We recognize this is a difficult time for small businesses and are committed to researching, understanding, and providing resources and tips to help you navigate these unprecedented times. We will continue to update these resources regularly.
Bluevine Support for Small Business Owners
Bluevine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program. Our entire PPP application process, including retrieving your loan number, is automated and online. Get started with a fast and secure online PPP loan application.
To learn more about products that may help you mitigate unforeseen financial events, please call our customer care team at 1-888-216-9619 to discuss your options. We are available at 1-888-216-9619, Mon- Fri 8:00 AM- 8:00 PM EST, or you can send us an email at firstname.lastname@example.org.
We also have several resources on our newsroom and business blog for navigating uncertain times:
- Paycheck Protection Program: What You Need to Apply
- Your Quick Guide to the Paycheck Protection Program
- Taking Coronavirus Uncertainty Head-On: A Small-Business Owner’s Guide
- When to Shift from a Business Line of Credit to Invoice Financing
Other Secured Business Loan Options
There are other secured business loan options, especially if you have assets such as invoices or purchase orders, that may be a good fit for you at this time,
- Invoice Financing enables business owners to get a cash advance on unpaid invoices. This is especially crucial for companies that use trade credit or “net terms” for their customers. Bluevine offers invoice factoring for B2B businesses with net terms.
- Purchase Order Financing allows a business to secure capital based on purchase orders, when it cannot meet demand for those orders.
- Commercial Loan enables business owners to pay for investments such as fixed assets and real estate, and also manifest as flexible working capital for general operating expenses.
Federal Support for Small Business Owners
The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $350-billion program will provide small businesses with 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans. This program can function like a non-taxable grant for your business.
SBA: Federal Disaster Loan Assistance: This website describes current federal disaster loans for businesses, private nonprofits, homeowners, and renters. Here are a few helpful tips to keep in mind should you choose to apply:
- Start the application process early/quickly to avoid long wait times
- Validate your state eligibility requirements
- Invest time in understanding the application process & requirements
- Gather and prepare required documentation
Other resources available from the SBA include the Coronavirus (COVID-19): Small Business Guidance & Loan Resources site, which shares specific state and municipal resources. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers, and Veterans Business Outreach Centers. Use the SBA’s Local Assistance Directory to locate the office nearest you.
IRS: Coronavirus Tax Relief: The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus, including potential stimulus payment checks.
Location plays a significant role in the level of state support you’ll receive. Best Accounting Software analyzed and ranked the level of support states offer small businesses.
Additionally, the Innovative Lending Platform Association has a list of states and cities that have paused evictions.
Alabama Department of Revenue: For small businesses unable to pay their state sales taxes due to the impact of the coronavirus (COVID-19), penalties will be waived for taxes reported for returns filed for the February, March, and April 2020 reporting periods.
Alabama Department of Labor: Alabama workers who are not able to work due to COVID-19 will be eligible to file for unemployment benefits. Workers can file for benefits online at www.labor.alabama.gov or by calling 1-866-234-5382. Online filing is encouraged.
Arizona launched Arizona Together, a site with financial support, employees or employment opportunities, hosted by the Arizona Commerce Authority.
Arkansas Economic Development Commission Community Development Block Grant (CDBG) will make up to $12 million in CDBG assistance available for COVID19 relief and recovery. Email: COVID19.email@example.com or phone toll-free: 1-800-ARKANSAS.
Quick Action Loan Program allocates $4,000,000 from the Governor’s Quick Action Closing Fund and eligible companies may apply for a loan or loan guaranty of up to $250,000. Email: COVID19.firstname.lastname@example.org. Phone: 501-682-1121 or toll-free: 1-800-ARKANSAS.
Arkansas Division of Workforce Services: Provides alternatives for employers faced with a reduction in their workforce to help prevent layoffs and allows employees to receive a portion of their unemployment benefits while working reduced hours.
Employment Development Department (CA): Disability Insurance Claims may provide DI if you’re unable to work due to having or being exposed to COVID-19.
Paid Family Leave Claims may provide up to six weeks of benefit payments to eligible workers who have a full or partial loss of wages because they need time off work to care for a seriously ill family member or to bond with a new child.
Payroll Tax Deadline Extension: employers experiencing a hardship as a result of COVID-19 may request up to a 60-day filing extension without penalty or interest. Call toll-free from the U.S. or Canada: 1-888-745-3886.
California Infrastructure and Economic Development Bank: Jump Start Loan Program offers loans up to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas.
Franchise Tax Board (CA): Tax Deadline Extension: the FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities.
California Department of Tax and Fee Administration: Tax Assistance from the CDTFA is available for individuals and businesses impacted by complying with a state or local public health official’s imposition or recommendations related to COVID-19.
Businesses can seek disaster relief for small business loans in Colorado under the SBA’s Economic Injury Disaster Loan Program.
Under the Connecticut Recovery Bridge Loan program, a qualifying business or nonprofit organization can apply for a loan of up to $75,000 or three months of operating expenses (whichever is lesser).
Businesses are invited to complete the business damage survey as the state works to qualify for a disaster declaration.
Small Business Emergency Bridge Loan Program now available to small businesses statewide that experienced economic damage as a result of COVID-19, providing short-term, interest-free working capital loans to businesses, up to $50,000 per eligible small businesses with two to 100 employees.
Georgia received an official statewide disaster declaration from the U.S. Small Business Administration (SBA), providing assistance in the form of SBA Economic Injury Disaster Loans (EIDL) to small businesses and nonprofits impacted by COVID-19 in all 159 counties in Georgia to help with financial obligations and operating expenses. Georgia businesses are encouraged to apply as soon as possible, and ahead of the December 18 deadline.
Illinois Small Business COVID-19 Relief Program is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic. Click here to apply.
Voluntary Shared Work Program from Iowa Workforce Development may be a viable option for employers dealing with challenges from COVID-19. The program is intended for use as an alternative to layoffs and can be an effective tool for Iowa businesses experiencing a temporary decline in regular business activity.
Maine businesses can learn about applying for an SBA economic disaster loan.
COVID-19 Relief Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19.
Relief Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. Eligible borrowers will provide proof of commitment for SBA financing with the intention the FAME loan would be originated for use to the business owner until such time as SBA loan is funded. The SBA loan would then pay-off the FAME loan.
Tax Deadline Extension to June 1, 2020 for business returns with due dates during the months of March, April and May 2020 for businesses.
Office of the Governor: Tax Relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes that would be due in March, April and May so that they will instead be due on June 20. Additionally, all penalties and interest that would otherwise apply will be waived.
Small Business Relief Program Loans may provide up to $10 million for small business loans to one or more Community Development Financial Institution (“CDFI”) or a licensed SBA not-for-profit institutions (“Eligible SBA Non-Profit”), or directly from the MSF to eligible borrowers suffering from the COVID-19 outbreak. Loans to eligible borrowers must be $50,000 or more and are capped at $200,000.
Sales Tax Payment Extension for Eligible Businesses. The Minnesota Department of Revenue is granting a 30-day Sales and Use Tax grace period for businesses identified in Executive Order 20-04. During this time the department will not assess penalties or interest.
New Jersey Economic Development Authority announced a set of programs, including zero-interest loans, grants, and other aid, that could help an estimated 3,000 to 5,000 small- and mid-sized businesses affected by the COVID-19 pandemic. Review the information for NJ businesses. See also the New Jersey small business services page.
COVID-19 Business Loan Guarantee Program assists businesses seeking emergency loans or lines of credit to deal with negative economic impacts from COVID-19. NMEDD can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000 and can be used for (and not limited to) working capital, inventory and payroll.
In response to the unique economic challenges of COVID-19, a consortium of public, private and nonprofit partners have come together and launched an innovative recovery-lending program to support entrepreneurs like you and stabilize North Carolina’s small business sector. Applicants are encouraged to apply for the NC COVID-19 Rapid Recovery Loans online.
Businesses can get information about applying for economic injury assistance as the state works to qualify for a disaster declaration.
The U.S. Small Business Administration (SBA) granted Texas’ Economic Injury Disaster Loan (EIDL) assistance declaration, making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
The Texas Workforce Commission has additional resources for employers regarding the Coronavirus (COVID-19) on their website.
Tax Deadline Extensions are now in place up to April 20, 2020, however, you MUST file a request, and businesses will be charged interest. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties. State Income Taxes, whether you’re an individual or business, must still be filed by the May 1st deadline, however, they’re allowing for deferment of payment until June 1, 2020. Interest will still accrue (unless legislative action is taken).
State of Washington updated resource list for COVID-19 support for affected Washington businesses.
Department of Revenue Tax Deadline Extensions are in effect through the end of the state of emergency. This action addresses a broad range of taxes. Upon request, the Department will provide extensions for filing and paying tax returns even if the request is after the due date (60 days for monthly returns). Businesses can request by sending a secure email in their My DOR account or by calling Revenue’s customer service staff at 360-705-6705, Monday through Friday 8:00 AM to 5:00 PM.
The Small Business 20/20 Program will provide grants of up to $20,000 to assist targeted businesses with cash-flow challenges resulting from COVID-19. The program also provides funds to Wisconsin-based Community Development Financial Institutions (CDFIs) to make grants to existing loan clients to mitigate short-term cash flow issues and protect jobs and public health in response to the COVID-19 outbreak.
The Atlanta City Council approved Mayor Keisha Lance Bottom’s call for a $7 million coronavirus emergency fund that will allocate $1.5 million to small businesses.
Businesses with fewer than 50 employees that have been ordered to change their services due to the coronavirus are eligible for Beaverton Emergency Business Assistance Program. They must have a commercial storefront in Beaverton and a rental lease or mortgage on the property.
Chicago has launched the Chicago Small Business Resiliency Fund. The fund will provide small businesses with loans of up to $50,000 with terms of up to 5 years. The business must use the loan for working capital, with 50% of proceeds used for payroll. The business must also commit to keep at least 50% of their employees on staff. The business must have suffered at least 25% drop in revenue from the outbreak, employ less than 50 employees, and have had gross revenues of less than $3 million in 2019. Learn more about the program here.
Denver Mayor Michael Hancock announced the creation of a $4 million small business relief fund for businesses affected by COVID-19. Denver business owners can apply for cash grants up to $7,500, with businesses that have been hardest hit by the outbreak first in line for funds. Visit the Denver Economic Development and Opportunity page for more information on how to apply.
Los Angeles has established a Small Business Emergency Microloan Program. The program offers loans ranging from $5,000 to $20,000 with 0-3% interest rates.
New York City
New York City has announced they will offer relief for small businesses who are struggling due to the COVID-19 outbreak. Businesses with fewer than 100 employees who have seen sales decrease by more than 25% will be eligible for an interest free loan of up to $75,000. NYC is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs to help avoid layoffs. Learn more about the assistance program here.
Philadelphia has launched a COVID-19 Small Business Relief Fund. The program will provide immediate relief to local small businesses in the form of grants and zero-interest loans. Learn more about the fund here.
The Asian Pacific American Network of Oregon in partnership with Prosper Portland has launched a COVID-19 Small Business Response Fund. Small businesses located in Portland’s Jade District or Old Town Chinatown are eligible to receive support through the city’s $190,000 emergency fund. Asian and Pacific Islander business owners will be prioritized. Learn more about the program here.
Sacramento has established a $1 million economic relief fund for businesses that provides 0% interest loans up to $25,000 per business. Learn more about the program here.
Salt Lake City
Salt Lake City has launched an Emergency Loan Program for businesses affected by the outbreak. Business owners based in the area can apply for 0% interest loans up to $20,000, which can be used for working capital needs, inventory or marketing. Learn more about the program here.
San Francisco has launched the COVID-19 Small Business Resiliency Fund. The fund will provide grants of up to $10,000 for small businesses to use towards payroll and rent. To qualify, the business must employ 5 people or less, demonstrate a loss of revenue of at least 25%, and have gross receipts of less than $2,500,000.
The city of Seattle has announced a Business Stabilization Fund. The fund will award grants of up to $10,000 to small businesses that meet the following criteria: the business must employ 5 or fewer employees, have a physical location, and have been impacted by the COVID-19 outbreak. Learn more about the program here.
The Syracuse Economic Development Corporation has created a $500,000 fund to provide zero-percent interest, 180-day emergency loans up to $25,000 to the city’s small businesses. Learn more about the program here.
CDC: Guidance for Businesses and Employers
Covers the latest coronavirus-related health and safety recommendations for businesses, directly from the Centers for Disease Control and Prevention.
World Health Organization: Getting Your Workplace Ready for COVID-19
This document gives advice on simple ways to prevent the spread of COVID-19 in your workplace, how to manage COVID-19 risks when organizing meetings & events, things to consider when you and your employees travel, and getting your workplace ready in case COVID-19 arrives in your community.
SBA: Coronavirus (COVID-19) Small Business Guidance & Loan Resources
From the Small Business Administration (SBA) come these guidelines for businesses and employers to plan and respond to novel coronavirus disease (COVID-19), Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19).
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