Financial information for small business owners affected by COVID-19

This page contains information on federal, state and local loan programs, tax incentives, and other financial resources available to small businesses affected by COVID-19.

If you have questions, please do not hesitate to reach out to us or your lender.

Need help?

Make an Appointment

Private Funding Opportunities

Minority Business Specific

The Entrepreneurial Spirit Fund by SIA Scotch - Closes September 26

Learn More Here

This grant program provides $10K and mentorship to help entrepreneurs of color make 2022 the year of their small business.

Part of the Year of Small Business movement, this grant program addresses small business owners’ number one need: access to capital. Each recipient will receive a $10,000 grant to accelerate their growth and help make 2022 the year of their small business.

Eligible businesses must:

  • Be owned 51%+ by person(s) of color
  • Be a for-profit business producing less than $5M in annual gross revenue
  • Operate and/or conduct business in at least one of the following states: CA, CO, CT, FL, GA, IL, MA, MN, NJ, NV, NY, RI and/or TX.
  • NOT be an alcohol beverage retail license holder (such as a bar, restaurant, hotel, or store which sells or serves alcohol) or a business which makes alcohol

Eligible applicants must:

  • Be a citizen or legal permanent resident of the United States
  • Be at least 25 years or older as of November 1, 2022
  • Be the owner or an individual who is legally authorized to bind the Business for purposes of participation in the Program
  • NOT have ownership interest and/or be invested in an alcohol beverage retail license holder (such as a business or establishment which owns a license to make, sell or serve alcohol)
  • NOT be an employee of a retail license holder

Preference will be given to businesses in the food and beverage industry, such as those who offer products and services across kitchenware, glassware, barware, cocktail mixers, at-home entertaining/party planning, food trucks, cafes, food and beverage blogging, recipe curation, and more.

Apply Here

AT&T Black Future-Maker - Closes December 31

Learn More Here

Share your story for a chance to become an AT&T Black Future Maker.

Inspiring. Visionary. Culture Shaper. These are the qualities of a Black Future Maker. Dedicated individuals pursuing greater possibilities for the greater good. If this sounds like you, then AT&T wants to celebrate your journey.

You have a chance to win $10,000 and an AT&T 5G enabled device.

To enter for a chance to win $10,000:

  • Submit a video of 30-60 seconds, or photo, on your Instagram feed.
  • Tell us how you are pursuing greater possibilities for you and the community.
  • Tag @att and use #dreaminblack and #attcontest.

Learn More Here

The Fearless Strivers Grant Contest - Closes December 31

Learn More Here

The Fearless Strivers Grant Contest, in conjunction with Mastercard, will award 11 Black women-owned small businesses with grants of $10,000 as well as one-on-one mentorship. In addition, the program will be rolling out city-specific grant programs across the country.

Fearless Fund considers investments in early-stage, high growth ventures that meet the following criteria:

  • Woman of color-led: At least one woman of color co-founder with significant equity in the company.
  • Led by a high quality, resilient management team with at least one full-time founder: The management team should have deep industry knowledge as well as an understanding of their product, new and existing competitors’ products, and their potential market share. Strong management teams will exhibit enthusiasm and confidence in their team’s ability to execute. We see our investment as a partnership with our entrepreneurs and appreciate those who communicate effectively with their investors.
  • Have a sustainable competitive advantage: Competitive advantages can include high barriers to entry (if no IP, then trade secrets that can allow a reasonable amount of time to become market leader), disruptive technology, unique/valuable partnerships, etc.
  • Established C-Corporations (or LLCs on path to incorporation): Must have a strong business model, 5 year pro-forma, and clearly defined and well-researched exit strategy.
  • Ability to scale rapidly and achieve strong returns for investors: We generally prefer to see 3-5 year projections with scalability in excess of $20 million (minimum). We show strong preference toward companies that exhibit the viability of raising additional rounds of financing, plus opportunities that can be accelerated with support from our investment team, partners, and advisors.

Financial Considerations:

  • Funding ask: Should be in line with the company’s stage of growth.
  • Stage of Company: Fearless Fund invests in Pre-seed, Seed and Series A stage deals. At a minimum, the company should have proof of concept and preferably a minimum viable product that has some customer traction.
  • Investment Size: Average of $500k for first time checks. We only consider investment in equity or debt financing structured deals.
  • Investment Partners: We prefer deals that have multiple investment partners and are never the sole funder. We will also syndicate deals, when appropriate, within our network of other female funders.

HerRise Micro-Grant - Monthly Awards

Learn More and Apply Here

The HerRise Micro-Grant provides financial support to women of color creating innovative solutions that impact their community and that are often unable to secure funding for their small business. Each month a $500 micro-grant will be awarded to a small business owned by women of color.

To qualify:

  • Business is 51% owned by women of color
  • Business is currently registered in the US
  • Non-profits, franchise, direct seller, authorized reseller or independent consultant not eligible
  • Applicant must be a HerSuiteSpot members, registration is free at www.hersuitespot.com/register

Learn More and Apply Here

Amber Grant

The Amber Grant is named after a young woman who died before fulfilling her dream of becoming an entrepreneur. WomensNet began the grant, which distributes $1,000 monthly grants to women with a range of small business ideas. The recipients who gain a $1,000 grant are also eligible for an annual $10,000 small business grant.

Application

SoGal Foundation Grants

Application Page

SoGal Foundation has teamed up with multiple sponsors to provide several $10K and $5K cash grants to Black women or nonbinary entrepreneurs.

Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion dollar idea. They will also receive lifetime “ask-me-anything” access to the SoGal Foundation and SoGal Ventures teams. 

Key Points: 

  • self-identify as a Black woman or Black nonbinary entrepreneur (inclusive of multiracial Black women and multiracial Black nonbinary folks)
  • have a legally registered business
  • plan to seek investor financing in order to scale, now or in the future
  • have a scalable, high-impact solution or idea with the ambition to be the next billion dollar business.
  • Application
Grant Funding

Virginia Tourism Microbusiness Marketing Grant - Closes September 20

The Virginia Tourism Corporation (VTC) is offering a reimbursable grant program to assist small tourism-related businesses and to bolster non-peak seasonal visitation. The grant application period opens Aug. 4, 2022, with applications due by 5 p.m. on Sept. 20, 2022.

Eligible applicants should be tourism-related businesses that have 20 or fewer full-time equivalent employees and can include, but are not limited to boutique retails shops; food trucks; attractions; craft breweries; distilleries; wineries; boutique lodging and B&Bs; outfitters; and events and festivals focused on attracting visitors during low visitation times.

Examples of eligible marketing expenses include but are not limited to digital advertising; social media boosts and sponsored ads; print advertising; hiring of photographers and videographers; rack cards, printing and placement costs at Virginia Welcome Centers and Safety Rest Areas; and display and promotional materials for trade shows and events.

Components of the grant program include:

  • Who is eligible: Small tourism-related business with 20 or fewer full-time equivalent employees that can include but are not limited to boutique retail; restaurants; food trucks; attractions; craft breweries; distilleries; wineries; boutique lodging and B&Bs; outfitters; and events/festivals focused on non-peak seasonal visitation.
  • Additional eligibility: Destination Marketing Organizations (DMOs), and groups such as Planning District Commissions, Economic Development Authorities (EDA’s) and Main Street organizations.
  • Application Requirements: A targeted and research-based marketing plan that demonstrates how applicants will use the grant money for marketing and promotions to fulfill the purposes of the grant program.
  • Match Requirement:1:1 cash or in-kind marketing match.
  • Maximum Award:$5,000
  • Application Period: Opens: August 4, 2022, at 9 a.m.  Closes:September 20, 2022, at
  • 5 p.m.
  • How to Apply: vatc.org/grants

For information and questions, please contact Staci Martin at smartin@virginia.org or call

757-390-7330.

Restaurant Disaster Relief Fund - Closes September 30

Learn More Here

DoorDash has partnered with Hello Alice to create the Restaurant Disaster Relief Fund, providing $10,000 relief grants to restaurants impacted by natural disasters.

Who is eligible for disaster relief?

In order to apply for relief, restaurants must have:

  • At least one brick & mortar location but no more than three total locations
  • 50 or fewer employees per location
  • Been open for at least six months
  • Revenues of $3M or less per location in the last 12 months
  • Been impacted by an eligible state or federally-declared natural disaster, including wildfires, hurricanes, earthquakes, floods, etc.

You do not need to be a DoorDash partner to apply for relief.

How to use the grant

Relief grants can be used for any expenses directly related to the disaster in question. This can include principal or interest on a mortgage, rent or utilities, maintenance, supplies and materials, inventory, covered supplier costs, operational expenses and more.

The following are eligible natural disaster events that may qualify your business for DoorDash’s Restaurant Disaster Relief Fund grant:

  • Winter Storm
  • Weather-related Flooding
  • Tsunami / Tidal Wave
  • Landslide / Mudslide
  • Tornado
  • Hurricane / Tropical Storm
  • Earthquake
  • Wildfire
  • Volcanic Eruption

Apply Here

WellnessLiving #StandwithStudios Grant Program - Closes December 15

Learn More Here

The WellnessLiving #StandwithStudios Grant Program was created to support boutique fitness and wellness businesses with the resources they need to take their business to the next level and continue to positively impact their communities.

With the support of our valued brand partners and business coaches, we are committing up to $150,000 in grants, marketing support, software, and business education, to help drive your business forward.

16 studio owners who have demonstrated incredible strength, ingenuity, and passion will be awarded:

  • $2,500 – $5,000 in funding per studio.
  • Photo shoot and feature article in Fitness Business Insider Magazine (estimated value: $4,000).
  • WellnessLiving Professional Plan FREE for a year (estimated value: $2,000).
  • Coaching sessions with an industry expert.

TO QUALIFY:

Applicant is required to:

  • Be the business owner or have signing authority for the business.
  • Be a legal resident of Canada or the USA.
  • Have their business in operation since February 2020, and be generating revenue.
  • Acknowledge that their business is not under bankruptcy protection or does not have judicial liens or attachments.
  • Upon request by WellnessLiving, each applicant must provide proof of their identity and any qualification as an eligible applicant.
  • WellnessLiving reserves the right to disqualify any application where such proof is not provided upon request.

Business must:

  • Offer fitness or wellness services.
  • Be located within Canada or the United States of America.
  • Have no more than 50 employees at the time of the submission.
  • Individual franchisees are eligible.
  • Have been in operation since February 2020; be generating revenue, and the business have a brick-and-mortar location that is currently in operation.

Apply Here

GoFundMe Small Business Relief Fund

The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic.

The Small Business Relief Initiative will supply financial assistance and support to businesses across the country by providing grants, tools, and resources to help during the crisis.

The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens during these pressing times. Donations to the relief fund will be paid out as grants to businesses that qualify, and which businesses have created a fundraiser through the Small Business Relief Initiative or had an existing GoFundMe.

Key Points:

  • Awardees must set up a GoFundMe fundraiser
  • To qualify for a matching grant from the Small Business Relief Fund, the GoFundMe fundraiser must raise at least $500
  • Must verify that your small business has been negatively impacted by a government mandate due to the COVID-19 pandemic
  • Your small business must be independently owned and operated, and not nationally dominant in your field of operation
  • Each recipient of the matching grant must intend on using the funds to help care for your employees or pay ongoing business expenses
  • Learn More / Application

Northern Virginia Incumbent Worker Training Grants

Application Page

In order to meet local employers’ demand to re-train their existing workforce, Virginia Career Works Northern Region offers Incumbent Worker Training grants through the Federal Workforce Innovation and Opportunity Act (WIOA). These funds can assist employers to support their employees in gaining new skills and in making their businesses more competitive and profitable.

The grant program reimburses employers for the cost of training their workers, and cover training costs such as instructional costs for training courses, classes for certification exams, online training, textbooks and manuals. Participating businesses must provide a minimum matching contribution to the Incumbent worker training project, in amounts identified in the State of Virginia policy based upon company size. These matching funds may include in-kind services.

To apply for a grant, employers must submit an application and request on company letterhead via email to David Hunn at david.hunn@vcwnorthern.com.

Application Page

City of Manassas Cash Grants

The City recognizes that starting, expanding and relocating your business come with unique costs. The City of Manassas has designed the following programs to help, because our success is tied to yours.

Learn More Here

National Association for the Self-employed (NASE) Growth Grants

These grants are intended for NASE Members that want to grow their business, and they offer $4,000 and the awarded funds can be used for a wide range of business activities.

To be eligible, you must be a member in good standing.

The following members may apply immediately:

  • Annual Members
  • Veteran Members
  • Silver Members (Paying Annually)
  • Gold Members

The following members may apply after 90 days of membership:

  • Monthly Members
  • Silver Members (Paying Monthly)

What are the selection criteria?

Criteria used in evaluating applications and awarding grants include:

  • Review of identifiable business need
  • Detailed use of the proceeds of the grant
  • The potential of the grant to satisfy the identified business need
  • The potential impact of the grant on overall business growth and success. 

Learn More Here

Nav’s Quarterly Small Business Grant

Nav offers quarterly grants of $10,000 to help solve a business problem or take applicant’s business to the next level. 

Check back soon for the next application period! 

Loan / Seed Funds

Southern Opportunity and Resilience Fund (SOAR)

The Southern Opportunity and Resilience (SOAR) Fund is a new program built to support small businesses and non-profits across the South and Southeast to help them navigate and rebuild from the COVID-19 crisis.
 
Key Points: 
  • This is a loan fund
  • $53 million available
  • Maximum $100,000
  • To date, $11 million funded covering 250 small businesses
  • 90% of recipients to date had 10 or fewer employees
  • Learn more
Legal Assistance

NoVA COVID-19 Pro Bono Collaborative

The COVID-19 Pro Bono Collaborative, a growing network of trusted top-tier law firms, corporations and other legal service providers across the country, is providing a highly coordinated, emergency response to help small businesses and nonprofit organizations survive the economic impact of COVID-19.

ASSISTANCE REQUEST FORM

Grant Search Sources

Grants.gov

This is a federal database that provides details on all federal government grant opportunities.

Learn More Here

SAM.gov

The System for Award Management (SAM.gov) is an official website of the U.S. Government. There is no cost to use SAM.gov.

You can use this site to:

  • Register to do business with the U.S. Government
  • Update, renew, or check the status of your entity registration
  • Search for entity registration and exclusion records
  • Search for assistance listings (formerly CFDA.gov), wage determinations (formerly WDOL.gov), contract opportunities (formerly FBO.gov), and contract data reports (formerly part of FPDS.gov).
  • View and submit BioPreferred and Service Contract Reports
  • Access publicly available award data via data extracts and system accounts

Learn More 

OpenGrants

OpenGrants is a search engine for grants and a marketplace of grant experts for startups, nonprofits, and small business.

Learn More Here

GrantWatch

This is a subscription-based site that provides information on public and private grant sources.

We are the #1 grant listing directory featuring more than 28,481 current grants, funding opportunities, awards, and archived grants (that will soon be available again) from foundations, corporations, federal, state, and local government funding sources in the USA, U.S. Territories, & Canada.

Learn More Here

COVID-19 Funding Opportunities

PPP Forgiveness

First Draw & Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs

Learn more about the process.

SBA Debt Relief

Due to coronavirus, SBA borrowers qualify for temporary debt relief. SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and microloans in regular servicing status as well as new 7(a), 504, and microloans disbursed prior to Sept. 27, 2020 and does not apply to loans made under the Economic Injury Disaster Loan (EIDL) program.

 

Economic Injury Disaster Loans (EIDL)

Notice: COVID EIDL is no longer accepting new applications but will continue to accept requests for increases, reconsideration, and appeals.
 

Virginia small businesses suffering economic injury due to coronavirus (COVID-19) are eligible to apply for low-interest SBA loans.

SBA is again accepting applications from all small businesses impacted by COVID-19. Applications already submitted will continue to be processed on a first-come, first-served basis.
 
Key changes as of 1/4/2022 include:
  • Notice: COVID EIDL is no longer accepting new applications but will continue to accept requests for increases, reconsideration, and appeals.
  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

COVID-19 Trageted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. See SBA COVID-19 Economic Injury Disaster Loans program page for more information. 
 
Applicants do not need to take any action at this time. SBA will reach out to those who qualify.
 

Supplemental Targeted Advance

The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria. The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000.

Completing the Targeted EIDL Advance application is a requirement to be considered for the Supplemental Targeted Advance, and SBA is reaching out directly to those who may qualify.

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
  • Press Release

Questions

Request Advising

Owners and key financial decisionmakers of for-profit businesses, share your recent experiences. Did your business seek financing such as loans or lines of credit in the last 12 months? How would you rate the financial condition of your business?

The Federal Reserve’s 2022 Small Business Credit Survey is open for responses, and the Virginia SBDC Network is a partner on this effort. By taking the survey, you contribute to data that directly informs the Fed, federal government agencies, service providers, policymakers, and others—ultimately benefitting your business and other businesses like yours. Take the 10-minute survey now. 

The survey is open to businesses currently in operation, those recently closed, and those about to launch. All responses are confidential.

The survey closes November 4, 2022. Questions? Contact Grace Guynn at grace.guynn@atl.frb.org.