
Managing Money In A Crisis
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We’ll continue updating this page with resources and information as new details emerge in the world’s response to COVID-19.
With canceled events, few customers and supply chain disruptions, small businesses across the country are taking a hit during the coronavirus outbreak. You might be able to find low- or no-cost financing to cover operating expenses from the government and some private lenders. You also might be able to qualify for a cash grant.
Some lenders as well as federal, local and state governments have rallied to offer either low- or no-interest loans to small businesses affected by the coronavirus. These are the main types of loans available to businesses affected by the coronavirus.
Yes, can still apply for the Economic Injury Disaster Loan Program. The Paycheck Protection Program (PPP) was reopened in January 2021, with an end date of March 31, 2021.
If you need money fast, you might want to consider other loans available during the COVID-19 outbreak.
The SBA's Paycheck Protection Program (PPP) offers loans of up to $10 million to small businesses established before the COVID-19 outbreak, with the potential for 100% forgiveness. The current round of PPP funding is open until March 31, 2021 — though the SBA is only accepting applications from businesses with fewer than 20 employees from February 24 to March 10, 2021.
This round of funding also includes Second Draw PPP loans, available to small business that have been especially hurt by the coronavirus outbreak and already received a PPP loan. The Second Draw loan is available in amounts up to $2 million, and is generally available to businesses that already spent the first PPP loan with no more than 300 employees and a 25% year-over-year drop in revenue.
In March 2021, the SBA also opened up PPP loans to business owners who were convicted of a nonfraud felony in the past year or had defaulted on student loans. And it revised the formula it uses to calculate PPP loan amounts for self-employed borrowers to help them qualify for more funds.
Or check out our step-by-step guide to applying to the PPP to learn how to get started.
3 lenders share tips for applying for the PPP loan
Lenders are no longer offering SBA PPP Loans, so instead we recommend applying for an SBA loan through an online lender.
The Small Business Administration (SBA) offers Economic Injury Disaster Loans (EIDLs) to businesses in all 50 states affected by the coronavirus, including nonprofits and sole proprietorships. It reopened the program to all types of businesses — not just agricultural — on June 15, 2020.
If you've already applied for an EIDL, you can't receive another one. But the second round of stimulus relaunched the EIDL grant program, offering up to $10,000 to eligible businesses that have 300 or fewer employees, saw a 30% drop in revenue and are located in a low-income community. Grant applications are available to businesses that received an EIDL grant below $10,000, to cover the difference.
You must apply through the SBA Disaster Assistance website between January 31, 2020 and December 31, 2021 to receive a grant.
If you need more than $10,000 to cover expenses now, you can apply for a disaster bridge loan in addition to your disaster loan. This program offers up to $25,000 in funding with less paperwork and a quicker turnaround, though the exact timing depends on the lender.
Lenders can charge up to 6.5% over the prime rate, or 9.75% as of December 23, 2020. The maximum term is seven years, but if you receive disaster loan funds, you can use it to pay off all or part of your bridge loan.
These loans are available through Lenders that were accepting Main Street Lending Program applications.
The second round of stimulus funding also made SBA 7(a) and 504 loans temporarily more flexible by reducing fees and increasing the amount the government backs and increasing loan amounts to as high as $10 million.
Loans issued between February 1, 2021 and September 30, 20201 will also receive six months of SBA Debt Relief — meaning the SBA will cover interest, principal and fee payments up to $9,0000 per month during that period.
Some lenders have started offering discounted loans to help small businesses combat the coronavirus. While these loans are still rare, more may be coming soon, especially in areas where the government subsidizes or backs these loans, like Washington State.
And, while many banks don’t offer disaster loans, most are offering assistance and resources to guide you through the application process.
FundRocket | Stimulus 2020 | $1,000 | 0% APR |
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LiftFund | Disaster Relief 2020 Loan | Up to $50,000 | Rates vary depending on if you’re a new or returning customer. | Applications have been temporarily closed, but you can fill out an interest form on LiftFund’s website.
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U.S. Bank | Quick Loan | $5,000 to $250,000 | APR 2% lower than what your business would have otherwise qualified for |
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U.S. Bank | Cash Flow Manager | $10,000 to $250,000 | APR 1% lower than what your business would have otherwise qualified for |
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WaFd Bank | Small Business Lifeline | Up to $200,000 | 0% APR for first 90 days | We could no longer find details about this loan on the WaFd Bank website, as of June 8, 2020. It may have closed applications, so reach out to a WaFd Bank customer service representative for more information.
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Wefunder | Coronavirus Crisis Loan | $20,000 to $1 million | 3% to 10% APR |
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9 ways to increase cash flow during the coronavirus outbreak
These cities have started offering loans for small businesses that have been hurt by the coronavirus. This list is growing fast — check with your local officials if you don’t see your city listed here.
Applications have been temporarily closed, but you can fill out an interest form on LiftFund’s website.
Bexar County teamed up with LiftFund to offer interest-free disaster loans of up to $25,000 to small businesses. Terms are either 24 or 36 months, depending on how much you borrow. Payments are deferred for 120 days.
You can apply by filling out an application on the LiftFund website.
Your business must meet the following criteria to qualify for this loan:
You also need to verify the information in your application by connecting with your business’s bank account and presenting your business’s plan of action to rebuild after the outbreak.
Applications for the Chicago Small Business Resiliency Fund have closed.
The Chicago Small Business Resiliency Fund allows businesses to borrow up to $50,000. The APR is set at 1% for the first 18 months and will increase to 5.75% for the remaining loan term. At least 50% of the proceeds must go toward payroll, and borrowers are required to make maintain 50% or more of their workforce for at least six months.
You can apply directly on the Chicago Small Business Resiliency Fund website.
To apply for the Chicago Small Business Resiliency Fund, your business will need to meet these requirements:
Applications have been temporarily closed, but you can fill out an interest form on LiftFund’s website.
The City of Corpus Christi has launched a Disaster Relief Loan program in partnership with microlender LiftFund. Businesses can borrow up to $25,000 at 0% interest with terms from 24 to 36 months, depending on the size of the loan. Payments are deferred for 120 days.
You can apply by filling out an application on the LiftFund website.
Your business must meet the following requirements to qualify for this loan program:
You’ll also need to verify your application by connecting with your bank account and presenting a plan of action to deal with the outbreak.
Denver partnered with CEDS Finance to create the Denver Microlending Program, which offers business loans between $5,000 and $50,000 with terms up to five years.
You can fill out the intake form on CEDS Finance’s website.
The Denver Microlending Program has two main requirements:
Los Angeles launched the City of LA Small Business Emergency Microloan Program to help small businesses deal with the COVID-19 outbreak. Businesses can borrow between $5,000 and $20,000.
There are two types of loans, depending on your business type:
You can apply online through the City of LA’s website. You’ll need to submit the following documents along with your application:
It also requires a personal guarantee from all owners with a 20% stake in the company or higher.
Small businesses and microbusinesses can qualify if they meet the following requirements:
If you or another owner have bad credit, you can bring on a cosigner to up your chances of approval.
The New York Community Trust is offering nonprofits affected by the COVID-19 outbreak interest-free loans between $100,000 and $3 million. Repayment terms range from one to three years. It’s also offering financial coaching and cashflow planning to organizations that receive these loans.
You can apply for the loan on the Nonprofit Finance Fund website.
You must meet these requirements to qualify:
Financial assistance for New York businesses affected by the coronavirus outbreak
The City of Sacramento has temporarily paused its Small Business Economic Relief Loan Program due to a high volume of applications.
You can sign up to get notified when the program is available again on the Sacramento City website. You can get more information about relief available to your business by calling 916-808-7196.
If you had an application in, you should have received a response by April 16th. If you didn’t, reach out to the number listed above to ask about the status of your application.
Applications for the San Francisco Hardship Emergency Loan Program have closed.
The San Francisco Hardship Emergency Loan Program (SF HELP) offers businesses based in the San Francisco area loans up to $50,000 with 0% interest. Repayments are flexible, and funds can be used as working capital or to fund equipment and inventory purchases.
You can fill out the SF HELP inquiry form with information about your business to start the application process.
Businesses that meet these requirements may qualify for the SF HELP program:
The South County Economic Development Council (EDC) is offering $5,000 interest-free business loans to restaurants that are staying open during the outbreak. There are no repayments until April 1, 2021, when the full loan balance will be due. The South County EDC will only offer around 50 of these loans, so apply as soon as you can.
You can download an application on the South County website. Once completed, email it along with copies of the following documents to SCEDC@SouthCountyEDC.com.
Restaurants must meet the following criteria to qualify:
These states are offering programs specifically to combat the coronavirus. This list is changing rapidly — check with your state if you don’t see yours listed here.
In addition to loans and grants, the SBA Debt Relief Program will cover the principal, interest and fee payments for six months on all new or current 7(a) loans — including Community Advantage loans — and non-SBA microloans. It’s also automatically deferring all payments on current disaster loans until December 31, 2020, so your business doesn’t need to apply.
The SBA is making resources more widely available by publishing essential information in the 10 most commonly spoken languages in the US, including Mandarin, Cantonese, Japanese and Korean.
Some local governments like San Francisco and companies like Amazon have started offering cash grants to businesses affected by the coronavirus. These tend to be smaller than loans and are limited to businesses in specific geographic areas.
You can find out if grants are available in your area by contacting your local business department and any corporations with headquarters where you operate.
Visit our page on business grants to find funding today
Loans, grants and other financial aid programs are changing on a near-daily basis as the outbreak progresses. You can keep up with the options available to you by reaching out to your local small business development center (SBDC).
Michael Myhre, the CEO of the Florida Small Business Development Center (SBDC) Network, told Finder that SBDCs offer free help to small businesses during any disaster, including the coronavirus outbreak.
“Our team of disaster specialists can assist you with preparing and submitting your loan application and with other post-disaster challenges,” he said. You can find an SBDC near you on the America’s SBDC website.
These banks are part of a growing list of lenders that are offering financial assistance to small businesses that have been affected by the coronavirus.
ACNB Bank | Relief for business banking customers through April 30, 2020:
| 800-862-6200 | |
Associated Bank |
| 800-337-4641 | |
Bank of America | Bank of America won’t report late payments to credit bureaus for up-to-date business accounts, in addition to the following relief:
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Citibank | Citibank is offering the following assistance for retail and small business products:
| Call the number on your statement | |
Citizens bank |
| 877-363-2472 | |
County Bank | Relief for insurance and business banking customers on a case-by-case basis | 800-726-8689 | |
CVNB Bank |
| 800-999-3126 | |
Fifth Third Bank |
| 877-534-2264 | |
Fulton Bank |
| 800-385-8664 | |
Horicon Bank |
| 888-343-3040 | |
Huntington Bank |
| 800-480-2001 | |
PNC Bank |
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Santander |
| 877-768-2265 | |
Truist (Formerly BB&T and SunTrust) | Payment assistance relief on business loans and credit cards |
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U.S. Bank | Hardship assistance on a case-by-case basis | 888-287-7817 | |
Valley | Loan assistance and payment relief on a case-by-case basis | 800-522-4100 | |
Wells Fargo | Payment deferral, waived fees and other assistance on business loans and credit cards | 800-219-9739 | |
WesBanco |
| 800-654-6288 |
Other banks and lenders may be offering deferment and additional assistance on a case-by-case basis. Contact yours to find out what options are available, or read our page on financial assistance during the coronavirus outbreak.
Keep your bottom line and employees safe by taking these precautions, as recommended by the Centers for Disease Control and Prevention (CDC):
It’s still unclear how long the coronavirus is expected to last, according to the CDC. Many viruses decrease during warmer months, but the CDC says that’s not always the case. And even if the rate of COVID-19 cases decreases in the summer, there’s a chance it’ll come back in the fall.
You can stay up to date on the latest coronavirus news by regularly visiting the CDC COVID-19 landing page.
Look to your local, state and federal government if your business has already been hurt by the coronavirus and needs funds. Continue your search with our guide to business loans.
Finder.com received a PPP loan in May 2020.
Here’s where to get financial help for yourself and your business if you’ve been affected by the storm in February 2021.
The White House announced new changes to PPP loans, helping the smallest businesses and opening access to people with student loan defaults or nonfraudulent felony convictions.
Small lenders continue to offer a lifeline to small businesses for First and Second Draw loans.
Now 90% of all small businesses in New York State can qualify for NYFLF.
All lenders are now accepting First Draw and Second Draw loans until March 31st. Here are tips for how to pick a PPP lender.
Lenders with less than $1 billion can submit applications to this COVID-19 assistance program before it fully reopens Tuesday.
The PPP wasn’t made with sole proprietors and independent contractors in mind. Here are other options that can help.
A lender who primarily offers loans to underserved small business owners.
Some PPP borrowers can get another round of funding through community lenders — though not all can qualify.
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