Our Help Guide

The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. We understand that everyone is looking for ways to keep their family healthy and safe during this outbreak. Also, business owners are looking for ways to keep their businesses’ afloat. A lot of uncertainty is in the air and what is coming next. Here at 1st Merchant Funding we are doing everything we possibly can to support our customers, partners and our community during this challenging time, and we will continue to do so until things return to normal.

We prepared this quick guide to help you find some useful and actionable information, for your family and your business.

Federal Assistance for Individuals and Businesses

The federal government is working on a bailout package that will include relief funds for small businesses, though the exact nature of the relief has not been finalized yet. In the meantime, the federal tax filing deadline has been pushed to July 15 to give businesses and individuals some extra time to pay and keep extra cash in hands.

Government Assistance Programs for Small Businesses

Coronavirus (COVID-19) Guidelines
https://www.cdc.gov/coronavirus/2019-ncov/index.html

Coronavirus (COVID-19) Guide for Businesses and Employers
https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html

Small Business Disaster Preparedness & Recovery Resources
https://www.score.org/content/small-business-disaster-preparedness-resources

Coronavirus (COVID-19): Small Business Guidance & Loan Resources
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Covid-19 Implications for Businesses
https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business

Federal Disaster Loans for Businesses
https://disasterloan.sba.gov/ela/

SBA Programs

The SBA has an Emergency Injury Disaster Loan program, which provides loans of up to $2 million to businesses in designated disaster areas. The rates are 3.75% and  a maximum term up to 30 years. To qualify your State must submit a disaster declaration to the federal government. Check out the disaster loan page from the SBA to see which areas are eligible so far.

State Support

Connecticut:
https://www.cbia.com/news/issues-policies/state-extends-business-tax-deadline/
Florida:
https://floridadisaster.biz/BusinessDamageAssessments
Iowa:
https://www.iowaeconomicdevelopment.com/reliefgrants
Maryland:
https://onestop.md.gov/
Massachusetts:
https://www.mass.gov/info-details/covid-19-resources-and-guidance-for-businesses#administrative-tax-relief-measures-
Maine:
https://www.maine.gov/governor/mills/news/sba-approves-governor-mills-application-loans-help-eligible-businesses-impacted-covid-19-2020
Michigan:
https://www.michiganbusiness.org/covid19/
Minnesota: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
New Jersey:
https://www.njeda.com/about/Public-Information/Coronavirus-Information
New Mexico:
https://gonm.biz/about-us/covid-19-response
South Dakota:
https://news.sd.gov/newsitem.aspx?id=26516
Texas:
https://tdem.texas.gov/covid-19/
Washington State:
https://www.governor.wa.gov/issues/issues/covid-19-resources/covid-19-resources-businesses-and-workers

Municipal Support 

Atlanta:
https://www.atlantaga.gov/government/mayor-s-office/city-of-atlanta-covid-19-response
Chicago:
https://www.surveymonkey.com/r/COVID19Chicago
Denver:
https://www.denvergov.org/content/denvergov/en/denver-office-of-economic-development.html
Los Angeles:
https://ewddlacity.com/index.php/microloan-program
New York City:
https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page
Philadelphia:
https://www.phila.gov/programs/philadelphia-covid-19-small-business-relief-fund/?mc_cid=e610c84755&mc_eid=0e0c66297c
Portland:
https://www.apano.org/jade-district-covid-19-small-business-response-fund/
Sacramento:
http://www.cityofsacramento.org/covid19-relief
Salt Lake City:
https://www.slc.gov/ed/elploan/
San Francisco:
https://oewd.org/covid-19-small-business-resiliency-fund
Seattle:
http://www.seattle.gov/office-of-economic-development/small-business/small-business-programs-/stabilization-fund-/faq