Written by Helping organizations to understand the landscape of the small business and startup ecosystem and assisting them with implementing effective programs to support those businesses is what we do. During this time, we are working to provide entrepreneurial support organizations, foundations, and government with important insights about small business and startup communities across the Midwest in order to support their efforts to create programs that help entrepreneurs weather this storm.
In an effort to extend the reach of all of the new resources being offered, we will continually be updating this list of national and Midwest resources.
Nation-wide Resources
Honeycomb Credit is offering nationwide crowdfunded small business relief loans featuring 45-day payment free periods, 6-month interest-only periods as well as reducing posting, success and investor fees.
Read more at HoneycombCredit.com
Kiva Expands Eligibility, Increases Loan Capacity and Extends Grace Period
Kiva U.S. is providing loans up to $15,000 for small businesses with no interest, no application fees, expanded eligibility, and an extended grace period.
Read more at Kiva.org
The Small Business Association Provides Unilateral Relief for Business Owners with SBA Loans
The Small Business Association is providing unilateral relief for business owners with SBA loans, meaning they can defer payments immediately.
Read more on the SBA press release
Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave
The Treasury Department, IRS and Department of Labor announced that small and midsize employers can take advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, for the cost of providing Coronavirus-related leave to their employees. The Families First Coronavirus Response Act gives all American businesses with fewer than 500 employees funds to provide paid leave to employees for health reasons or family care.
Read more at IRS.gov
Facebook is providing $100 million in cash grants and ad credits to up to 30,000 small businesses that have been affected by COVID-19. More details, including how to apply, will be available soon.
Read more at Facebook.com
LISC Small Business Relief Grants (APPLICATIONS CLOSED)
Due to a $2.5 million investment from Verizon, Local Initiatives Support Corporation is offering grants to help small businesses fill urgent financial gaps. Priority will be given especially to entrepreneurs of color, women- and veteran-owned businesses and other enterprises in historically under-served places without access to flexible, affordable capital.
Read more at LISC.org
Illinois Resources
Eligibility for Unemployment Benefits Temporarily Expanded
The Illinois Department of Employment Security has announced that unemployment benefits may be available to some individuals whose unemployment is attributable to COVID-19, including to those who are temporarily laid off, quarantined, or without access to child care. A fact sheet on eligibility can be found HERE.
Read more on Illinois.gov
Illinois Small Business Emergency Loan Fund
The City of Chicago has established a $100 million Chicago Small Business Resiliency Fund to provide small businesses with emergency cash flow during the current health crisis. Funds will be provided to eligible businesses as low-interest loans and applications will be administered through Community Development Financial Institution partners beginning on March 31.
Read more at connect2capital.com
Cook County Community Recovery Fund (APPLICATIONS CLOSED)
Cook County’s Bureau of Economic Development has launched The Community Recovery Fund, offering zero-interest loans of up to $20,000 for small businesses in suburban Cook County. Loans are provided by a network of community leaders and will be distributed by the Chicago Community Loan Fund.
Read more at CookCountyIL.gov
Indiana Resources
Eligibility for Unemployment Benefits Temporarily Expanded
The Indiana Department of Workforce Development has expanded unemployment benefits for those laid off due to COVID-19, in medical quarantine without leave pay, or without access to child care. A fact sheet on eligibility can be found HERE.
Read more on IN.gov
gener8tor Hosts Emergency One-Week Virtual Programs
gener8tor is hosting emergency one-week virtual programs for small businesses, including daily webinars and one-on-one office hours to help small businesses secure resources to withstand the current crisis.
Read more at gener8tor.com
Indiana Small Business Development Center
The Indiana SBDC, which has 10 regional offices throughout the state, offers no-cost business advising for entrepreneurs and small businesses. Advisers are available to provide free advising and disaster relief loan application assistance for those impacted by the COVID-19 pandemic.
Read more at ISBDC.org
Michigan Resources
Eligibility for Unemployment Benefits Temporarily Expanded
Governor Whitmer has temporarily expanded unemployment benefits to workers with unanticipated family care responsibilities, and to those who are sick, quarantined, or immunocompromised and without access to paid family and medical leave. The executive order also expands the State’s Work Share program, encouraging employers to implement the program that permits employers to maintain productivity during declines in business activity instead of laying off workers.
Eligible employees should apply for unemployment benefits online at Michigan.gov/UIA or 1-866-500-0017. A factsheet on how to apply for benefits can be found HERE.
In recognition of the disruption caused by COVID-19 on business operations, the Department of Treasury is waiving penalty and interest for the late payment of tax or the late filing of the return due on March 20, 2020. The waiver will be effective for 30 days, meaning that any return or payment currently due on March 20, 2020 can now be submitted without penalty or interest through April 20, 2020.
Read more on Michigan.gov
SBDC On-Demand Webinars on Cash Flow Support, E-Commerce and Human Resources
The Michigan Small Business Development Center hosts a free online webinar library curated for entrepreneurs covering all topics. Webinars in the coming weeks will include information on cash flow support, e-commerce and human resources.
Read more on SBDCMichigan.org
State Provides Guidance to Employers Contemplating Potential Layoffs
The Department of Labor and Economic Opportunity encourages employers facing work shortages to place employees on temporary leave rather than termination, in order to ensure that employees remain eligible for potential federal assistance. The Unemployment Insurance Agency’s Work Share program is also encouraged for financially distressed employers that hope to continue operations by cutting back hours, rather than laying off workers.
Read more on Michigan.gov
Unemployment Insurance Agency Closes Lobbies Except for Appointments
The Michigan State Police published a press release stating that the Unemployment Insurance Agency has closed all lobbies except for customers with appointments.
Eligible employees should apply for unemployment benefits online at Michigan.gov/UIA or 1-866-500-0017. The Michigan State Police press release can be found HERE.
Consumers Energy President and CEO, Patti Poppe and her husband have donated $1 million the Jackson Community Foundation to set up the Dream Maker Small Business Emergency Relief Fund. The money will be provided as grants to small for profit businesses through The Enterprise Group, Jackson County’s economic development agency.
Read more on DreamMakerFund.org
Detroit Small Business Stabilization Fund (APPLICATIONS CLOSED)
TechTown Detroit is administering an emergency fund that provides working capital grants in amounts up to $5,000 to qualifying small businesses impacted by COVID-19 in the city of Detroit. Eligibility factors include income levels for the business owner’s household, number of employees, impact of COVID-19 on business income, and more.
Read more on TechTownDetroit.org
East Lansing DDA Business Relief Program (APPLICATIONS CLOSED)
The East Lansing Downtown Development Authority (DDA) has allocated $250,000 in discretionary funds to launch a Business Relief Program (BRP) for DDA businesses that are suffering financial hardship as a result of the novel coronavirus 2019 (COVID-19) crisis. Brick-and-mortar businesses located within the DDA boundaries can apply for a $2,500 business relief grant through the program. A total of 100 DDA businesses will be awarded grants.
Read more on CityofEastLansing.com
Emergency Fund for Washtenaw County Small Businesses (APPLICATIONS CLOSED)
Ann Arbor SPARK, Washtenaw County’s Office of Community & Economic Development, WCC’s Entrepreneurship Center and SBDC have developed an emergency fund to provide working capital grants up to $2,500 to eligible small businesses. The Resiliency Fund is specifically aimed at small businesses with low income owners located in neighborhoods at high risk for displacement and the grants can be used to over day-to-day operating expenses, including payroll or losses due to COVID-19.
Read more on WashtenawSBF.com
Michigan Strategic Fund Announces Small Business Relief Program (APPLICATIONS CLOSED)
The Michigan Small Business Relief Program will provide up to $20 million in support for small businesses negatively affected by COIVD-19 through $10 million in small business grants and $10 million in small business loans. Funding is expected to support businesses facing drastic reduction in cash flow and the continued support of their employees.
Read more on the recipients on MichiganBusiness.org
Oakland County Announces $3 Million Stabilization Fund for Small Businesses (APPLICATIONS CLOSED)
Oakland County Executive and Board of Commissioners Chairman joined together to announce plans to create a $3 million small business stabilization fund to provide immediate help to small businesses impacted by COVID-19. Eligibility criteria include having 50 employees or fewer and a demonstrated loss of income and need for working capital.
Read more on oakgov.com
Property Owner Rental Relief Fund (APPLICATIONS CLOSED)
Invest Detroit has launched a Property Owner Rental Relief Fund for Detroit property owners with commercial tenants who have been impacted by the economic crisis due to COVID-19. Property owners who are providing unconditional rent relief to their retail, commercial, or office tenants may be eligible for grants supporting 2 months of tenant relief up to $10,000 total.
Read more on InvestDetroit.com
Tech Startup Stabilization Fund Announced (APPLICATIONS CLOSED)
ID Ventures, with support from the MEDC, has launched a fund to help stabilize Michigan startups impacted by COVID-19. The fund will provide loans and investments from $20,000 to $100,000 based on the startup’s sector, stage, estimated runway, and demonstration of need.
Read more on TSSFund.com
Ohio Resources
Governor DeWine has expanded flexibility for Ohioans to receive unemployment benefits during Ohio’s emergency declaration period to workers who must be isolated or quarantined as a consequence of COIVD-19 and for those laid off as a result of a coronavirus-related business shutdown. A fact sheet on eligibility can be found HERE.
Read more on Ohio.gov
Expedited Emergency Loans for Small Business Losses
HFLA of Northeast Ohio is offering expedited emergency loans up to $1,500 for lost wages, childcare cost, and small business losses. These loans are designed for entrepreneurs experiencing a loss of income due to COVID-19.
Read more at InterestFree.org
TechCred Program
Wisconsin Resources
Governor Evers announced an Emergency Order modifying the availability requirements for unemployment insurance benefits for workers impacted by COVID-19, including those laid off, in a mandatory quarantine, and more. A fact sheet on eligibility can be found HERE.
Read more on Wisconsin.gov
Emergency Loan Fund for Small Businesses
The Hmong Wisconsin Chamber of Commerce has announced a new Emergency Loan Fund in response to the negative impact that COVID-19 has had on the Wisconsin business community, aiming to provide capital to qualified small businesses. Loans start at $5,000 and are primarily used for working capital to cover rent, payroll, and other fixed expenses.
Read more at HmongChamber.org
The Greater Madison Chamber of Commerce has launched a virtual portal for employers to submit questions relating to COVID-19 and its impact on businesses.
Read more on Madisonbiz.com
Ethnic & Diverse Business Coalition Announces Small Business Impact Grant (APPLICATIONS CLOSED)
The Ethnic & Diverse Business Coalition of Wisconsin has announced a small business impact grant to assist small ethnic and diverse businesses of any industry that are a business member in one of their 14 coalition members. Grants will be available up to $500.
Read more on EDBCWisconsin.org
Wisconsin Economic Development Corporation Announces Small Business 20/20 (APPLICATIONS CLOSED)
The WEDC is creating a program to provide $5 million in grants to targeted businesses throughout the state that have suffered losses related to COVID-19. Small Business 20/20 will provide grants up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave.
Read more on WEDC.org
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