United States Treasury Stimulus Check
Posted April 20, 2020
| Updated May 23, 2022

COVID-19 Relief Funding Alternatives

As of April 16, 2020, the SBA announced all appropriations for the Paycheck Protection Program and the Economic Injury Disaster Loan were exhausted. Small business owners are now in need of COVID-19 relief funding alternatives.

Below is a list of some COVID-19 funding options that are still available.

SBA Express Bridge Loans (EBL)

Eligibility: Small businesses that currently have a business relationship with an SBA Express Lender.

Loan Amount: Up to $25,000.

Purpose: Support for small businesses experiencing a temporary loss of revenue due to the coronavirus pandemic. The SBA Express Bridge Loans can be used as a term loan or to bridge the gap while waiting on a decision on other relief loans.

Loan Terms: EBL program runs until March 31, 2021. Currently, the EBL is only available to small businesses that were in business before March 13, 2020 and had a business relationship with an SBA Express Lender prior to the disaster. The applicant must also demonstrate they have been adversely impacted by the COVID-19 emergency.

  • Applicants can only apply for one EBL.
  • EBL must be structured as a term loan (revolving lines of credit are not permitted).
  • The maximum EBL loan term is 7 years.
  • The lender may require the EBL borrower to pay the EBL loan in part or in full if the borrower is approved for other long-term disaster financing.
  • EBL proceeds must be used exclusively to support the survival and/or reopening of the small business.
  • An EBL loan may have a fixed or variable interest rate. Because an EBL is limited to $25,000, a lender may charge up to 6.5 percent + Prime rate.
  • No lender fees.
  • Application fees allowed. The maximum permissible application fee is 2 percent of the loan amount or $250, whichever is greater.
  • No collateral needed.

List of SBA lenders.

SBA Debt Relief

Eligibility: The SBA Debt Relief is available to small businesses that currently have an SBA loan.

Loan Amount: The SBA will automatically pay the principal, interest, and fees of current 7(a) and 504 loans, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a) and 504 loans, and microloans issued prior to September 27, 2020.

Purpose: To ease the financial burden on small businesses already making payments for SBA loans.

Loan Terms: SBA loan borrowers will receive automatic deferral; however, interest will still accrue during the referral period. Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments. SBA will apply those payments normally as if there was no deferment.

U.S. Chamber of Commerce: Save Small Business Fund

The Save Small Business Fund is a grantmaking initiative led by the U.S. Chamber of Commerce Foundation.

Eligibility: Small businesses that employ between 3 and 20 people, located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic.

Grant Amount: $5,000

Terms: Application for the grants will be available on April 20, 2020. All applicants will need is their business’s W-9. Applying businesses must be in the bottom 80 percent of the most economically distressed zip codes in the U.S., as ranked by the Distressed Communities Index. Grants will be awarded weekly until all funds have been used.

Nav: Small Business Grant Contest

Small business financing company, Nav is awarding grants to small businesses that tell a story of preservation and opportunity in the face of a past or ongoing challenge.

Eligibility: Must sign up for a free Nav account and post answers to contest questions on Facebook, Instagram or LinkedIn.

Must answer:

  • What your business does and a challenge you overcame or continue to struggle within your business.
  • What you would do with the grant funds
  • Bonus points: include a photo of you in action at work.

Entries accepted until May 30th, 2020.

Prize Amounts:

  • $10,000 Grand Prize
  • $2,000 First runner up
  • $1,000 Second runner up

Facebook Grants for Small Business

Facebook is offering $100 million in grants and ad credits to support over 30,000 small businesses in the countries where Facebook operates. Applications available on April 22, 2020.


  • Must be a for-profit company
  • Must have between 2 and 50 employees
  • Must have been in business for over a year
  • Must have experienced challenges from COVID-19
  • Must be in or near a location where Facebook operates

Regional Assistance

Communities and states across the country are also offering relief for small businesses. Check your local business development offices for more information.

Here are a few location-specific resources for finding COVID-19 relief funding:

  • Amazon Neighborhood Small Business Relief Fund – Small businesses with fewer than 50 employees or less than $7 million in annual revenue in Seattle (South Lake Union and Regrade neighborhoods) and Bellevue.
  • California Disaster Relief Loan Guarantee Program for COVID-19 – Small businesses located in California with 1-750 employees that have been negatively impacted or experienced disruption by COVID-19 and some nonprofits.
  • Goldman Sachs Small Business Initiatives
    • Global Small Business Stimulus Package: $525 million in emergency loans for small businesses with fewer than 100 employees.
    • Goldman Sachs COVID-19 Relief Fund: A $25 million commitment through Goldman Sachs Gives to support healthcare organizations, frontline responders, and the hardest-hit communities.

CorpNet Is Here to Help

CorpNet remains open and in full operation Monday through Friday from 7 a.m. until 5:00 p.m. PST to help. Our team is safely self-distanced and set up to work remotely with all of the necessary tools and resources to serve you. Contact us today at 1-888-449-2638 to discuss how we can help you.

<a href="https://www.corpnet.com/blog/author/nellieakalp/" target="_self">Nellie Akalp</a>

Nellie Akalp

Nellie Akalp is an entrepreneur, small business expert, speaker, and mother of four amazing kids. As CEO of CorpNet.com, she has helped more than half a million entrepreneurs launch their businesses. Akalp is nationally recognized as one of the most prominent experts on small business legal matters, contributing frequently to outlets like Entrepreneur, Forbes, Huffington Post, Mashable, and Fox Small Business. A passionate entrepreneur herself, Akalp is committed to helping others take the reigns and dive into small business ownership. Through her public speaking, media appearances, and frequent blogging, she has developed a strong following within the small business community and has been honored as a Small Business Influencer Champion three years in a row.

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