Unprecedented challenges ahead for small businesses
We’ll continue to update this page as the situation evolves, so visit regularly for updates
The worldwide COVID-19 outbreak is a quickly changing, uncertain situation.
And at Capital Lynk, we’re here to help. Keep reading for information related to available funding resources, practical tips on managing your business through uncertain times and recommended resources available from trusted sources.
Government Response to Coronavirus, COVID-19
- Visit Coronavirus.gov for the latest official information from the Coronavirus (COVID-19) Task Force at the White House.
- Visit the Centers for Disease Control (CDC) for official Coronavirus (COVID-19) health information.
- Visit FEMA for answers to coronavirus myths and rumors.
- See Frequently Asked Questions about coronavirus.
- Find information on assistance programs available to small businesses.
- Learn the best way to donate, volunteer, or provide critical supplies to fight the COVID-19 pandemic.
- Print 30 days to slow the spread coronavirus guidelines for America.
State Government Assistance Programs for Small Business
Florida has initiated the Small Business Emergency Bridge Loan Program. Florida Disaster Loan site.
The state has launched a $50 million Emergency Relief Grant Fund that offers grant amounts up to $10,000 for businesses with fewer than 50 employees. They have also launched a $75 million Emergency Relief Loan Fund that will provide businesses with 50 or fewer employees loans up to $50,000. You can apply for both programs, as well as existing Maryland small business support programs, on the Maryland OneStop portal.
They have not disclosed rates at this time. More information about this program can be found here.
The program will provide both grants and loans to small businesses who have been affected by COVID-19. They expect to have funds available starting in early April. More information about the program can be found here.
The Minnesota 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. To qualify, a business must prove that they have experienced hardship as a result of the COVID-19 outbreak. Learn more about the program here.
The package of initiatives targeted towards small businesses include a grant program and funding for entrepreneurs. The initiatives are meant to complement recently announced federal economic recovery initiatives. Learn more about the programs here.
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. Learn more about the program here.
Wisconsin has launched the Small Business 20/20 Program. The program will provide grants of up to $20,000 to assist targeted businesses with cash flow challenges resulting from COVID-19. Program funds will be made available through approved community development financial institutions (CDFIs). Wisconsin is also working to expand access to funding through other programs as more resources become available. Learn more about the program and other small business support efforts here.
What is the Federal Government Doing in Response to COVID-19?
Health and Safety
- Administration for Children and Families has program information for children, families, and communities.
- Administration for Community Living offers information for older adults, and people with disabilities.
- Centers for Disease Control and Prevention (CDC) is studying the virus worldwide and helping communities respond locally. Check the CDC’s Coronavirus Disease 2019 (COVID-19) page for news and guidance.
- Centers for Medicare and Medicaid has guidance for Medicare recipients and Medicare providers.
- Consumer Product Safety Commission home safety advice.
- Corporation for National and Community Service guidance for volunteers and programs.
- Defense Commissary Agency is ensuring the quality and safety of food available at commissaries world-wide.
- Department of Defense supports the government response, and is working to protect the health of the military.
- Department of Energy is researching COVID-19 at the National Labs.
- Department of Health and Human Services news releases.
- Department of Health and Human Services Office of the Assistant Secretary for Preparedness and Response (ASPR) is developing new medical treatments.
- Department of Homeland Security is facilitating a whole-of-government response in confronting COVID-19, keeping Americans safe, and helping detect and slow the spread of the virus.
- Department of Labor has information for employers and workers on preparing workplaces and responding to COVID-19 in the workplace.
- Department of Veterans Affairs is caring for Veterans.
- Environmental Protection Agency has information about disinfectants that can kill COVID-19 and facts about water safety.
- Federal Bureau of Investigation (FBI) warns of increase in child abuse due to school closures, and offers tips on what you can do to protect children and report abuse.
- Federal Energy Regulatory Commission news and updates.
- Food and Drug Administration is working with the medical industry to develop vaccines, drugs, and diagnostic tests. For healthcare professionals, they offer FAQs about diagnostic testing.
- Indian Health Service is coordinating the public health response for American Indians and Alaska Natives.
- Military Community and Family Policy offers advice and information for the military community.
- Military Health System offers health advice, and updates on travel restrictions for members of the military.
- National Aeronautics and Space Administration tips for isolation and educational activities.
- National Cancer Institute guidance for cancer patients and guidance for cancer researchers.
- National Institute of Environmental Health Sciences has virtual safety training for frontline responders.
- National Institutes of Health are researching COVID-19 treatments and a vaccine.
- National Institute on Drug Abuse advice for people with substance use disorders.
- Navy and Marine Corps Public Health Center published guidance for healthcare providers.
- U.S. Department of Agriculture answers questions about food safety and pet safety.
- U.S. Fire Administration published infection control guidance for first responders.
- Department of the Treasury is supporting American workers and businesses.
- Equal Employment Opportunity Commission protects workers against workplace discrimination.
- Export-Import Bank supports the U.S. exporting community.
- Farm Credit Administration urges lenders to work with borrowers affected by COVID-19.
- Federal Deposit Insurance Corporation (FDIC) is working with banks and consumers to respond to coronavirus.
- Financial Crimes Enforcement Network reminds financial institutions to remain alert, and report concerns.
- Government acquisition resources.
- Maritime Administration has updates for the maritime industry.
- National Credit Union Administration has guidance for federally insured credit unions, and their members.
- Office of the Comptroller of the Currency is working with banks and customers to manage the impact of the outbreak and has FAQ’s for bank customers.
- Small Business Administration (SBA) has guidance for businesses, and is offering low-interest Economic Injury Disaster Loans (EIDLs) businesses and non-profits impacted by coronavirus (COVID-19).
- U.S. Department of Agriculture (USDA) resources for farmers and ranchers.
Money and Taxes
- Consumer Financial Protection Bureau has advice for managing the personal financial impact of coronavirus.
- Internal Revenue Service (IRS) delays federal tax filing until July 15, and offers advice for deducting COVID-19 costs from your taxes.