How Small Businesses Can Access Private Sector Grants and Loans During COVID-19

We know access to capital is a critical lifeline for many small businesses during this difficult time.

FiscalNote was built to help manage risk and uncertainty, so we’re bringing you this resource which aggregates over $1 billion of grants and loan opportunities from private sector companies and online lenders that you can apply for right now.

We’ll add to the list as we find more information. Please feel free to reach out to us at marketing@FiscalNote.com and we’ll add any relevant grants and loans.

GRANTS

Fundraising

1) GoFundMe’s Small Business Relief Fund provides one-time matching grants to qualifying small businesses to help alleviate financial burdens during these pressing times.

How to Apply: No action needed. Donations to the relief fund will be paid out as grants to businesses that qualify and have created a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe. For small business fundraisers started prior to March 24 , or outside of the Small Business Relief Initiative partnerships, the organizer can update their fundraiser description with the hashtag #SmallBusinessRelief to be considered for a grant from this fund. 

Financial Services      

1) Kabbage is offering gift certificates to support small businesses through Kabbage Payments. Any business can sign up to sell gift certificates online, and anyone can purchase them to support participating small businesses.

How to Apply: Create a free account here to set up online gift certificates offering.

2) US Bank made a $30 million commitment to human services organizations and local nonprofits: $4 million was given to United Way, LISC, and Operation HOPE to support individuals and small businesses affected by COVID-19 and $26 million in general operating funds to local nonprofit organizations supporting individuals and families with financial education, affordable housing, and work assistance.

How to Apply for the United Way North Texas Cares Coronavirus Relief Fund: Submit an application by June 30, 2020.

How to Apply for Assistance with Operation HOPE: Register for help here.

3) Wells Fargo deployed $2 million of flexible capital to provide immediate cash boosts and financial coaching support for entrepreneurs and their low-wage workers through Opportunity Fund’s Small Business Relief Fund.

How to Apply for Assistance: Learn more here.  

Non-profit

1) James Beard Foundation Food and Beverage Industry Relief Fund is offering each applicant (whether an independent restaurant or restaurant group) approved by the Fund shall a one-time payment of $15,000.

How to Apply: The application is currently closed. Sign up here to be notified when the application process reopens.

2) Restaurant Workers Community Foundation COVID-19 Relief Fund raised over $3.5 million to help support restaurant workers and non-profit organizations serving restaurant workers, and provide no interest loans for restaurants. 

How to Apply for the Emergency Fund Program: Submit an application here through the Southern Smoke foundation.  

Technology

1) Amazon created a $5 million Neighborhood Small Business Relief Fund to support small businesses in Seattle.

How to Apply: Learn more here and fill out an application to verify business eligibility.

2) Facebook’s Small Business Grants Program is offering $100 million in cash grants and ad credits to help small businesses during this challenging time.

How to Apply: See application guide for more information.

3) Google committed $800+ million to support small- and medium-sized businesses (SMBs), health organizations and governments, and health workers on the frontline of this global pandemic.

- $250 million in ad grants to help the World Health Organization (WHO) and more than 100 government agencies globally provide critical health information.

- $200 million investment fund that will support NGOs and financial institutions around the world to help provide small businesses with access to capital.

- $340 million in Google Ads credits available to all SMBs with active accounts over the past year.

- $20 million in Google Cloud credits for academic institutions and researchers

- Direct financial support and expertise to help increase the production capacity for personal protective equipment (PPE) and lifesaving medical devices.

How to Apply for the Google Ads Credits: No action needed. Small and medium businesses that qualify for ads credits will be contacted through notifications within their Google Ads account.

How to Apply for Google Cloud Research Credits: Submit an application.

4) Mailchimp is offering $10 million worth of service for existing customers who want to continue using Mailchimp’s platform but need some financial support during this period.

How to Apply: Fill out this form.

5) Yelp committed $25 million in relief for affected businesses, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services.

How to Apply: Eligible small businesses in the restaurants and nightlife categories can add three Yelp features (Call to Action, Business Highlights, and Yelp Connect) free of charge through April 30, 2020. Log into your Yelp for Business accounts for more detail and to access these features.

6) Zapier created a $1 million Small Business Assistance Program for their most impacted small business customers.

How to Apply: Fill out this form.  

Telecommunications

1) Verizon made a $2.5 million investment in Local Initiatives Support Corporation (LISC)’s COVID-19 Recovery Fund to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19.

How to Apply: The first round application has been closed. Register here for notification on the second round application beginning mid-April.

LOANS

Financial Services

1) Berkshire Bank is setting aside $3 million in funding assistance to New England small businesses that are most impacted by the financial implications of the pandemic.

How to Apply: Learn more here.

2) Goldman Sachs made a $550 million commitment to provide funding and lending to small businesses through the Global Small Business Stimulus Package and the Goldman Sachs COVID-19 Relief Fund.

- $500 million to provide emergency loans to small businesses across the country: $20 million for the City of New York’s emergency loan facility and $100 million for the City of Chicago’s emergency loan facility. Additional partnerships will span multiple cities and countries.

- $25 million in grants to Community Development Financial Institutions (CDFIs) and other mission-driven lenders to ensure they have the necessary capacity to underwrite and deliver loans to small businesses as soon as possible.

- $25 million commitment through Goldman Sachs Gives to support healthcare organizations, frontline responders, and the hardest-hit communities.

How to Apply to the $100 million Chicago Small Business Resiliency Loan: Fill out an online form here. 

3) Intuit launched Intuit Aid Assist to help U.S.-based businesses, self-employed, contractors, freelancers, and gig workers understand different business relief programs. Intuit subsidiary, QuickBooks Capital, also received the U.S. Small Business Administration’s (SBA) approval to be a non-bank lender for the Paycheck Protection Program (PPP).

How to Apply: Check your eligibility and estimate loan forgiveness amount here. Learn more about PPP loans here.

4) Kabbage is offering Paycheck Protection Program loans on behalf of one or more approved U.S. Small Business Administration (SBA) lenders. Loans are available for up to 2.5 times of your average monthly payroll during the year preceding the application. Note, Kabbage can only process loans of up to $2 million.

How to Apply: Create an account and fill out an online application to determine your eligibility.

5) Paypal is approved to provide access to small business loans through the SBA Paycheck Protection Program. It is also waiving fees and deferring business loan repayments for small business customers.

How to Apply: Learn more here.

6) Square Capital received SBA approval as a PPP lender this week. Clients will be notified through the Square dashboard when the application becomes available. 

How to Apply: Learn how to begin preparing to apply here. 

Non-profit

1) Restaurant Workers Community Foundation is offering no-interest loans to help small businesses get up and running again when they can.

How to Apply: Sign up for the RWCF newsletter to be notified when applications are open for these funds.

To keep on top of the bills introduced and funding resources designated in your state, visit FiscalNote's Coronavirus Updates & Resource Center for a trusted source of consolidated information, timely news articles, webinars, and best practice resources as you navigate through this time of uncertainty.