Funding & Resources for Small Business During COVID-19 Crisis

Disaster Assistance

CWE is committed to serving  small businesses throughout New England. During this unprecedented crisis we will adapt as necessary to deliver classes, consulting and support virtually and through webinars.  

We have compiled a list of COVID-19 funding opportunities and resources that may be available to you and your business. Please explore your options carefully.  Please consider the following before deciding to pursue a loan:

  • Figure out cash flow.  Take a look at where you are now and where you were last year at this time.
  • What to look for:  Take a look at your Profit & Loss Statement (P&L) from March through August from last year.  What did your revenue and expenses look like then?  How much different are they now?
  • Now what?  You have got options and you can make informed decisions.
    • Option:  If you stay open, how much would it cost you?  Run some projections.  You can apply the percentage your revenue has decreased since the COVID crisis to your projected sales.  That is what you might expect.  Does that cover what you need it to while continuing to deliver value to your customers?
    • Option:  If you close, how long can you remain closed before you need to generate cash to meet your expenses?
    • Option:  Getting creative, what can you do to that expense part of your P&L?  Have you asked your bank for interest-only repayments on any debt you have for now?  Have you asked your landlord to negotiate more lenient payment options?  What can you do about your employees?

The U.S. Chamber of Commerce has created a guide to help small businesses and self-employed individuals prepare to file for a loan.  This guide provides questions you may be asking - and what you need to know.  Click here to view the guide.

You do not have to do any of this alone.  CWE is there to help with business counselors available to help you throughout this process and beyond.  If you need guidance please do not hesitate to reach out to your local Center for Assistance.

 

Safeguard Your Information 

Times like these bring out the best and unfortunately the worst in some people.  Fear and confusion create an ideal climate for scammers.  Be on the alert for fraud, email phishing, and bogus requests for personal information.
 
Tips for Catching and Reporting Suspicious Emails 
  • Inspect emails for grammatical or other errors, even those claiming to be from the CDC or WHO.
  • At no time will you ever receive a call from the IRS, Banks, asking you for your login credentials.
  • Before clicking links, hover over them to see the URL (web address).  If you think it is something of interest, copy the web address and search it to make sure it is legitimate before clicking.
  • If you suspect an email is fraudulent, DO NOT REPLY TO THE EMAIL.  Contact the company or person they are impersonating.  Delete it from your inbox.
     

Nationwide
 

Coronavirus Aid, Relief, and Economic Security (CARES) Act - U.S. Senate Committee on Small Business & Entrepreneurship

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.  To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office:

Struggling to get started?  The following questions might help point you in the right direction.  Do you need:

  • Capital to cover the cost of retaining employees?  Then the Paycheck Protect Program might be right for you. Program is for businesses with 500 employees or less, including 501c(3) nonprofits, the self0employed, startups, and coopeeratives.  This loan has a forgiveness component and requires keeping employees on the payroll.
  • A quick infusion of a smaller amount of cash to cover you right now?  You might want to look into an Emergency Economic Injury Grant.
  • To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
  • Express Bridge Loan.  This pilot program allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing up to $25,000 on an emergency basis for disaster-related purposes to eligible small businesses.
  • Just some quality, free counseling to help you navigate this uncertain economic time?  The resource partners might be your best bet. These include CWE Centers.  Please click on the link below to schedule a meeting or find contact information for CWE Centers.:

U.S. Small Business Administration (SBA) Disaster Assistance in Response to the Coronavirus

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.  In order to qualify business must prove that the trouble is related to COVID-19 ( i.e. not related to pre-existing sales issues); prove repayment ability and credit; ineligible agriculture, religious organizations, gambling, charities).

Contract (1099) workers may qualify as sole proprietors for the SBA Economic Injury Disaster Loans.  For details and application please see the links below.  If you have registered with your state to file as a S corporation, LLP or as an LLC, you should have an EIN associated with the office/studio/home that you registered, and can apply like any other business.

Update March 26:  The Disaster Loan site has received some updates and it may be necessary for you to clear your cache in whichever browser you are using prior to trying to access it.

The only 2 ways to submit an application at this time is either by going to the website, https://disasterloan.sba.gov/ela/, clicking on "Apply Online" where you will see the forms you need to download listed.  These forms are fillable PDFS.  Once completed the forms will need to be uploaded into the Box immediately beneath the list of forms.  This is a cloud based approach, there is no online portal at this time.

The other way to submit the forms is to print them and send them to the address provided on page 1 of SBA Form 5 in Fort Worth, TX.  There is no ability to email an application at this time.

SBA Disaster Assistance Loan Fact Sheet

SBA Disaster Assistance Loan Information - Webinar Slides

Click here to view qualifications and areas eligible for the disaster loans.

Facebook Small Business Grants Program

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible businesses in over 30 countries where they operate.  Facebook will share more details as they become available.  Click here if you are interested in learning more.

Loan - Kiva

Kiva lenders provide financial assistance to all by making 0% interest loans to entrepreneurs in the U.S. In today's difficult circumstances, K9iva would like to make it as easy and impactful as possible for small businesses in the U.S. to have access to affordable capital on the Kiva platform - capital that may be the difference between shutting down and keeping their doors open.  

  • 0% interest
  • Up to $15,000 loan
  • Grace period of up to 6 months

Kiva.org/borrow

COVID-19 Business Resource Center - Hello Alice

Updated daily, with real-world funding, resources, and support for small business owners adapting to the impacts of the coronavirus.  Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of their broader mission to ensure Business for All.  In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.  Click here for resource and more information.

Supporting Small Businesses and Nonprofit Partners - JPMorgan Chase & Co.

JPMorgan Chase Institute research shows that 50 percent of small businesses have less than 15 cash buffer days, meaning the small business economy could be majorly disrupted by the current climate. The firm will promptly deploy $8 million, including $5 million in the U.S. and $3 million in international markets to support vulnerable and underserved small businesses in the following ways:

  • Entrepreneurs of Color Fund and Ascend in places such as Seattle, California and New York. Support will include working with local Community Development Financial Institutions that will provide low or zero interest loans and interest rate buydowns to help offset the costs of business slow-downs and unexpected challenges, as well as technical assistance support for issues like remote working capabilities;
  • Supporting vulnerable, underserved and underrepresented entrepreneurs and small businesses across Europe and China to navigate and access available and emerging financial and non-financial support.

The firm will also provide $2 million to existing nonprofit partners who are facing new challenges supporting vulnerable populations in response to COVID-19. The funds will go towards helping these partners maintain operational capacity as they adjust their programming and provide resources to support their remote working capabilities, resiliency planning, fundraising and communications.  Click here for more information

Verizon Small Business Recover Fund - Verizon and LISC

A trailblazing investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic.  The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who do not have access to flexible, affordable capital.  Verizon will highlight and bolster these efforts through their inaugural “Pay It Forward Live” online concert series.  For more information please click here.  Sign up for updates about the Verizon Small Business Recovery Fund, click here.

Coronavirus Tax Relief – Internal Revenue Service

The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. The page will be updated as new information is available. The information contained on this site includes: 

  • Dollar for dollar reimbursement for Coronavirus related sick leave costs
  • Employers will be able to use cash deposited with the IRS to pay sick leave wages
  • Businesses that would not have sufficient taxes to draw from, Treasury will use its regulatory authority to make advance to small businesses to cover such costs

For more information please click here.

Disaster Unemployment Assistance – U.S. Department of Labor

The Robert T. Stafford Disaster Relief and Emergency Assistance Act of 1974, as amended, authorizes the President to provide benefit assistance to individuals unemployed as a direct result of a major disaster. The U.S. Department of Labor oversees the DUA program and coordinates with the Federal Emergency Management Agency (FEMA), to provide the funds to the state UI agencies for payment of DUA benefits and payment of state administration costs under agreements with the Secretary of Labor.Read more.

Work Share Programs - National Conference of State Legislatures

Workshare programs let businesses temporarily reduce the hours of their employees, instead of laying them off during economic downturns.  Technically referred to as short time compensation, the goal of worksharing programs is to reduce unemployment.

Worksharing should not be confused with job sharing, which allows two part-time employees to share one full-time job. Instead, worksharing allows a full-time worker's hours to be reduced, in lieu of laying off the worker.

Workshare programs benefit businesses, workers and states. Businesses retain their trained workforce, for easy recall to full-time work when economic conditions improve. Workers keep their jobs instead of being laid off, and collect reduced unemployment benefits to partially replace their lost wages. States save money by paying only partial unemployment claims, instead of paying full benefits to laid-off workers.

Under approved workshare programs, employees qualify for a percentage of unemployment benefits, equal to the percentage by which their hours have been reduced. For example, an employee whose hours are cut by 10 percent would qualify for 10 percent of the state’s established weekly unemployment benefit amount. While that does not fully replace the lost wages, the amount supplements a worker’s income until they are recalled to full-time work. Click here for more information or the specific State below.

Massachusetts 

New Hampshire

Rhode Island

Vermont 

 

Coronavirus - Interim Guidance for Businesses and Employers - Center for Disease Controls (CDC)

The interim guidance is based on what is currently know about the coronovirus diesease 2019 (COVID-19).  The Centers for Disease control and Prevention (CDC) idates the interim guidance as needed and as additional information becomes available.  Click here for information

 

East Coast

COVID-19 Relief Program - Accion Serving the East Coast

Accion has launched its COVID-19 Relief Program with the aim of helping over 2,000 small business owners withstand and recover from the COVID-19 pandemic, preserving critical jobs and livelihoods.  the COVID-19 Relief program offers to clients of Accion:  loan deferment or loan restructures to 1,500 eligible clients; one-on-one support to small business owners to access publicly sourced disaster relif funds at the city, state and federal level in each of Accion's core markets; and the COVID-19 Relief Loan to 500 small business owners who are not a fit for the public relief programs.  To learn more please click here.

 

Technology

Microsoft Free Offerings

Microsoft is providing six months of Office 365 tools for free to enable remote collaboration, file sharing and video conferencing.  They're also offering free assistance to set up these tools.  Click the following links for more information about these free services:

 

Women-Owned Businesses

Covid-19 Resources for Women-Owned Businesses - WBENC

As a leading advocate for women business owners and entrepreneurs, WBENC is committed to helping our constituents address and respond to the impacts caused by the coronavirus (COVID-19). As we work with national and regional partners, Corporate and Government Members, and other industry leaders, we will continue to update this page with resources, information, webinars and more to address the many questions and uncertainties many business owners and corporations face, as well as to continue to help fuel business opportunities for women entrepreneurs. Click here for more information

Resources from WBENC-Certified WBEs

 

Certified Diverse Businesses
 

The Supplier Diversity Small & Diverse Business Scholarship Program

The Supplier Diversity Small & Diverse Business Scholarship Program has been established by Bank of America, N.A. and is funded through the generosity of Bank of America's vendors.  The program provides targeted training and development support to qualified certified diverse business owners or to an employee that holds a key position in the diverse business owner's company and has been designated on the application by the diverse business owner. Scholarship recipients will be given the opportunity to continue their education and enhance the business operations functions within their companies by attending executive business management programs.  Click here for more information.

 

Veterans - New England

Coronavirus (COVID-19) Resources - New England Veterans Chamber of Commerce (NEVCC)

If you are a veteran or military business owner in new England, please let the NEVCC know if you need assistance.  Click here for a list of resources and information.

Code of Support PATRIOTlink - US Department of Veterans Affairs

Code of Support’s PATRIOTlink® platform is a free online resource database that includes thousands of programs tailored to the military and Veteran community.

Through PATRIOTlink, users can search vetted, direct, cost-free services specific to their needs. PATRIOTlink was recently redesigned to make it even easier to use. Now, users can complete searches by entering less information and they can view events and job opportunities in their area through a news feed feature.  Click here for more information.

 

 

State & Region

Please click on the tab below to view the funding and resources available in your State.

Massachusetts

U.S. Small Business Administration (SBA) Disaster Assistance in Response to the Coronavirus

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. Click here to view qualifications and areas eligible for the disaster loans.

Covid-19 Loan Fund – Massachusetts Growth Capital Corporation (MGCC) Currently not accepting applications

A loan fund of $10 million has been created to provide financial relief to Massachusetts businesses that have been affected by COVID-19. Massachusetts Growth Capital Corporation (MGCC) will receive and process all applications for this fund. Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits.  Read More 

Crisis Relief Loans - Capital Good Fund

In response to the current times with COVID-19, Good Fund has developed the Crisis Relief Loan to help those financially impacted.  This loan ranges from $300-$1,500, and had a fifteen-month term with a special 90-day deferment payment period and 5% APR; there is also expedited loan application review.  The Crisis Relief loan can be used for (but is not limited to) paying utilities, covering medical bills, paying rent, and purchasing groceries, and will be available to resident of RI, FL, MA, DE and IL.  To view the Eligibility Check please click here. For more information please click here.

Low – Interest Loans – Berkshire Bank

Berkshire Bank is actively engaging with partners like the Massachusetts LGBTQ Chamber and the Black Economic Council in MA, among others, to provide funding assistance to small businesses that are most impacted by the financial implications of the pandemic.  This funding will provide a unique selection of low-interest rate solutions underwritten by our community partners.  Berkshire Bank will be setting aside $3 million in available capital to support this effort. Small Business Grants – Berkshire Bank Foundation.  For more information click here.

Small Business Grants - Berkshire Bank and Berkshire Bank Foundation

Berkshire Bank has earmarked an incremental $500,000 for small business grants to help businesses that do not have the ability to pay.  They are working with Berkshire Bank Foundation and the Foundation for Business Equity, among others, to deploy these dollars across their banking footprint and to sharing more details about these programs in the short term. Berkshire Bank also understand there will be situations where our customers find themselves or their businesses facing financial difficulties that are unique to them.  In those scenarios where hardship is not relieved by low-interest loans or small business grants, Berkshire Bank is asking their customers to reach out to them to further discuss how they may be of assistance. For more information click here.

MA Regional & Specific Industry

Interest-Free Loan Program - Combined Jewish Philanthropies (CJP)

In collaboration with the Hebrew Free Loan Programs at Jewish Family & Children’s Service and Jewish Family Service of Metrowest, the CJP Interest-Free Loan Program is helping with: small business cost; job training; lifecycle ceremonies (i.e. bar and bat mitzvahs, weddings, or funerals); new baby, fertility, and adoption; care of older adults or people with disabilities and more. For more information please click here.

Fast Track Loan Program - Common Capital

Common Capital and Franklin County CDC (www.fccdc.org; 413-774-7204) are working together to support small businesses in western Massachusetts during this unprecendented time

Common Capital offers a Fast Track Loan Program to address the needs of local businesses that need quick access to capital. This is an alternative to high interest rate credit cards and deceptively-priced and expensive on-line lenders. Loan proceeds may be used for most legitimate business purposes, including purchasing inventory or equipment, and for working capital.

 The Fast Track Program offers a loan decision in two to three business days for loan requests up to $50,000, with funding typically within a week after approval. It is a credit score-based program for businesses in operation at least one year. If approved, you will be eligible for no-cost business assistance from Common Capital staff and consultants. Please click here for more information

Flexible Financing for Small Business - Franklin County CDC (FCCDC)

The FCCDC finances both start-up and existing small businesses for a wide range of purposes.  They lend between $5,000 and $200,000 to both existing and start-up businesses.  The FCCDC partners with the following loan funds and lending programs:  

  • The Four Town Trust Fund provides loans for businesses in Greenfield, Montague, Shelburne and Buckland.
  • The PVGrows Investment Fund provides financing and business assistance to farm and food businesses.  For more information click here.
  • The Ten Town Trust Fund targets businesses located in Ashfield, Bernardston, Charlemont, Erving, Gill, Hawley, Northfield, Warwick, Wendell, and Whately.
  • THE SSED Fund (Sudden and Severe Economic Dislocation) is for businesses that require financing for the retention or creation of jobs in Franklin County as well as Athol, Petersham, Phillipston and Royalston.  It is also available to support minority and women-owned businesses.
  • The Rural Development (USDA) Intermediary Lending Program is for established businesses that need gap financing.  Funds may also be available for new and expanding businesses.
  • The Rural Development (USDA) rural Microenterprise Assistance program is for established businesses that need gap financing.  Funds may also be available for new and expanding businesses.

Click here for more information.

Emergency Microloan Program- North Central MA

The North Central Massachusetts Development Corporation has launched an Emergency Micro-loan Program in light of the COVID-19 pandemic to assist small businesses that need access to funding due to hardship stemming from the outbreak. Loans of up to $20,000 will be awarded to qualifying local businesses that find themselves in a situation where they need access to capital and want to avoid high-interest credit cards or expensive and un-regulated online lenders. If approved, the business is also eligible to receive business assistance from NCMDC staff and consultants. Click here for more information.

COVID-19 Response Fund for the Pioneer Valley - Community Foundation of Western MA (CFWM)

The CFWM is mobilizing its emergence resources toward its new established COVID-19 Response Fund for the Pioneer Valley.  There is no application for this funding.  Funds will be released on a rolling basis as fundraising continues, making it possible to move resources quickly to adapt to evolving needs in subsequent funding phases.  To learn more please click here.

Restaurant Strong Fund - The Greg Hill Foundation and Samuel Adams 

The Greg Hill Foundation has teamed up with Samuel Adams to support those from the Massachusetts restaurant industry who have been impacted by the COVID-19 closures.  They are raising awareness and funds to provide grants to full-time restaurant workers in Massachusetts who are dependent on wages plus tips to cover basic living expenses and provide for their families.  The Restaurant Strong Fund goal is to provde $1,000 grants to as many qualifying grantees as possible.  To qualify you must be a full-time tipped compensated employee (Minimum of 20 hours total per, week, can be multiple restaurants), employed 3 months or longer at the same location and work in a restaurant, bar, café or nightclub located in Massachusetts. For more information please click here.

Emergency Small Business Grant - City of Fitchburg

The City of Fitchburg has developed a $2,500 grant program for small businesses in the City of Fitchburg.  Preference will be given to businesses that are existing loan customers, businesses with 5 or few employees, and restaurant/retail/entertainment businesses. Businesses must demonstrate business loss as a direct result of COVID-19 outbreak.  Click here for more information.

 

Additional Resources

Advice on avoiding credit problems related to COVID-19

Mass MoCA's Assets for Artisans

Commonwealth Kitchen Small Business Resource Guide

North Central MA Webinar Series

WesternMass List of Business Resources:  Hampden, Hampshire, Franklin, and Berkshire Counties.  

Stay in touch with your local CWE Center.  Let us know your concerns, and follow us to stay up to date with available webinars and resources.

 

New Hampshire

U.S. Small Business Administration (SBA) Disaster Assistance in Response to the Coronavirus

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. Click here to view qualifications and areas eligible for the disaster loans.

Businesses Impacted by COVID-19

All small businesses impacted by Covid-19: We encourage all New Hampshire small businesses who have been impacted by the Covid-19 crisis to make a claim with New Hampshire Homeland Security and Emergency Management via the Covid-19 Joint Information Center. This will ensure the needs of small business owners are fully and accurately represented when aid packages are being drafted and considered. The process takes between 5-10 minutes. You may click here to visit the NH Homeland Security and Emergency Management website, and you may make a claim by calling (603) 223-6169, or by email at jic@dos.nh.gov.

Contact New Hampshire Business and Economic Affairs and speak to your regional Business Resource Specialist.

Carroll, Coos, Grafton Counties
Benoit Lamontagne
603-419-9713

Belknap, Merrimack Counties
Deborah Avery
603-271-0316

Hillsborough, Western Rockingham
Jimmy Hinson
603-271-6352

Strafford, Eastern Rockingham
Mark Laliberte
603-271-6351

Cheshire, Sullivan Counties
Mollie Kaylor
603-271-6305

Layoffs and Business Closure

Layoffs and business closures: If your business faces a potential layoff, the State of New Hampshire offers services through its Rapid Response program. Rapid Response is a comprehensive, collaborative and immediate initiative to respond to and mitigate layoffs and closures. Rapid Response benefits both employers and employees through services  to workers who are laid off, as well as layoff aversion information for businesses.

Employers facing potential layoffs or closures should contact Joe Doiron at Joseph.Doiron@LiveFree.NH.gov, 603-271-0146, to activate a Rapid Response team.  More information can be found at NHWorks.

Employees Experiencing Layoff

The State of New Hampshire offers a number of services for employees who have been laid off.  New Hampshire Employment Security has a list of available services.  Individuals will need file for unemployment each week of temporary unemployment and this can and should be done online or by calling 603-271-7700.

Public Health and Support

New Hampshire Department of Health and Human Services (DHHS) provides services to ensure the health and well-being of citizens during a layoff. Dislocated workers can discuss healthcare options, apply for food stamps, cash assistance, medical assistance, childcare and medical savings. Individuals can apply online at NHEasy or by calling 603-271-9700.

 

Rhode Island

U.S. Small Business Administration (SBA) Disaster Assistance in Response to the Coronavirus

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. Click here to view qualifications and areas eligible for the disaster loans.

The Paycheck Protection Program (PPP) for SBA-Guaranteed Loans – Citizens Bank

Citizens Bank has established a cross-functional group that is working closely with the SBA, their peers and legal experts to prepare for the implementation of the Paycheck Protection Program (PPP) for SBA-guaranteed loans.  They are a preferred SBA lender and will be able to offer this program directly to their customers. 

Citizens Bank expects to receive guidance regarding the PPP for SBA-guaranteed loans this week.  Currently they know that certain documents will be required to apply, including:

  • Payroll tax filings reported to the IRS
  • State income, payroll, and unemployment insurance filings
  • Documentation verifying average monthly payroll amounts from prior periods<
  • Documentation verifying payroll costs, mortgage interest, rent and utility payments you expect to incur over the 2 month period after you receive funding

 

Citizens also expect that the SBA will create application documents and outline any additional requirements for the PPP loan.  In the meantime please click here for a helpful guide and checklist created by the U.S. Chamber of Commerce with more detail.  While this does not provide a detailed analysis of the PPP or include all of its nuances, it is helpful in describing the program generally.  If you have questions please contact:

I. Vanessa Toledo-Vickers
Vice President | Community Development Market Manager, RI and CT
CRA Officer

Citizens Bank
Providence, RI
P: 401-282-3703
VToledo-Vickers@CitizensBank.com
www.CitizensBank.com

COVID-19 Response - Rhode Island Foundation and the United Way

Rhode Island nonprofit organizations at the forefront of the COVID-19 response can apply for grants from the Rhode Island Foundation/United Way COVID-Response Fund. Click here for the Application.  Click here for the application in Spanish.

Verizon Small Business Recover Fund - Verizon and Local Initiatives Support Corporation (LISC)

A trailblazing investment of $2.5 million from Verizon is making it possible for LISC to begin offering critical relief and resiliency-building support to small businesses facing immediate financial threat because of the COVID-19 pandemic.  The funding will go to make grants of up to $10,000, especially to entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who do not have access to flexible, affordable capital.  Verizon will highlight and bolster these efforts through their inaugural “Pay It Forward Live” online concert series.  For more information please click here.  Sign up for updates about the Verizon Small Business Recovery Fund, click here.

Crisis Relief Loans - Capital Good Fund

In response to the current times with COVID-19, Good Fund has developed the Crisis Relief Loan to help those financially impacted.  This loan ranges from $300-$1,500, and had a fifteen-month term with a special 90-day deferment payment period and 5% APR; there is also expedited loan application review.  The Crisis Relief loan can be used for (but is not limited to) paying utilities, covering medical bills, paying rent, and purchasing groceries, and will be available to resident of RI, FL, MA, DE and IL.  To view the Eligibility Check please click here. For more information please click here.

Small Business Grants - Berkshire Bank and Berkshire Bank Foundation

Berkshire Bank has earmarked an incremental $500,000 for small business grants to help businesses that do not have the ability to pay.  They are working with Berkshire Bank Foundation and the Foundation for Business Equity, among others, to deploy these dollars across their banking footprint and to sharing more details about these programs in the short term. Berkshire Bank also understand there will be situations where our customers find themselves or their businesses facing financial difficulties that are unique to them.  In those scenarios where hardship is not relieved by low-interest loans or small business grants, Berkshire Bank is asking their customers to reach out to them to further discuss how they may be of assistance. For more information click here.

Rhode Island Department of Labor and Training (DLT)

If you are temporarily ceasing or limiting operations as a result of COVID-19, please contact the DLT to discuss how they can provide assistance.  DLT stands ready to help with questions about Unemployment Insurance, Paid Sick and Safe Leave or other programs and resources available.  Request for assistance can be made by emailing DLT.COVID19@dlt.ri.gov or calling 401-462-2020.

If you are unable to work, but your place of business remains open, you may be eligible for Temporary Disability Insurance (TDI). Click here for more information.

If you are out of work and are not being compensated, you may be eligible for Unemployment Insurance (UI)  Click here for more information.

Regional

Low-Interest Financing for Businesses in Pawtucket, RI – Pawtucket Business Development Corporation (PBDC)

The City of Pawtucket offers businesses located within the City low- interest financing through Pawtucket’s Business Development Corporation (PBDC). This unique financing tool offers loans to small businesses operating in the City of Pawtucket that have been negatively affected by the outbreak of the COVID-19 virus. Retail, commercial, and entertainment businesses that rely on customers making purchases at their establishments are especially affected; this program is designed to provide relief to those types of businesses. Businesses must demonstrate hardship caused by the COVID19 virus outbreak.  

Under this program, the PBDC will provide emergency micro-loans to businesses negatively affected by the COVID-19 outbreak. Businesses with twenty-five (25) or fewer employees are eligible to apply for funds, which will be used to pay for normal businesses expenses that have been made more difficult due to declining revenues caused by the COVID-19 outbreak. Businesses may apply for up to $10,000 in funds under this loan program. Businesses must have a physical location in the City of Pawtucket and have experienced a loss of income due to COVID-19. Funding is limited and applications will be accepted on a rolling basis.  Please click here for more information and to apply.

COVID-19 Job Retention Loan Program for East Providence, RI Businesses - East Providence Economic Development Commission

The COVID-19 Job Retention Loan Program is for East Providence businesses with fewer than five employees able to show that jobs would have been lost without assistance.  Loans are up to $5,000.  For more information please click here.

COVID-19 Small Business Assistance Loan Program for East Providence, RI, Businesses - East Providence Economic Development Commission

The COVID-19 Small Business Assistance Loan Program is for East Providence businesses with fewer than ten employees.  Loans are up to $5,000.  For more information please click here.

 

Resources

Low-Cost Health Insurance - HealthSourceRI

If you lost your health coverage through your job and need to sign up for insurance, you can through HealthSourceRI.  To enroll visit healthsourceri.com or call 1-855-840-4774.  To learn more click here or here in Spanish.

Resources - Rhode Island Commerce

RI Commerce provides information about the SBA Disaster Loans, Tech Support during COVID-19, Business Guidelines, Emergency Grants and Funding and Relief for Employees as well as other pertinent information during the COVID-19 crisis.   Click on the links below to find information about the subject noted.

  • Small business assistance from Rhode Island Commerce, 401-521-HELP (401-521-4357)
  • Emergency Grants and Funding
  • Relief for employees
  • Tech support during COVID-19 - 45-minute tech support sessions for small businesses and sole proprietors via zoom or conference call.
  • Emergency Support Function (ESF) 18  Summary - 3/29/2020- Information about the preparedness and response phases during this COVID 19 crisis. Actions of local, state and federal agencies and organizations to provide immediate and short-term assistance for the needs of business, industry, and economic stabilization.
 

COVID-19 Resources - RI Alliance for Business Resilience

The RI Alliance for Business Resilience provides a list of up-to-date resource documents for businesses provided by the CDC, US Chamber of Commerce and other official sources on COVID-19 virus. Click here for a list of documents.

 

 

 

Vermont

Small Business Grants - Berkshire Bank and Berkshire Bank Foundation

Berkshire Bank has earmarked an incremental $500,000 for small business grants to help businesses that do not have the ability to pay.  They are working with Berkshire Bank Foundation and the Foundation for Business Equity, among others, to deploy these dollars across their banking footprint and to sharing more details about these programs in the short term. Berkshire Bank also understand there will be situations where our customers find themselves or their businesses facing financial difficulties that are unique to them.  In those scenarios where hardship is not relieved by low-interest loans or small business grants, Berkshire Bank is asking their customers to reach out to them to further discuss how they may be of assistance. For more information click here.

Emergency Loans - Vermont Farm Fund (VFF)

The VFF seeks to minimize the hurdles to secure a loan and receive funds to begin the recovery process.  The maximium Emergency Loan amount is currently $10,000.  This is a zero percent interest loan, payable over 24 months with a flexible payment schedule.  Click here for more information.

Guidance

COVID-19 Guidance for Vermont Businesses - State of Vermont Agency of Commerce and Community Development

Click here for the latest guidance available for Vermont businesses.

COVID-19: Information for Employees and Employers - State of Vermont Department of Labor

Click here for resources for Employers and other information.
Click here for resources for Employees and other information..

 

Insurance

COVID-19 and Business Income Insurance - State of Vermont Department of Financial Regulation

The Department of Financial Regulation had developed a guidance document to address numerous questions from the business community as it relates to the Coronavirus and Business Income Insurance.  Please click here for more information.

Planning Guides

Disaster Recovery Guide for Business - Vermont Small Business Development Center (VtSBDC)

The VtSBDC Disaster Recovery Guide for Business contains all the steps small business owners need to take, and all the information one would need to gather post-disaster.  Click here for the Disaster Recovery Guide

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