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Opportunities for Grants and Loans

U.S. Small Business Association: Economic Injury Disaster Grant (EIDG)

  • Funding Overview
    • $10,000 to any small businesses and non-profits that apply for an SBA EIDL within three days of applying for the loan
    • The grant does not have to be repaid even if the grantee is subsequently denied an EIDL
  • Grant Qualifications
    • Businesses, either for profit or non-profit (501c (3)) with <500 employees (FTE) in business prior to January 31, 2020
  • Eligible Uses
    • Maintain payroll, provide paid sick leave, meet increased production costs due to supply chain disruptions, pay business obligations including debt payments, rent and mortgage payments.
  • Where to Apply


U.S. Small Business Association: Economic Injury Disaster Loan (EIDL)

  • Funding Overview
    • Up to $2 million
    • Added benefit: EID Grant of $10,000 simply for applying
    • Loan
      • Term: Up to 30 years, may be prepaid without penalty regardless of the term
      • SBA Fees: waived
      • Interest Rate: 3.75% if applicant is a for-profit business and 2.75% if applicant is a non-profit (501(c)(3))
      • Collateral: None for loans <$25,000, Yes, for loans >$25,000; requires all available collateral, no appraisals required on RE (there is some recent indication SBA is waiving the collateral requirement for all EIDL loans)
      • Personal Guarantees: Not for loans <$25,000, Yes, for loans >$25,000
    • Grant Qualifications
      • Businesses, either for profit or non-profit (501(c)(3)) with <500 employees (FTE) in business prior to January 31, 2020
    • Where to Apply


U.S. Small Business Association: Payroll Protection Program Loan

  • Funding Overview
    • Funds are provided in the form of loans that will be fully forgiven when used for eligible uses. Loan payments will also be deferred for six months.
      • SBA Fees: waived
      • Collateral: None
      • Personal Guarantees: None
    • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
  • Qualifications
    • Businesses with 500 or fewer employees: including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Businesses with more than 500 employees are eligible in certain industries.
  • Eligible Uses
    • Payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
  • Where to Apply
    • Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.
    • Starting Friday, April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. There is a funding cap.


U.S. Small Business Association: Express Bridge Loan Pilot Program


National Restaurant Association Educational Foundation’s Restaurant Employee Relief Fund

  • Funding Overview
    • One-time grant of $500
  • Qualifications
    • Individuals in the restaurant industry that have been negatively impacted by COVID-19
  • Where to Apply


Illinois Small Business Emergency Loan Fund

  • Funding Overview
    • Emergency Loan offered as five-year term loan
      • Interest: 3%
      • Payments are deferred for six months
      • Fixed principal and interest payments will be due after initial deferral
    • Borrowers may receive up to $50,000, with borrower loan amounts determined by average monthly revenues prior to COVID-19.
  • Qualifications
    • Businesses must have received less than $3 million in gross revenue in 2019 and employ fewer than 50 employees. Employee threshold will be based on average employment over the period of October 2019 to December 2019. Seasonal businesses may base employment on average from January 2019 to December 2019.
    • Business has experienced at least a 25% decrease in revenues as a result of COVID-19.
    • Business have been in operations for at least one year.
    • Ability to provide bank statements dating back to October 2019 and most recent tax returns.
  • Eligible Uses
    • Loan funds must be used for working capital, and at least 50% of loans proceeds must be applied toward payroll or other eligible compensation including salaries, wages, tips, paid leave, and group healthcare benefits. Eligible uses will exclude compensation in excess of $100,000.
  • Where to Apply


Michigan Small Business Relief Program: Grants and Loans

  • Funding Overview
    • Funding available: $10 million
    • Loans to eligible borrowers must be $50,000 or more and capped at $200,000
      • Interest Rate: .25% per annum
      • Term: Interest only for 60 months following loan closing followed by a fully amortizing 60-month term
    • Grant Qualifications
      • 50 employees or fewer
      • Working capital to support payroll expenses, rent, mortgage, utility, or other similar expenses.
      • Able to demonstrate an income loss as a result of the COVID-19 outbreak or related state executive orders.
      • You can apply for up to $10,000.
    • Loan Qualifications
      • 100 employees or fewer
      • Working capital to support payroll expenses, rent, mortgage, utility, or other similar expenses.
      • Able to demonstrate that the company is unable to access credit through alternative sources.
      • Able to demonstrate an income loss as a result of the COVID-19 outbreak or related state executive orders.
    • Eligible Uses
      • Loans may be used for working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of business.
    • Where to Apply By County

New Business Assistance Opportunity – MI Entrepreneur Resilience Fund

A new $1.5 million Michigan Entrepreneur Resilience Fund has been created to assist entrepreneurs and small businesses negatively impacted by COVID-19 recover from the outbreak, as well as assist them in meeting increased demands in support of COVID-19 response efforts. Grants of $1,000-$5,000 and microloans of $5,000-$10,000 are available.  The program targets businesses in geographically disadvantaged areas such as Opportunity Zones and HUBZones.  The following are located in Troy:


Opportunity Zone –  Area bounded by Maple Road, W. Big Beaver Road, Crooks Road and Livernois


HUBZones –            Area 1 bounded by Fourteen Mile Road, Maple Road, John R and Dequindre

Area 2 roughly bounded by E. Big Beaver, John R, Fourteen Mile Road,

Livernois, Maple Road, Rochester Road and Stephenson Highway


A HUBZone map may be found here:,-83.109573&zoom=14&latlng=42.539802,-83.141029


MI Economic Development Corporation:

State Supports $1.5 Million Fund to Help Small Businesses Recover, Pivot in Response to COVID-19

See Release here:


Additional Resources and Information:

Stay at Home Orders:

  • Illinois
    • Saturday, May 30th
  • Indiana
    • Tuesday, April 7th
  • Michigan
    • Thursday, May 28th
  • Ohio
    • Friday, May 1st
  • Wisconsin
    • Tuesday, May 26th


  • Local Assistance:
  • One-time stimulus checks amounting to $1,200 per adult and $500 per child, up to certain income limits, to be distributed
  • The IRS is allowing HDHPs to Pay for Coronavirus Tests and Treatment
  • An estimated $250 billion to be spent on enhanced, expanded and extended unemployment benefits, adding $600 per week to every unemployment check for four months, expanding the program to cover contractors and the self-employed, and extending the program from 26 weeks to 39 weeks.
  • GoFundMe, Yelp & Intuit: The Small Business Relief Initiative
    • Added functionality on Yelp for small businesses to collect donations
  • Google: Ad credits for Google Ads
    • $340 million in ad credits, which can be used at any point until the end of 2020 across our Google Ads platforms for SMBs who have been active advertisers since the beginning of 2019
  • Kiva: 0% interest loans
    • Platform that allows entrepreneurs to crowdsource a 0% interest loan of up to $15,000
  • Facebook: Small Business Grants Program
    • Cash grants and ad credits for up to 30K businesses in 30 countries
  • Local Initiatives Support Corporation: Verizon/LISC Small Business Covid-19 Recovery Fund
    • Grants of up to $10,000 from an investment of $2.5 million from Verizon to support struggling businesses, especially entrepreneurs of color, women-owned businesses and other enterprises that don’t have access to flexible, affordable capital in historically underserved communities
  • James Beard Foundation: Food and Beverage Industry Relief Fund
    • Micro-grants to restaurants, bars, and other independent businesses in the industry
  • Honeycomb: Crowdfunded Small Business Relief Loan
    • Community sourced loans for small businesses affected by COVID-19. The loans are community funded via the Honeycomb crowdfunding platform.
  • Yelp: Relief for Independent Restaurants & Nightlife Establishments 
    • $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period.



Columbus Covid Resources

For a guide to state-level resources available to businesses and workers, go here.

Combating Covid-19, Columbus Chamber of Commerce: Wide-ranging list of resources for disaster loans, workforce assistance, community outreach, tools for working remotely and more.

Covid-19: Preparing for the Future, One Columbus: Information to help economic development leaders, employers and workers in the Columbus region respond to the challenges of Covid-19.

Workforce Development Board of Central Ohio: Library of resources to assist job seekers with locating additional services throughout Central Ohio.

Columbus Public Health: Information from the agency on its Incident Command System response team, resources for healthcare providers and more.

Franklin County Public Health: Updated statistics on coronavirus cases and information on where to get additional information.

Covid-19 resources, City of Columbus: List of resources for residents affected by the pandemic as well as information on how you can help and support your neighbors.

Emergency Response Fund, The Columbus Foundation: Fund to support organizations in Franklin County as they assist in responding to the spread of Covid-19 in the community.

Community Response Fund, The United Way of Central Ohio: Fund to help local nonprofits as the identify critical needs and gaps in resources in the community.

Paycheck Protection Program (PPP)

Emergency Economic Injury Disaster Loans (EIDL)

  • Additional $10 billion available in emergency EIDL loans
  • Loans may be up to $2 million
  • 501c6 organizations are eligible for this loan
  • Additional $50 billion available in other disaster loans
  • To apply, go directly to the Small Business Administration (SBA)
  • See here for more details about the EIDL application