Commercial Financial Assistance Resources
In light of the COVID-19 pandemic, we wanted to reach out and express to our commercial tenants our hope that you and your families are safe and healthy. We know COVID-19 is impacting your business and your communities in different ways. Given the uncertainty and anxiety this has placed on all of us, we’ve compiled some information and resources below, which we hope may be useful to you as we navigate this situation together.
Loan and Business Debt Relief Programs
Main Street Lending Program
- The Federal Reserve established a Main Street Lending Program to support lending to small and medium-sized businesses that were in good financial standing before the COVID-19 pandemic. The program operates through two facilities: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF).
- Additional information can be found here
Kiva Small Business Loan
- The crowdsourcing investment company is offering 0% loans up to $15,000 with no payments for six months.
- Additional information can be found here
Paycheck Protection Program
- $349 billion for small business loans; for businesses with less than 500 employees and sole-proprietors, independent contractors and other self-employed individuals
- Loan will be eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after the origination date of the loan on payroll costs, interest on mortgages, rent and utilities (at least 75% of the forgiven amount must have been used for payroll) prior to February 15, 2020. Employee and compensation levels must also be maintained.
- Loan payments will be deferred for six months with neither the government nor lenders charging the small business any fees.
- Loans equal to lesser of 2.5 months of payroll or $10 million to maintain payroll, lease and utility payments; loan period runs from February 20 – June 30, 2020; max interest rate of 4%
- Participating lenders can begin processing loans beginning April 3, 2020 (for small businesses and sole proprietorships)
- Additional information can found here, in addition to a fact sheet here
- Application can be found here
Expanded Eligibility of Economic Injury Disaster Loan (EIDL)
- Expanded for individual operating as sole proprietor or independent contractor for Jan 31 to Dec 31, 2020
- Emergency grant of $10,000 advance payment to eligible EIDL applicant; repayment not required if loan is denied.
- Business loan application can be found here
- Supporting information can be found here
U.S. Small Business Administration (SBA)
SBA Disaster Loan
- Low-interest federal disaster loans for small businesses suffering substantial economic injury
- Eligibility based on impact; up to $2 million
- Interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations
- Additional information can be found here
Enhanced Debt Relief
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
- Additional information can be found here
California Infrastructure and Economic Development Bank (IBANK)
- California Governor’s Office of Business and Economic Development offers the following loan programs for businesses from one to 750 employees (small businesses)
- Additional resources can be found here
Disaster Relief Loan Guarantee Program (DRLGP)
- For declared disaster areas to help lenders and small businesses by providing loan guarantees of up to $1 million
Jump Start Loan Program
- Loans from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas
California State Treasurer Office
California Capital Access Program (CalCAP)
- Designed to provide up to 100% coverage on certain loan defaults
- Additional information can be found here
Oregon Military Department: Office of Emergency Management
- Disaster assistance for individuals, families, and businesses compiled here
Portland Small Business Relief Fund Loan:
- Up to $50,000 in zero-interest loans will be available for Portland businesses with $5 million or less in annual gross revenue.
- Find additional information here
Grants
The Red Backpack Fund
- An initiative started by The Spanx by Sara Blakely Foundation. Partnering with GlobalGiving, 1,000 grants of $5,000 will be made to female entrepreneurs in the U.S. to help alleviate the immediate needs caused by COVID-19.
- Additional information can be found here
Hello Alice Grant
- Hello Alice is offering $10,000 to small business owners impacted by Coronavirus. In addition to funding, grant recipients will receive ongoing support from the Hello Alice community.
- Apply for a grant here
- GRC’s mission is to provide support to hospitality employees affected by unanticipated hardship.
- Find additional information and the application here
CORE (Children of Restaurant Employees)
- CORE provides emergency funds for those with children who work in the food and beverage industry.
- Find the application here
USBG National Charity Foundation
Bartender Emergency Assistance Program
- This program provides emergency funds for bartender’s, bar backs, bar servers, or those who are otherwise engaged in the service or preparation of alcoholic beverages
- Find the application here
One Fair Wage Emergency Fund
- A fund to support restaurant service workers struggling amidst the COVID-19 crisis
- Find additional the application here
- Aiming to provide resources and financial assistance to restaurant workers.
- Additional information can be found here
The James Beard Foundation Food and Beverage Industry Relief Fund
- The Foundation launched a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need.
- Given the high volume of applicants, the fund has been currently suspended. Check in for updates on the application process here
Facebook – Small Business Grants Program
- Cash grants and ad credits for up to 30,000 eligible small businesses
- Next steps can be found here
Verizon and LISC
- Making grants of up to $10,000 to small business owners impacted by COVID-19, especially to entrepreneurs of color, women-owned businesses, and other enterprises in historically under-served places who don’t have access to flexible, affordable capital.
- Learn more and apply here
Southern Smoke Emergency Relief
Program
- A fund providing emergency
funding to those in the food and beverage industry who are in need
- Application can be found here
Northern California
#TogetherMV
- The #TogetherMV Fund is a partnership between the City of Mountain View and Los Altos Community Foundation to raise and distribute donations to Mountain View community members (rent relief and small business relief)
- Business owners who want to apply for funds can email [email protected] to get on an interest list. Interest list members will be notified when the application process is opened, and what they will need to apply.
- Please find the complete press release here
- To donate on the portal, please click here
Silicon Valley Community Foundation Small Business Relief Fund
- The Small Business Relief Fund will provide immediate support to struggling self-employed and small business owners.
- Additional information can be found here
Santa Clara City: Small Business Assistance Grant Program
- The City of Santa Clara has established a program where they are offering small business grants of up to $5,000 for essential businesses.
- The application can be accessed here
San Mateo County Strong
- The San Mateo County Strong Fund (SMC Strong) was established by the San Mateo County Board of Supervisors (help from the Silicon Valley Community Foundation), with $3 million in funding to support San Mateo County residents, small businesses and non-profits.
- Find additional information on the program here
California Restaurant Association Foundation
Restaurants Care/COVID-19 Grant
- One-time grants that will help to cover basic living expenses such as rent, food and utilities to restaurant employees facing unforeseen hardship.
- Find additional information and the application here
Additional Resources
National Women’s Business Council (NWBC)
Yelp’s COVID-19 Response and Support for Local Businesses
- Yelp has announced $25 million in relief, primarily focused on supporting independent local restaurants and nightlife businesses, in the form of waived advertising fees, free advertising for products and services.
- Additional information can be found here
Square Support Response:
- Square is waiving all software subscription fees for the month of March and April for existing sellers.
- Additional information can be found here
Facebook Digital Gift Card Program:
- Small businesses can set up a digital gift card through Facebook and share it on their unique Instagram profile. When customers click on the gift card, they’ll be able to purchase it online immediately.
- Additional information can be found here
Kabbage:
- Any business can sign up to sell gift certificates online through Kabbage payments.
- Additional information can be found here
- A federal advisory committee comprised of small business owners and representatives of national women’s business organizations
- Additional information can be found here
Prosper Portland
- Prosper Portland is focused on creating economic growth and opportunity for Portland and has created a page dedicated to COVID-19 business resources that can be found here
U.S. Small Business Administration
- Use the SBA’s local assistance directory to find the office closest to you.
- Resource can be found here
Small Business Development Centers
- A partner of SBA’s who will help businesses process and submit applications at no cost.
- They can be found here
U.S. Chamber of Commerce
Department of the Treasury
- Assistance for Small Businesses, they can be found here
Centers for Disease Control and Prevention
- Information on interim workplace safety during COVID-19 can be found here
U.S. Department of Labor’s Wage and Hour Division (WHD)
Families First Coronavirus Response Act (FFCRA)
- Requires certain employers to provide their employees with expanded family and medical leave
- Up to two weeks paid sick time
- Up to an additional 10 weeks paid sick leave
- For the effective period April 1, 2020 to December 31, 2020
- Covered for certain public employers, and private employers with fewer than 500 employees
- Additional information can be found here
International Council of Shopping Centers (ICSC)
- State-by-state business closures and government mandates, as pertains to retail real estate, can be found here
For any additional questions as pertains to your employees, colleagues or family members, please reference resources we’ve compiled for you:
California Financial Assistance Resources can be found here
Oregon Financial Assistance Resources can be found here
Washington Financial Assistance Resources can be found here
