State & National Resources for Businesses

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There are a number of master lists of funding programs for small businesses that are being continuously updated, including:

We’ve picked the most relevant programs from these lists and included them below for your reference.

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

SBA Paycheck Protection Program Loans (lesser of $10 million or 2.5x average monthly payroll)

  • What It Is: Partially forgivable 1% interest low-interest loans (with a 2 year maturity).

  • Who It’s For: Small businesses and nonprofits

  • How It Works: SBA is making forgivable loans available through its existing network of 7(a) lenders. A portion of these loans – which cannot exceed 2.5x your average monthly payroll or $10 million, whichever is less – become forgivable if you keep your existing payroll in place for an 8 week period. If you do, you will not have to pay back any of the loan you used for payroll (and a small portion you used for mortgages, rent payments, leases, and utility service agreements) during that 8 week period. This effectively means that the loan acts like a cash grant – as long as you can keep your employees on payroll during the next eight weeks.

For More Information / To Apply:

SBA Express Bridge Loan Pilot Program (up to $25,000)

  • What It Is: Short-term bridge financing while Economic Injury Disaster Loan comes into place

  • Who It’s For: Small businesses and nonprofits

  • How It Works: This facility allows small businesses who currently have a business relationship with an SBA Express Lender  to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

For More Info: Contact your local SBA District Office.

SBA Economic Injury Disaster Loan Program (up to $2 million)

  • What It Is: Loans direct from SBA at 3.75% (Or 2.75% for nonprofits), with a possible $10,000 advance.

  • Who It’s For: Small businesses and nonprofits

  • How It Works: The US Small Business Administration’s (SBA) EIDL Program is designed for businesses impacted by disasters, including businesses impacted by COVID-19 in Alabama– an EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred.

For More Info / Apply Online: Use SBA’s Disaster Loan Assistance website. If you need help with your application, contact ASBDC. If you have technical issues, please call 1-800-659-2955 or email [email protected].

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

KIVA Crowdsourced Loans ($0 – $15,000)

  • What It Is: Crowdsourced loans at 0% interest with no fees

  • Who It’s For: Small businesses and nonprofits

  • How It Works: Refer to image on the right

For More Information / How To Apply: visit kiva.org/borrow.

WeFunder Emergency Crowdsourced Loans ($20,000 – $1 million)

  • What It Is: Crowdsourced loans at 0% interest (for one year), with revenue share thereafter.

  • Who’s It For: Small businesses

  • How It Works: Under WeFunder’s model, companies list themselves on an online funding portal and encourage their customers–and other WeFunder investors–to pool capital to make you a loan. Instead of fixed principal and interest payments, WeFunder allows borrowers to totally forgo payments during the first year, then pay a percentage of revenue you make (rather than some fixed amount) back to those who made you the loan after that.

For More Information / How To Apply: https://wefunder.com/war-on-virus

Mainvest Main Street Crowdsourced Loans (varies)

  • What It Is: Immediate $2,000, 0% interest 120-day loan, followed by a revenue share agreement for additional amounts

  • Who It’s For: Small businesses

  • How it Works: If you register for Mainvest (a crowdfunding platform) and launch a capital campaign, you may be eligible for an immediate $2,000, 0% interest advance. You’ll need to launch a capital campaign and attract funders to get this advance, and they’ll be paid a portion of your revenues once you get through the crisis.

For More Information / How To Apply: https://mainvest.com/main-street-initiative

GoFundMe Small Business Grants (no minimum or maximum)

  • What It Is: Donation platform for loyal customers to give to affected businesses

  • Who It’s For: Small Businesses

  • How It Works: A small business either creates or claims a donation campaign someone already started for them, and then pushes it out across social media to get as many patrons as possible to donate. Proceeds can be used for anything from paying overhead to keeping employees on payroll.

For More Info / Create or Claim a Campaign: https://www.gofundme.com/small-business-relief-fundraisers

Facebook Small Business Grants (amounts TBD)

  • What It Is: $100 million international funding commitment for small business grants

  • Who It’s For: Small Businesses (in 30 countries)

  • How It Works: Facebook has yet to determine how they’ll use the grant or how to apply, but suggest that some potential uses are: (1) Keep your workforce going strong, (2) Help with your rent costs, (3) Connect with more customers, and (4) Cover operational costs. You can register on their page for updates as they become available.

For More Info / Register for Updates: https://www.facebook.com/business/boost/grant

James Beard Foundation Restaurant Grants (amounts TBD)

  • What It Is: Grants for restaurants impacted by COVID-19.

  • Who It’s For: Restaurants

  • How It Works: The James Beard Foundation is raising a fund to assist restaurants with paying staff and staying open. Stay tuned to their site and read their FAQs for additional information about when the grant could go live.

For More Info: https://www.jamesbeard.org/relief

MusiCares (up to $1,000)

  • What It Is: Grants to replace income from cancelled events

  • Who It’s For: Musicians

  • How It Works: Apply through the link below – funds will be distributed on a first come, first served basis based on proof of loss.

For More Info: https://www.grammy.com/musicares/get-help/covid-19-relief-fund-faq

We have inquiries out to all major statewide foundations, including Regions, Alabama Power, Protective, and others, to ask whether they would like to receive COVID grant requests at this time. If so, we will list those applications and priorities here.

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

Alabama Department of Labor (State Benefit – Unemployment Claims)

Families First Coronavirus Relief Act Implementation (Federal – Employee Leave)

  • Who It’s For: All Employers

  • What It Does: Effective April 1, companies with 500 employees or less are required to offer paid sick leave and other benefits to all employees (with a new tax credit to help offset those costs – see Federal Payroll Tax Credits section). The US Department of Labor has issued clarifying guidance around how to implement the Act.

For More Information: https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

Federal Payroll Tax Credits for Providing Employee Benefits (Federal Benefit – Employee Leave)

  • Who It’s For: Employers with 500 employees or less

  • What It Does: Provides immediate access to cash (through 100% refundable payroll tax credits) for businesses with fewer than 500 employees to cover:

    • Two weeks of paid sick leave for employees who have been quarantined, have a sick family member or have been affected by school closings.

    • Up to 3 months of paid family and medical leave amounting to no less than two-thirds of regular pay for those employees listed above.

    • Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.

For More Information / How to Claim: Visit https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus.

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

There are a number of sites that allow retailers to sell gift cards to their customers. They include:

  • Local Distancing

    • This site has one of the most comprehensive gift card listing services in and around the Birmingham area.

  • Support Local

    • This site has the broadest statewide and national coverage and covers all types of retail.

  • Dining Bonds

    • This site offers restaurant-focused gift cards offered at discounts (at the owner’s election).

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

There are a number of free programs that offer assistance to businesses that need help with business models, HR issues, assistance with loan and grant applications, and dozens of other issues that have arisen because of COVID-19.

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

There are a number of free programs that offer assistance to businesses that need help with business models, HR issues, assistance with loan and grant applications, and dozens of other issues that have arisen because of COVID-19.

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

Center for Disease Control: Coronavirus Guidance. The Center for Disease Control has produced guidance for companies to best respond to the COVID-19 virus. Major topics include:

  • Preparing Workplaces for a COVID-19 Outbreak

  • Reducing Transmission Among Employees

  • Maintaining Healthy Business Operations

  • Maintaining a Healthy Work Environment

Alabama Department of Public Health. The Alabama Department of labor is a comprehensive COVID-19 resource for the state. Major topics include COVID-19 Related Emergency Actions of Alabama State Agencies and Resources for Patients.

Alabama Department of Labor: Coronavirus Guidance. The Alabama Department of Labor has produced guidance for companies to best respond to the COVID-19 virus. Major topics include news releases, weekly initial unemployment claims, information about coronavirus and unemployment insurance benefits, and more.

Alabama’s COVID-19 Data and Surveillance Dashboard. Track confirmed COVID-19 cases and find test sites throughout the state.

HudsonAlpha Institute for Biotechnology. Get updates on HudsonAlpha’s response to COVID-19 and more information such as the genetics of coronavirus.

Do you have a program or know of an initiative not listed above that could be helpful? Please let us know!

Do you have a program or know of an initiative not listed above that could be helpful?

Please let us know!