Today’s small businesses can search for financial relief in many forms. Grants are often preferred, since they don’t require repayment or lengthy waiting periods. However, rotating loan programs and tax credits can also provide many benefits. Here’s a selection of various financial relief programs currently available for businesses around the U.S.
Sac4SmallBiz Small Business & Nonprofit Grant Program
Sacramento County, California is dedicating $7.5 million of its American Rescue Plan Act funds to a small business grant program. Sac4SmallBiz’s Small Business & Nonprofit Grant Program will provide $10,000 grants to eligible small businesses and nonprofits throughout the county that were negatively impacted by the pandemic. Funds must be used for eligible expenses, but the money does not need to be repaid. Applications are open now and are due by August 31.
Maryland Economic Adjustment Fund Rotating Loans
The Maryland Department of Commerce recently received a $1.6 million grant that it will use to support the state’s small businesses. The grant comes from the Economic Development Administration of the U.S. Department of Commerce. These federal funds will also be matched by a $396,000 grant from the Maryland Economic Adjustment Fund. The Maryland Department of Commerce will use the funds to support small businesses through MEAF’s revolving loan fund, which supports small businesses that don’t qualify for traditional loans or financing. This specific program will grant priority to businesses in Baltimore City and rural regions across the state.
Amherst New Business Storefront Grants
Amherst, Massachusetts and the Amherst Business Improvement District are offering $40,000 to new brick and mortar businesses opening in town. New storefront businesses in Amherst can apply for grants of between $5,000 and $10,000. To qualify, businesses must already have a lease and business plan. The deadline to apply is Aug. 15, at which point an independent committee will score and select recipients.
Atlanta Strategic Initiatives Community Grant Program
The Development Authority of Fulton County recently unveiled its new Strategic Initiatives Community Grant program. The program will award grants of up to $500,000 to businesses and nonprofits that support the community through housing, infrastructure, workforce development, and education. To qualify, organizations must have either a current business license within the county or nonprofit tax status, along with a letter of good standing. The application period is expected to open within the month, and applications will be accepted on a rolling basis, with a review period of about 90 days.
VBThrive Business Relief Grant Program
The Local Initiatives Support Corp. Hampton Roads is reopening the VBThrive Business Relief Grant program. LISC runs the Virginia Beach grant program alongside United Way of South Hampton Roads and the city of Virginia Beach. This funding round focuses on small businesses in the tourism, travel and hospitality industries that are still struggling due to the pandemic. This round features $10 million in funds, with individual grants ranging from $10,000 to $50,000, depending on the number of employees. August 31 is the deadline to apply.
Empire State Development Corp.’s COVID-19 Capital Costs Tax Credit Program
New York State is accepting applications for a new tax credit program to help businesses struggling from COVID-19. The Empire State Development Corp.’s COVID-19 Capital Costs Tax Credit Program features $250 million in credits. Individual businesses can apply for tax credits of up to $25,000, which may cover up to half of qualified, pandemic-related expenses. Qualifying expenses include supplies or upgrades related to health and safety, including disinfectants, new HVAC equipment, touchless kiosks, and outdoor-space expansions. Credits will be awarded on a first-come, first-served basis, and businesses must receive approval by December 31 to apply credits to their 2022 tax returns.
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This article, "Millions Available in Small Business Grants, Revolving Loans, and Tax Credits" was first published on Small Business Trends
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Annie Pilon, Khareem Sudlow
