Title (With Link) SBA Economic InjuryDisaster Program
SBA Loan Programs
SBA LenderMatch SBA Export Express Loans
SBA Working CapitalProgram
Description • • • •
There are multiple proposals in congress for modifications to the program Targeted working capital loans of up to $2M to SMBs that have been severely impacted by COVID-19 Program has approximately $7B in coverage (Trump has requested an additional $50B) and is usually a 2-3 week approval process Only available in certain states / counties at the moment, but approval is expected in all 50 states In order to qualify, the business needs to be unable to get funds from any other financial lender
Approved?
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There are multiple proposals in congress for modifications to both of the below programs • SBA 7(a) Program: loans for up to $5M to eligible small businesses; currently requires a personal guarantee • SBA Express Loan Program: loans for up to $350k. Turnaround time for approval or denial of the loan is 36 hours though it can take longer to get your loan funded
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• Free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours
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• Allows access to capital quickly for businesses that need financing up to $500k • Businesses can apply for line of credit or term note prior to finalizing an export sale or while pursuing opportunities overseas
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• Program enables small businesses to fulfill export orders and finance international sales by providing revolving lines of credit or transaction-based financing of up to $5 million
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Title (With Link)
City / State
NYC Small Business Continuity Fund
New York
SF Small Business RevolvingFund
San Francisco
SF Emerging Loan Fund
San Francisco
Assistance to Access SBA Loans
San Francisco
Description • 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 • Loans range from $10,000-$50,000 and can be used for start-up expenses, furniture, fixtures, equipment, tenant improvements, working capital, and marketing • A RLF borrower must operate a business that is located within the boundaries of the City and County of SF • Offers loans ranging from $50,000 to $250,000 to qualifying commercialprojects • The purpose of the Fund is to originate commercial loans that support high impact businesses and projects with the potential to increase economic activity in SF as well as create jobs for low to moderate income individual • San Francisco OEWD will provide direct technical assistance to local small businesses and nonprofits to ensure they can immediately access the SBA federal loan program
Approved?
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• IBank will issue loans up to $1M and guarantee up to 95 percentof the loan through its partner Financial Development Corporations • Also offering loans from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas
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IBank Funding
San Francisco
Small Business Emergency Microloan Program
Los Angeles
• Emergency loan program to put $5,000 to $20,000 loans into the hands of small businesses in need
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Small Business First Fund
Pennsylvania
• PIDA will administer fund with $61M for working capital loans of up to $100k for small businesses
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PIDC Support
Philadelphia
• Program that will include a mix of new grants and zero-interest loans for businesses that make under $5M in revenue
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Small Business Fund
Seattle
• Provides grants of up to $10,000 to mitigate revenue lost by COVID-19
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Title (With Link) Kabbage
Description • Online lending platform which allows small businesses to quickly access ongoing lines of credit up to $250,000
Lendio
• Free online service that helps business owners find the right small business loans within minutes
Ondeck
• Largest online small business lender in the U.S.; offering term loans of $5-500k and lines of credit of $6k-$100k • Global small business loans platform, matching small businesses who want to borrow with investors who want to lend; apply in 6 minutes, funds in as fast as 24 hours, and loan amounts from $25-500k
Funding Circle Quarter Spot
• Borrow up to $250k, find out if you qualify in minutes, and get funds in under 24 hours
Gofundme
• Launched in 2010, GoFundMe is the world’s largest, free social fundraising platform with over $9 billion raised from more than 120 million donations
Fundable
• Fundable.com is the #1 equity crowdfunding platform and helped startups raise over $584 million in funding commitments
Facebook $100M Grant
• Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate where it operates
Title (With Link)
Description
• Bill provides a 100% refundable tax credit for employers with fewer than 500 employees to provide two weeks of paid sick
leave and up to 12 weeks of paid family and medical leave for employees affected by COVID-19 Families First • Capped at $5,110 in the aggregate and $511 per day for those on leave because of their own health issue; $2,000 in Coronavirus Response aggregate and $200 per day to care for others • * The law has been approved but doesn’t take effect until April 2, 2020 Act Deferral of Taxes (IRS Notice2020-17)
• Defer tax payments of up to $10M that would otherwise be due April 15 for 90 days interest and penalty-free • The payment due date is now July 15 and the guidance does not change the April 15 filing deadline
Approved?
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Title (With Link) Employee Retention Grant Program DeferredBusiness Taxes WARN Act Suspension Paid Sick Leave
City / State New York
San Francisco California San Francisco
Description • Available to New York City businesses with 1-4 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19 • Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000 • For businesses with up to $10M in gross receipts, the City is deferring payment of quarterly business taxes due April 30, 2020 nine months to February 2021 with no interest or penalties; license fees will also be delayed for three months • Suspended the enforcement of the state’s WARN Act in connection with mass layoffs or shutdowns caused by COVID-19, which would otherwise trigger the WARN Act’s 60-day paid noticerequirement • Plan will include $10 million in public funding that will provide businesses with funding to provide an additional five days of sick leave pay to workers beyond their existing policies • All SF businesses will be eligible, with up to 20% of funds reserved for small businesses with 50 or fewer employees
Add. Detail Approved? in Appendix?
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