Resources and Funding Help for Small Businesses

2
April 2020

Below you will find information on State and City programs, Industry and alternative funding options, and other help that is available now, or will be soon, to help small business cope with the financial fallout from Covid-19. This page will be updated with new information as soon as it becomes available.

Last Update: April 2

Federal Programs

ALERT: The U.S. Small Business Administration stated on 4/3 that all applicants for its Economic Injury Disaster Loans should reapply using this website. All business owners need to reapply, including those who submitted loan applications via email, fax and snail mail. The initial online application portal was disabled last week due to security concerns. The new process involves completing a brief online application, after which the SBA will request financial documents about the business.

We have a complete guide to the New CARE Stimulus Plan for your business here.

The Internal Revenue Service (IRS): The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

Many banks are offering help, such as deferred payments, to small business loan customers struggling to make payments. Search for your bank on the American Bankers Association’s ongoing A-Z list of coronavirus response programs.

State and City Programs

Click here for a Complete State Relief Guide

Chicago: Small businesses in Chicago can apply for low-interest loans of up to $50,000 with repayment terms of up to five years, starting March 31. Some are highlighted below.

Florida: The Florida Small Business Emergency Bridge Loan Program provides short-term, interest-free loans to businesses impacted by COVID-19. These loans help businesses bridge the gap between the time damage is incurred and when a business secures other financial resources, including payment of insurance claims or longer-term U.S. Small Business Administration loans. Check the state’s Covid-19 resources page for information on this, and other assistance and counseling programs for small business owners.

New York City: is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit. Visit the NYC Financial Assistance for Small Businesses page for more information.

Los Angeles: Businesses and microenterprises in Los Angeles that are responsible for providing low-income jobs can get an emergency microloan of $5,000 to $20,000.

San Francisco's Office of Economic and Workforce Development (OEWD) will issue emergency grants of up to $10,000 for affected small businesses. Find out more about the COVID-19 Small Business Resiliency Fund.

Washington State plans to offer debt relief and deferred billing options. In Seattle, businesses with five or fewer employees that are owned by someone at or below 80 percent of the area's median income are eligible for grants of up to $10,000. Get the details here. Future assistance plans may include help with paying utilities, and city tax extensions.

Industry Specific

Food and Beverage

USBG Emergency Fund: for bartenders, spouses and children of bartenders

RWCF: zero-interest loans to businesses to maintain payroll during closure or re-open once this crisis has passed, and to establish a relief fund for individual workers facing economic hardships or health crises as a direct result of COVID-19.

OFW Emergency Fund: Cash assistance for restaurant workers, delivery drivers and other service workers.

CORE Gives: support for children whose parents work in the food and beverage industries.

Eater has a very useful list of resources focused on nonprofits’ efforts to help the industry, as well as excellent pages for many cities.

Restaurant Workers’ Community Foundation has a comprehensive list of financial, health, and other information for people in the food service and beverage industries.

ROC United offers a great breakdown of resources by state, as well as national information.

Additional Resources

American Express is offering payment extensions and other help for cardholders who are financially impacted by Covid-19.

Help Main Street! is a cool new program, where you can list your business (primarily for restaurants and retail) on their site where consumers can buy gift cards for your business.

Amazon has a Neighborhood Small Business Relief Fund you can check out here.

Facebook announced that they will be offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where the company operates. Sign up to get more details as they become available.

The US Chamber of Commerce has a useful social media toolkit here.

Alternative Funding Options

We don't want to use this page to promote our services so we'll simply say this: Whether you have acquired funding through One Park Financial previously or not, know we are here for you. If you find that you do not qualify for Federal or state loan programs, or simply need working capital right now, we will do whatever we can to help your business.