AVAILABLE GRANTS FOR SMALL BUSINESSES:
1. Facebook Small Business Grants Program – Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where it operates.
Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.
will use the funds to provide grants of up to $10,000 to businesses facing immediate
The Small Business COVID-19 Relief Grant Program is a special program helping Cambridge’s U.S. Department of Housing and Urban Development (or HUD) eligible retail, food, personal services, and creative for-profit businesses with a grant up to $6,000 per brick and mortar business. The program provides short-term working capital assistance to enable the viability of the business and the retention of jobs during the severe interruption of business related to the impact of COVID-19 pandemic and resulting social distancing. Grant applications are only available starting March 26, 2020 until May 1, 2020 at 12:00 p.m. EDT. We will prioritize businesses that were more severely affected by the state and local closures. There is no guarantee that you will receive a grant.
Through the CDBG program, the City of Fitchburg has made $100k available for a grant program providing up to $2,500 each for small businesses in the City of Fitchburg. Preference will be given to businesses who have existing loans with the Community Development Small Business Loan Program, businesses with 5 or fewer employees, and restaurant, bars, retail, and entertainment businesses. Businesses must demonstrate business loss as a direct result of the COVID-19 outbreak. For more information, contact Housing and Development Director Liz Murphy at firstname.lastname@example.org
Mayor Walsh announced the creation of the Small Business Relief Fund, established to assist Boston’s small businesses most directly impacted by closures, policies, or general loss of revenue due to the COVID-19 pandemic. This newly created fund is designed to quickly and strategically disburse grants to local businesses through a streamlined process that does not require businesses to assume additional debt. The Fund will begin accepting applications on Monday, April 6, 2020.
U.S. Small Business Administration Programs
Economic Injury Disaster Loan Program
The CARES Act made some changes to the SBA’s Economic Injury Disaster Loan (EIDL) Program. Highlights of the program include:
- Available to small businesses to cover economic injury resulting from the disaster.
- Provides small businesses with working capital loans of up to $2 million with an interest rate of 3.75% and a maximum 30-year term.
- EIDL Loans are processed directly through the SBA.
- Applicants may request a loan advance of up to $10,000. Funds will be made available within three (3) days of a successful application, and this loan advance will not have to be repaid. This advance may be available even if applicants were declined or still pending. Current applicants must fill out a new application even if a previous EIDL application was submitted. Applying for the advance will not impact the status or slow the existing application.
- Business owners can apply at: https://disasterloan.sba.gov/ela/
Please watch the following video to learn more about the application process.
Video created by US Haitian Chamber Technical Assistance Consultant, Marc Saint Clair.
Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Highlights of the Paycheck Protection Program (PPP), authorized by the CARES Act, include:
- Loans of up to $10 million with an interest rate of 0.5%.
- Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
- Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
- PPP loans, unlike EIDL loans, are processed through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
- The program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
- PPP loans will be available starting on Friday April 3, 2020. Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
- Business owners can complete the application here: https://www.sba.gov/document/sba-form–paycheck-protection-program-ppp-sample-application-form
Learn more about the PPP