Updated June 4, 2020
While most small business owners are aware of the PPP and EIDL loans, there are other national and local programs available that may be able to assist small businesses.
However, keep in mind, that no matter who you lend from, you need to read the fine print and reach out to your CPA to make sure you understand the financial requirements and potential impact to your bottom line before you sign anything. With that caveat, here are some national and local programs to consider.
National Loan Programs
SBA Express Bridge Loans
The Small Business Administration is offering business owners the chance to apply for SBA Express Bridge Loans in addition to PPP and EIDL loans. This program is designed for companies that already have an SBA loan to access up to an additional $25,000. Companies can get funds in a matter of hours through an approved lender.
Main Street Lending Program
The Federal Reserve has announced that it is establishing a Main Street Lending Program to support lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic. The program will provide up to $600 billion in loans to small and medium-sized businesses. Specifically, the Fed will offer four-year loans to companies that employ less than 10,000 workers or have revenues of less than $2.5 billion.
Crowdsourced Zero-Interest Business Loans from KIVA
Kiva is the world's first online lending platform connecting online lenders to entrepreneurs and they are now offering up to $15,000 at zero interest.
Consider microlenders. The Aspen Institute’s Business Ownership Initiative has a national database on the scale, effectiveness and outcomes of non-profit microlending organizations.
The Bay Area is also offering businesses loans and grants right now.
San Francisco: The San Francisco Hardship Emergency Loan Program (SF HELP) is providing small businesses with up to $50,000 in zero interest loans. San Francisco businesses who have been financially impacted by the pandemic and have not received a federal Paycheck Protection Program (PPP) loan are encouraged to fill out a loan inquiry form which will be open until 11:59pm on June 18, 2020. Businesses who have submitted a loan inquiry in the first round of SF HELP with Main Street Launch but were not selected for funding will need to resubmit another inquiry form with Mission Economic Development Agency (MEDA). For more information, eligibilities and to submit an inquiry form available online here. (updated June 4, 2020)
San Francisco: Resiliency Fund – grants for up to $10,000 for San Francisco small businesses affected by COVID-19 with less than 5 employees. The funding can be used for payroll, rent, utilities, and inventory. Businesses who have applied for the Phase One of the Resiliency Fund but were not selected for funding will automatically be entered into Phase Two. You do not need to reapply. For more information, eligibilities and to apply, visit the City's grants page. Applications will be accepted until June 17, 2020. (updated June 4, 2020)
Berkeley: The City of Berkeley is making grants of up to $10,000 available to Berkeley-based small businesses and nonprofits to enable continuity through and/or beyond the COVID-19 pandemic. NOTE: The first round is closed, but a second round is expected. Visit the City of Berkeley website here for updates and to apply.
For San Mateo County Businesses: The San Mateo County Board of Supervisors has provided $3 million in seed money to launch a fund to provide emergency relief to local individuals, families, nonprofit organizations and small businesses. Learn more here.
The Bay Area Arts Worker Relief Funds established by a collaborative of local arts organizations will provide funds for arts workers who are facing a loss of income due to the pandemic. You can apply for the grants beginning April 27th
There will be two sources of support: one for workers in the performing and musical arts and one for workers in visual, literary, media, film and video arts.
Facebook is offering Small Business Grants of $2,500 to impacted small businesses, plus up to $1,500 in Facebook ad credits, and the application process has opened in the San Francisco Bay Area. Click here to check your eligibility and access the application.
GoFundMe is providing matching grants of $500 to small businesses that have been impacted by the COVID-19 crisis, start a fundraiser on GoFundMe, and raise $500 from other supporters. Learn more here.
Hello Alice is offering grants of $10,000 to impacted small businesses. Learn more here.
Restaurants workers can find a bit a solace from the Restaurant Workers’ Community Foundation.
Finally, here are a couple of sources providing help for nonprofits:
The San Francisco Foundation will make a limited number of one-time grants of up to $5,000 – $25,000.
The United Way Bay Area COVID-19 Community Relief Fund has raised over $4 million which is being awarded to local nonprofits. Apply here.