counter COVID-19 impacts. SBA’s Economic Injury Disaster Loan program (EIDL) is offering loans of up to $2 million to small businesses, Coronavirus Aid, Relief, and Economic Security, CARES Act and Paycheck Protection Program (PPP) are also providing financial assistance to small businesses.
The Appalachian Regional Commission (ARC) is granting $6 million to numerous programs throughout West Virginia to help small businesses which were hit by COVID-19. ARC is funding six organizations which offer loans and technical assistance to small businesses. West Virginia Economic Development Authority has been allocated a CARES Act Recovery Assistance grant of $10.3 million for assisting small businesses.
Kanawha Institute for Social Research and Action provides microloans for expansion of small businesses in West Virginia. Natural Capital Investment Fund provides loans to small businesses based on natural resources. The Progress Fund is offering up to $1 million loan to tourism businesses for restoration of buildings. As a Community Development Financial Institution (CDFI), Woodlands Development Group is offering low interest loans to small businesses in some counties of West Virginia.
The Wisconsin Small Business Development Center Network has developed a webpage to enlist important resources and information for small businesses. The Wisconsin Economic Development Corporation (WEDC) has launched a $5 million Small Business 20/20 program. It provides grants up to $20,000 to small businesses with 20 or less employees for rent and payroll expenses. The state’s 23 Community Development Financial Institutions (CDFIs) will be financing these grants for the COVID-19 impacted businesses.
Meanwhile, the U.S. Small Business Administration (SBA) is also providing low-interest federal disaster loans through Economic Injury Disaster Loans (EIDL) to small businesses which endured loss during the pandemic. These EIDL loans provide up to $2 million per business providing relief for the loss of revenue. These funds were made available after Wisconsin was declared a disaster area by the SBA, and now EIDL is available to small businesses in all 72 counties of Wisconsin. The Paycheck Protection Program (PPP) provides small businesses up to $349 billion to help retention of employees and certain other expenses. Wisconsin has already received more funds than its estimated share of PPP.
Under Wisconsin Economic Development Corp, as part of the “We are All In” grant program, the Governor, Tony Evers provided $75 million for small businesses to help cover the loss due to business shutdown. Around 30,000 businesses can receive grants under this program and 26,000 small businesses have already had it. Small businesses with 20 or less employees were provided with $2,500 each to help cover insurance, wages and other costs. Governor Evers has provided $109 million in the recent and revised grant funding for small businesses. Among this, $50 million will be dedicated to WEDC’s “We’re All In” grant program. Now additional 10,000 businesses will be provided with grants worth $5,000. A $20 million grant program will benefit Wisconsin hotels and a $4 million grant program will be committed for the tourism businesses.
Both federal and Wyoming governments are providing financial assistance to small businesses to counter the effects of the coronavirus pandemic. Funding for the state relief programs will come from the federal funding provided to Wyoming. Through Coronavirus Relief Fund, $1.25 billion are offered for funding Wyoming State Relief programs. Economic relief is also being provided from banks, like Bank of America, for the members who are a part of small businesses.
The U.S. Small Business Administration (SBA) administered Economic Injury Disaster Loan (EIDL) provides low-interest federal disaster loans for working capital to small businesses suffering economic injury due to COVID-19. The loans will be provided on the basis of actual economic injury and financial needs of the businesses.
Federal government has provided $837 million to 7,618 businesses in Wyoming under the Paycheck Protection Program. The state legislators hope that this inflow of funds will help soften the blow of COVID-19. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, an additional $50 million have been allotted to the Business Interruption Stipend Program by the Wyoming Governor Mark Gordon for the recovery of businesses with 50 or less employees. The additional funding will enable the program to meet the demand of small businesses throughout the state. Owing to this program, Wyoming had the third lowest unemployment rate in US in May 2020.
Both federal and Wyoming governments offered tax assistance to small businesses as a result of the coronavirus pandemic. Tax payment deadlines were extended. Severance taxes’ penalties and interest have been waived off by Wyoming. Under the Families First Coronavirus Response Act, employees from small businesses are provided paid leaves in event of sickness. The Minerals, Business and Economic Development committee members have authorized that grants and loans will be provided to small businesses in the Equality State hit hard by the COVID-19.
Alaska small businesses have been disproportionately disrupted by the industry shutdowns and quarantines due to the COVID-19 crisis. The state is getting federal funds of more than $1.25 billion from the federal government to counter the impacts of the coronavirus pandemic, and approximately 25% of these funds will be allotted to small businesses in Alaska. Alaska Governor has announced that loan programs delivered by the state will be allocated $300 million by the Alaska Department of Commerce, Community, and Economic Development (DCCED) to provide relief to 10,000 small businesses in Alaska which were impacted by COVID-19. Alaska Economic Stabilization Team is also in service for the assistance of small businesses.
Federal government, through SBA, is providing small businesses with forgivable loans through Paycheck Protection Program (PPP) and low-interest based loans up to $2 million to small businesses in declared disaster areas through Economic Injury Disaster Loan (EIDL) funds. PPP help small businesses with payroll expenses and EIDL helps recover the economic injury caused by COVID-19. According to the figures provided by the National Federation of Independent Businesses, federal PPP has provided loans to around 20% of Alaska businesses. Moreover, 4,842 businesses have gained loans worth $922 million from the US Small Business Administration (SBA).
Furthermore, the Alaska Industrial Development and Export Authority (AIDEA) is helping the businesses which have already availed loans from the banks in Alaska by providing up to $1 million in loan guarantees. Under the Alaska DCCED, AIDEA is also administering the Alaska CARES (AK CARES) funded by the relief grant worth $1 billion of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. The funding was approved by Alaska’s Legislative Budget and Audit Committee (LB&A). Alaska Credit Union is also assisting AIDEA in ensuring a $290 million small-business grant program. AK CARES was initially available for small businesses which missed the federal funds but now small businesses which are recipients of PPP and EIDL loans worth $5,000 or less are also eligible to apply for now expanded AK CARES.
The Alaska Small Business Development Center (SBDC) have provided technical assistance to more than 10,000 small businesses. SBDC is also funded by SBA as its largest business resource partner. It provides out of cost business advice regarding finance, marketing, resilience plans, etc. SBDC assisted and advocated the AK small businesses to get $1.7 billion in PPP loans and EIDL. Alaska fisheries are provided with a $100 million economic stimulus. US Chamber of Commerce has provided COVID-19 Small Business Guide. Alaska banks and credit unions are participating as lenders for SBA. Alaska Manufacturing Extension Partnership (MEP) are helping with personal protective equipment (PPE). Alaska Microloan is helping by providing loans for fulfilling the capital needs of small businesses. Small Business Economic Development and Rural Development Initiative Fund are financing the start-up and expansion of small businesses to create employment opportunities.
Small businesses throughout the state have suffered economic injury incurred due to COVID-19 and they are now being provided with economic assistance through Arizona government and counties with the help of funds offered by federal reserves. To help small businesses with their payroll expenses, rents, utilities, etc. federal Coronavirus Aid, Relief, and Economic Security (CARES) Act has established a Paycheck Protection Program which provides immediate cash as forgivable loans. Such needs can also be assisted by microloans of up to $25,000 provided by the “Chicanos por la causa Prestamos” division. They can also get up to $2 million as loans granted by US Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL). Small businesses which are ineligible for PPP can get loans under the Main Street Lending Program. SBA’s Lender Match also provides microloans to small businesses.
Moreover, Main St. Matters program under the Better Business Bureau Serving the Pacific Southwest, provides emergency grants worth $500 or $1,000. Small businesses connected to SBA Express Lender can avail up to $25,000 under Express Bridge Loan Pilot Program. Growth Partners Arizona is providing Small Business Success Loans to help small businesses which need larger amounts for their business expenses. Small business can also get help from crowd funding by interest free loan ranging from $1,000 to $15,000 through the Kiva Tucson loans. Arizona Public Service has developed SizeUp Arizona, which is offering research and analysis expertise to small businesses to help compete in the market of Arizona.
Small businesses are the heart of Arkansas communities and provide employment to around 50 percent of the workforce. These businesses have been acutely affected due to the unprecedented crisis of COVID-19. Federal government has launched the Coronavirus Aid, Relief, and Economic Security (CARES) Act which is a $2.2 trillion relief package to provide financial assistance as loans to small businesses. Paycheck Protection Program’s forgivable loans under the CARES Act encourage retention and expansion for businesses with less than 500 employees. Under the Employee Retention Credit, Internal Revenue Service is also helping in employee retention. Small Business Administration (SBA) Debt Relief provides interest of the loan program offering loans up to $5 million to small businesses.
SBA Economic Injury Disaster Loan provides low interest working capital loans up to $2 million to small businesses. SBA Express Bridge Loan Pilot Program helps small businesses to develop their relationship with an SBA Express Lender. Through SBA Express lender, small businesses can avail immediate loans up to $25,000. A $600 billion lending program, the Main Street Lending Program is funded by the federal reserves and offers loans to businesses.
As the small businesses have come back after the COVID-19 shutdown, “Arkansas Ready for Business” grant program has been initiated to help restart operations.The program is worth $55 million and provides grants up to$100,000, or $1,000 per employee to small businesses which can be used for employee services. More than 12,000 businesses have benefited from these grants receiving more than $147 million. Arkansas Governor, Gov. Asa Hutchinson has launched a Quick Action Loan Program worth $12 million to provide loans and loan guarantees of up to $250,000.
Arkansas State Chamber of Commerce and Associated Industries of Arkansas have developed a Coronavirus Resource Page providing information about the needed resources during COVID-19. Arkansas Small Business and Technology Development Center has launched Business Toolkit which provides information and resources to help small businesses manage and plan their businesses in these critical times.
Arkansas Economic Development Commission and Arkansas Chambers of Commerce has developed resources are essential in helping small business in the state. The Arkansas Procurement Technical Assistance Center has been helping small businesses obtain government contracts since 25 years. The Arkansas 30 Day Fund provides COVID-19 forgivable loans to eligible small businesses employing 3-30 employees. Truist Financial Corp., has dedicated $1 million to Lift Fund to support small businesses in Crittenden County in Arkansas by providing grants ranging from $5,000-$25,000. Arkansas Women’s Business Center provides help to women business owners, and Arkansas SCORE provides counselling to small business owners
The Delaware Division of Small Business (DDSB) is helping small businesses steer through this challenging time and prosper in the transition back to normal routine, once the pandemic ends. The DDSB helps small business start and expand. The State of Delaware in collaboration with New Castle County has launched a Coronavirus Aid, Relief, and Economic Security (CARES) Act sponsored relief program, Delaware Small Business Relief Grant Program. Delaware State Relief Grants are under their phase II and grants of up to $100,000 are being offered to small businesses by the DDSB . It has helped more than 3,000 small businesses in the state with $100 million.
To help small businesses cover the COVID-19 expenses, federal government has provide a new grant for Delaware small businesses worth $100 million. This new grant of up to $100,000 is estimated to help more than 3,000 Delaware small businesses and nonprofit organizations. The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Declaration (EIDL) has also been approved for Delaware. EIDL provides loans up to $10,000 to assist small businesses with operational costs incurred due to COVID-19 crisis and. The SBA Express Loan Program provides immediate financial aid.
The COVID effected small businesses related to hospitality and tourism with annual revenue of less than $1.5 million are offered no-interest long term loans up to $10,000 through the Hospitality Emergency Loan Program (HELP), established by the Delaware Division of Small Business. Till now, more than 300 businesses in the state’s HELP loan program have received more than $5. The Local Initiatives Support Corporation (LISC) has launched a Rapid Relief & Recovery Fund to provide immediate financial assistance to small businesses impacted by the pandemic.
Forward Delaware provides training to employees for working in the post COVID business environments. Business Managers provide business counselling to small businesses. EDGE Grants provide grants ranging from $50,000 to $100,000 to new small businesses in Delaware to help compete in the market. Those small businesses applying for Phase II of the federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) can avail grants under the Delaware Technical Innovation Program (DTIP). The DDSB Chart helps businesses find their appropriate loan program.
In the wake of COVID-19 crisis, Hawaii has been declared a disaster area by the Hawaii Governor David Ige. Due to the disastrous impacts of this pandemic small businesses have suffered economic injury. The governor said, “Small businesses are a vital economic driver in our community, and we must do everything we can to support them as they struggle through this crisis.” Therefore both federal and state resources are being used to help small business offset the losses incurred due to COVID. A Coronavirus Aid, Relief, and Economic Security (CARES) Act funded Paycheck Protection Plan (PPP) provides small businesses forgivable loans of up to $10 million for payroll and other expenses. The Paycheck Protection Program Flexibility Act includes $2.465 billion to support 23,786 Hawaii businesses.
The US Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) provides low interest working capital loans up to $2 million to the small business having suffered through economic injury due to COVID-19. An additional $542 million have been provided for EIDL to support 8,884 Hawaii businesses. The SBA announced to provide $65 million for another program which will provide grants up to $10,000 for 20,773 Hawaii businesses. The SBA Debt Relief program provides relief to small businesses for their debts.
Express Bridge Loan Pilot Program provides immediate financial assistance with loans of up to $25,000 to small businesses having relationship with an SBA Express Lender, to cover revenue loss. Under and all-inclusive loan program of SBA, funded by its lending partners, SBA provides loans of up to $5,000,000 for eligible small businesses. Express Revolving Loan program offers loans of up to $350,000. SBA lending partners administer a Community Advantage loan pilot program through which they provide loans of up to $250,000 to businesses.
To assist through the pandemic, Salesforce Care Small Business Grants provide grants worth $10,000 to small businesses. Business Development program helps the disadvantaged small businesses to compete through the market on a level playing field. 504 loan program help in employment retention. Microloan program provides loans up to $50,000.
Small Business Relief and Recovery Fund helps small businesses with the expenses incurred due to sudden COVID business shutdown. Reimbursement fund up to $10,000 to eligible businesses with 30 or less employees. The funds can be used for rental, protective measures, utilities and payroll expenses. SBA’s Local Assistance Directory can be consulted to find the nearest office to fulfil the business needs. Hawaii Small Business Development Center (SBDC) provides statewide consultation to small businesses regarding SBA loans. Hawaii SCORE, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers are also there to help small businesses.
After the Coronavirus shutdown, 90% of the businesses were allowed to reopen in Idaho in May under the Rebound initiative of Governor Brad Little. Little’s Idaho Rebound plan worth $300 million was launched to help small businesses reopen. It provided grants of up to $10,000 to businesses other than the recipients of Paycheck Protection Program. However, businesses recipients of federal funds less than $10,000 were eligible for this grant. The Governor claimed, “No other state in the country is putting up a larger amount from the Coronavirus Relief Fund to help small businesses with cash support”.
A $1.25 billion federal grant was provided to Idaho for its coronavirus response, initially. Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Small Business Association’s (SBA) Economic Disaster Injury Loan with low interest loans to cover economic injury, SBA’s Paycheck Protection Program (PPP) with forgivable loans for payroll expenses, and SBA Bridge Loan Express are all available for small businesses throughout the state.
Small Business Tax Credit Program provides tax credits to eligible businesses for payroll expenses. The small businesses which suffered only due to COVID and were sound before are provided loans though the Main Street Lending Program. IRS Employee Retention Credit provides tax credits of up to $10,000 for employers suffering decline in gross receipts owing to coronavirus.
Idaho Small Business Development Center provide advocacy and consultation about business resources and information. Idaho Tech Help is launched to help manufacturing businesses with information and resources. The Idaho Women’s Business Center is providing resources to women owned small businesses. Idaho Commerce provides a webpage COVID-19 resources and information.
According to the Small Business Federal Procurement Scorecard 2020, highest ever federal contracts worth $132.9 billion were allocated to Indiana in 2019. A record-breaking $132.9 billion making up 26.5% of these contracts were awarded to small businesses. U.S. Small Business Administration (SBA) has provided federal disaster assistance to Indiana small businesses to cover the losses suffered due to COVID-19.
Under Economic Disaster Injury Loan (EDIL), eligible small business can get loans of up to $10,000. SBA’s Paycheck Protection Program helps Indiana businesses to retain their employees through paying payroll expenses. It’s a forgivable loan in form of immediate cash assistance.
The Small Business Debt Relief Program help severely impacted businesses by forgiving six months loan payments of SBA’s non disaster loans. SBA, through Coronavirus Aid, Relief, and Economic Security (CARES) Act, has provided around $3.7 million to the Indiana Small Business Development Center (SBDC) for offering free business advice and counselling to small businesses. 10 SBDC offices exist in Indiana and the advisors provide disaster loan application assistance as well.
Through Business Ownership Initiative (BOI), the Indy Chamber has launched the Rapid Response Loan Fund. It provides loans ranging from $1,000 to $25,000to help in payroll expenses, insurance premiums and even bridge loan between SBA loans. The Office of Community and Rural Affairs has launched the Hometown Business Preservation Initiative which provides guidance regarding establishing Revolving Loan Fund (RLF). RLF provides loans to small businesses according to the community needs.
Indiana Governor, Holcomb has sanctioned Indiana Small Business Restart Fund worth $30 million. The Fund is sponsored by CARES Act and provides restart grants to eligible small business to help a speedy recovery and restart after COVID-19 business shutdown. Small businesses receive funds ranging from $2,500 to $5,000 according to the annual revenue and number of employees. Indiana Economic Development Corporation (IEDC) has launched Indiana PPE Directory to provide information about protective equipment manufacturers to small businesses in the state.
The Iowa state and federal government are taking action to assist businesses during the COVID-19 pandemic. Upon the request of Kim Reynolds, Governor of Iowa, The U.S. Small Business Administration (SBA) announced Iowa as a disaster area in January 2020. Following which, SBA’s Economic Injury Disaster Loan program’s assistance was provided to small businesses in Iowa through working capital loans.
Iowa Economic Development is providing low-interest loans, relief grants and tax deferrals to small businesses. Iowa Workforce Development allowed extension for unemployment tax credits to businesses with less than 50 employees until July 31. Iowa Small Business Relief Program offers financial aid small businesses with 2- 25 employees suffering through business disruption. Eligible Iowa businesses are provided grants ranging from $5,000 to $25,000.
Under Iowa Economic Development Authority, a fund for Targeted Small Businesses (TSB) in Iowa has been established. It provides grants ranging from $5,000-$10,000 to eligible businesses with no employees but only an owner whose business has suffered economic loss due to the COVID-19 pandemic. The Iowa Department of Revenue has provided flexibility to small businesses in the filing and paying taxes by extending the deadlines for numerous state taxes. Employee retention credit provides refundable payroll tax credit to employees for 50% of wages during the COVID-19 crisis.
Business Development Program provides a level playing field to small business owners who are socially and economically disadvantaged by limiting competition. Women-Owned Small Businesses Contracting Program provides a level playing field for small business owned by women. The Mentor-Protégé Program provides financial assistance and business development guidance to small business owners by the expertise of experienced government contractor. Iowa SCORE also provides counselling and mentorship for small business owners. IASourceLink, provides technical assistance, resources and funding to Iowa businesses.
Small businesses are fundamental for the economic growth and normally provide 60 to 65% of employment in Kansas. The majority of the federal budget in Kansas government grants is allotted to business sector annually with grants worth $5,386.00 million and local government funding of $3,965.00 million. Small businesses suffering from the effects of COVID-19 are getting relief through the U.S. Small Business Association’s (SBA) Economic Injury Disaster Loans (EIDL). The loans provide up to $2 million to small businesses for the expenses caused due to the disaster’s impact. EIDL also provides advance of $10,000.
SBA Express Bridge Loans allow small business related with an SBA Express Lender to have immediate loan up to $25,000. The Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Paycheck Protection Program (PPP) provides loan with an option of forgiveness if used for workforce retention. PPP loans can be availed through banks and as working capital help cover rent, payroll, mortgage interest and utilities expenses.
The Emergency Economic Injury Grant provides immediate cash as small amounts to cater instant business needs. The Small Business Debt Relief Program helps keep up with payments of SBA non disaster relief loans of small businesses. SBA Microloan program provides loans up to $50,000 to small businesses
The Kansas Small Business Development Center provides confidential and professional success advice to the small business holders. SBDCs also provide assistance and information about the relief options available in the post COVID-19 business environment. There are 13 KU SBDCs and are in partnership with the SBA, the Kansas Department of Commerce, the KU School of Business and the Lawrence Chamber of Commerce. Small Business Working Capital grants provides working capital grants on a rolling basis to the eligible Kansas small businesses with less than 500 employees to help in rent, payroll, utilities and other operational expenses. Network Kansas launched Matching Loan Programs support start-ups and business expansion.
Business closure occurred in order to stop the spread of COVID-19, hence small businesses are in a desperate quest of relief. Their best shot to staying afloat is taking benefit of federal and state grants and loans. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for businesses through managed by the U.S. Small Business Administration (SBA), including the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) Grants, SBA Debt Relief, and SBA Express Bridge Loans.
The Economic Development Administration’s CARES Act Recovery Assistance, provides financial assistance to eligible businesses to help recover from the corona impacts. The Small Business COVID-19 Relief Grants program helps preserve businesses and avert business shutdowns caused by the COVID-19 pandemic. Eligible businesses are provided up to $50,000 for operational expenses. The Department of Economic Development provides Small Business COVID-19 Relief Loans worth $2.8 helps small businesses by providing immediate cash. Micro-Business Bridge Loan provides interest free loans up to $3,000 to eligible small businesses with less than 5 employees to cover the losses incurred due to the COVID-19 pandemic. METCO Small business loans as start-up capital and working capital start for small businesses to start and expand.
The (CARES) Act has provided a $2.4 million fund to the Kentucky Small Business Development (KSBDC). KSBDC is responsible for providing training, counselling and relief assistance to small businesses which suffered through disruptions caused by COVID-19. KSBDC keeps business owners informed about bank loans, the US Small Business Administration’s (SBA) loans, State of Kentucky commercialization funding and Federal SBIR/ STTR commercialization funding.
In a state like Maine, small businesses have become a culture and are a main source of economic growth for the state. According to the U.S. Census Bureau small businesses with less than 500 employees make up a huge chunk of state’s workforce i.e. three-fifth of the entire work force. This Pine tree state is well known for its tempting business prospects including easy access to business resources, supportive community and sensible restrictions on business operations.
Small businesses are part and parcel of Maine’s economy. According to U.S Small Business Administration‘s (SBA) small businesses make up 99 percent of all Maine Business and employed over half of the State’s workforce, so in the wake of the novel Corona virus’s wave, state’s regulatory bodies had to shut down all small businesses owing to the rising health concerns, results of which were predominantly felt by the state.
Business advisors from Coastal Enterprises Inc. (CEI) arranged over 2000 coaching sessions for the small business owners across the state in the 1st two months of the pandemic, while CEI’s lending team worked closely with borrowers, which resulted in modifying to over 50 percent the loans in the portfolio. SBA microloans, a federally administered program provided for some immediate loan relief, which accounts for 72 loans in CEI’s portfolio. However, it was immediately felt by CEI staff members that the said program didn’t address the needs of many other borrowers. In order to compensate that, they did some fundraising to make up for those businesses.
In rural parts of the state small farms are main source of local food production but initially COVID relief programs didn’t include any grants or funds for those small farms. Later on the Henry P. Kendall Foundation allowed CEI to provide three months of CEI debt relief covering principal and interest payments for all the farms in our portfolio.
In August 2020, Governor Janet Mills took initiative to help small businesses with a $200 million aid program to help Maine’s small businesses and nonprofits organizations. Money for the Maine Economic Recovery Grant Program will come from federal CARES Act funds provided for coronavirus relief. A federal fund of $1.6 million was given to Maine government for revitalization of small businesses.
The U.S. Small Business Administration (SBA) is responsible to channelize federal help to small businesses. SBA is providing relief through loans through the forgivable loans of Paycheck Protection Program (PPP), low interest loans and advance of Economic Injury Disaster Loan (EIDL) Grants, debt deferrals and payments of SBA Debt Relief, and immediate loans of SBA Express Bridge Loans.
The Maine Small Business Advocate represent small businesses that expression the challenges due to Maine’s extensive and often complex regulatory requirements and help small businesses take root and prosper. The Business Answers program of the Maine Department of Economic and Community Development (DECD) establish connections between businesses and state regulatory departments. The Office of Business Development at DECD make sure that small businesses are provided access to the required resources through direct assistance.
Pandemic Emergency Loan Fund program administered by the Brunswick Development Corporation, provides loans up to $5,000 to small businesses. The Finance Authority of Maine (FAME) is partnering with SBA and local lenders is providing special, limited-time loans and also some loan insurance to eligible small Maine based businesses affected by coronavirus.
The Maine Small Business Development Center (Maine SBDC) have a statewide network which provides confidential counselling for business launching and expansion. The Women’s Business Centers helps women business owners by providing mentoring and training. The Internal Revenue Service’s Small Business and Self-Employed Tax Center provides great help for business growth. Maine SCORE provides expert advice and guidance to small business owners.
Small businesses in Minnesota have faced an unprecedented economic disruption due to the COVID-19 outbreak. The state of Minnesota has also established emergency-loan programs to help small businesses through this crisis. The Minnesota Department of Employment and Economic Development (DEED) has established an emergency loan program, Small Business Emergency Loan Program, worth $30 million to help small business owners in Minnesota after the business shut down. It’s a 50% forgivable loan and provides interest free loans ranging from $2,500 to $35,000 according to the financial requirement and economic injury of the business. An estimated $28 million would be available in local revolving loan funds.
The U.S. Chamber of Commerce Foundation and Vistaprint has launched Save Small Business Fund which also provides grants to assist the Minnesota small business. Small Business Loan administered by the Metropolitan Economic Development Association, provides loans to certain business ranging from $25,000 to $400,000.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act worth $2 trillion is an economic relief package to mitigate economic impacts of COVID-19, and provides immediate and direct economic assistance to small businesses. The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) offers loan for employee retention during the Coronavirus (COVID-19) crisis. Main Street Lending Program provides small businesses with additional funds.
SBA’s Economic Disaster Injury Loan provides low-interest long term loans of up to $2 million to small businesses in Minnesota. Meanwhile, SBA Express Bridge Loan provides immediate financial assistance as bridge loans until the relief loans arrives. SBA Small Business Loan lends up to $50,000 to eligible small businesses to help start a business and assist in expansion and growth. SBA’s microloans are also available for Minnesota based small business.
Internal Revenue Service has launched a webpage to help out small businesses and taxpayers affected by the coronavirus. USDA Rural Development provides help to rural businesses affected by COVID-19. Coronavirus Business Resource Center, Small Business Development Centers, Minnesota SCORE, SBA Women’s Business Centers, Women Venture and the Women’s Business Alliance, Veteran’s Business Outreach Centers, Entrepreneur Fund help with COVID-19 resources, financial advice, business mentoring and consultations.
The United States of America has established a strong system, made up of associations and different programs that help small business retain and enhance their economic activity. These programs are initiated and implemented by both, the local governments as well as the federal one to ensure that these businesses are up and running, thereby contributing greatly to the country’s GDP.