Coronavirus - Small Business Financial Resources

Date: March 20, 2020

Financial Resources

Small Business Administration (SBA):

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Leeway from Financial Institutions:

Banks and credit card companies are offering assistance to customers experiencing financial hardship due to coronavirus related business closures. Customers may have late fees waived or receive assistance with minimum payments. Financial institutions encourage customers to contact customer service for assistance.

Assistance from State and Local Governments:

Local governments are offering assistance to small businesses experiencing financial hardship due to coronavirus.

  • California
  • Florida
  • Massachusetts
  • Pennsylvania
  • New York City
    Mayor Bill de Blasio announced that the City will provide relief for small businesses seeing a reduction in revenue because of COVID-19. 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.
  • Seattle
    Grants up to $10,000 are available for business owners with an income of <80% of the Area Median Income, with 5 or fewer employees (including the owner), with a physical business location, and experiencing a loss of income due to COVID-19.

Read the Latest Legislative Updates on Coronavirus

Related Content: Analysis | coronavirus

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Additional Resources & Toolkits

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CDC Guidance for businesses and employers

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Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)

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