While we face the impact of the Coronavirus (COVID-19), priorities and importance are on the health and safety for everyone. To ensure we can continue serving our small business communities, Breakout employees are following the government guidelines and precautions to continue our operations and serve you. This includes social distancing and remote working. We hope you are following the proper state/county guidelines where you live as well.
If your business has been directly impacted by COVID-19, contact Breakout to learn more about the options available for you. Our suitability testing can help determine which financing option best works for your business, whether it be a short-term loan or bridge-loan, support and guidance in obtaining an SBA Loan, or even introducing other financing options that may better suit your business.
Contact us for more information: 888.318.3534 | support@breakoutfinance.com
Links and Resources
We are closely monitoring and gathering small-business related information from both a federal and state level. Below are a list of links and resources, which continually update as new information is released.
Small Business Administration (SBA)
Coronavirus (COVID-19) Small Business Guidance & Loan Resources
Centers for Disease Control and Prevention (CDC)
COVID-19 Guidance for Small Business | Resources for Businesses and Employers
Department of Labor (DOL)
Coronavirus Resources
SCORE Mentors
Coronavirus Small Business Hub
USA.gov
Government Response to Coronavirus, COVID-19
State and Local Support:
The following state and local governments have created small business assistance programs for businesses impacted by Coronavirus:
- Atlanta: The Atlanta City Council approved Mayor Keisha Lance Bottoms’ call for a $7 million coronavirus emergency fund that will allocate $1.5 million to small businesses.
- Chicago: Mayor Lori Lightfoot revealed a $100 million Chicago Small Business Resiliency Loan Fund that will provide low-interest loans to the city’s struggling small businesses.
- Denver: The city’s business owners can apply for cash grants up to $7,500 as part of Denver Economic Development and Opportunity’s emergency relief program. Denver Mayor Michael Hancock also announced the creation of a $4 million small business relief fund.
- Florida: The Florida Small Business Emergency Bridge Loan Program is providing loans up to $50,000 with 1-year terms to small businesses with two to 100 employees.
- Iowa: Governor Kim Reynolds announced the creation of an Iowa Small Business Relief Program that will allocate grants ranging from $5,000 to $25,000 as well as tax deferrals.
- Los Angeles: The city’s Small Business Emergency Microloan Program is offering loans ranging from $5,000 to $20,000 with 0-3% interest rates.
- Maryland: The state’s Department of Commerce released two initiatives for small businesses: a $50 million Emergency Relief Grant Fund that offers grant amounts up to $10,000 and a $75 million Emergency Relief Loan Fund that will provide businesses with 50 or fewer employees loans up to $50,000.
- Massachusetts: Governor Charlie Baker announced a $10 million relief fund for Massachusetts businesses affected by the coronavirus. Funds up to $75,000 are immediately available for companies with fewer than 50 full- and part-time employees.
- Michigan: The Michigan Economic Development Corp. received approval to implement a Michigan Small Business Relief Program that will allocate $10 million in small business grants and $10 million in small business loans to local business owners.
- Minnesota: The state’s Department of Employment and Economic Development will be providing interest-free emergency loans ranging from $2,500 to $35,000 to Minnesota-based businesses in need.
- New Mexico: The New Mexico Economic Development Department created the COVID-19 Business Loan Guarantee Program to aid small businesses seeking emergency loans or lines of credit. The program can guarantee a portion of a loan or line of credit up to 80% of principal or $50,000.
- New York City: The NYC Small Business Services is offering businesses with fewer than five employees grants to cover 40% of payroll costs for two months. Businesses with fewer than 100 employees and sales decreases of 25% or more will be eligible for zero-interest loans up to $75,000.
- Philadelphia: The city’s COVID-19 Small Business Relief Fund is providing immediate relief to local small businesses in the form of grants and zero-interest loans.
- Portland: 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.
- Rhode Island: Governor Gina Raimondo partnered with Microsoft to provide web-based Microsoft Office applications to Rhode Island small businesses for free for six months.
- Sacramento: The city established a $1 million economic relief fund for businesses that provides 0% interest loans up to $25,000 per business.
- Salt Lake City: Business owners based in the area can apply for 0% interest loans up to $20,000 as part of the city’s emergency loan program.
- San Francisco: Small businesses with fewer than five employees are eligible to receive up to $10,000 for staff salaries and rent.
- Seattle: The city’s Office of Economic Development is providing $1.5 million in grants up to $10,000 to small businesses. The mayor is also deferring tax payments for business-owner candidates and will set up a small-business recovery task force.
- Syracuse: The Syracuse Economic Development Corporation created a $500,000 fund to provide zero-percent interest, 180-day emergency loans up to $25,000 to the city’s small businesses.
- Wisconsin: The Wisconsin Economic Development Corp. launched Small Business 20/20—a $5 million grant program that will give companies with fewer than 20 employees up to $20,000.
*This information has been provided by the ILPA – to see all ILPA provided updates, click here.
Stay engaged with your customers and community.
As a business owner, it’s important to stay engaged with your customers. Email and social media are two great outlets to keep your customers informed with the latest about your products or services, availability or updated schedules, or how you are helping to give back to the community in which you operate in.
Without putting you, your employees, or your loved ones’ health on the line, see how you can give back to your community. Whether it be in providing supplies or food to those at need, fundraising, or helping the families of those affected keep their spirits up, there are many ways in which you can contribute. Every little bit helps at this time.
