State financial assistance for small businesses

From making payroll to paying rent – small businesses across the country have been struggling with major economic challenges from the coronavirus pandemic. Thankfully, some states are now offering grants, loans and other assistance to small businesses affected by the crisis, providing them with the dollars needed to help bounce back financially.

If you’re a small business owner, this is great news to hear. However, wading through the application process may sound daunting – especially with everything else going on right now. That’s why we’re here.

As your small business advisor, we want you to get the financial relief available to you. Our small business tax team can help with questions regarding the assistance programs in your state. Find your local H&R Block tax office today for guidance.

Read on to find out what state aid is available for small businesses impacted by COVID-19 and how to find more information.*

States offering grants, loans and other financial assistance to small businesses

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A

Alaska: AK Cares Grant Program for Small Businesses

• Small businesses affected by coronavirus may apply for state grant amounts ranging from $5,000 to $100,000 for eligible expenses.
• Applications opened on June 1, 2020, and expanded eligibility criteria went into effect on August 6, 2020.

For eligibility requirements and to learn more, visit the AK Cares Grant Program site.

C

Colorado: Energize Colorado Gap Fund

• Sole proprietors, businesses and nonprofits with fewer than 25 full-time employees may receive up to $15,000 in grant funds and/or up to $20,000 as a small business loan from the state.
• Applications and awards will be completed in rounds through December 2020.

For eligibility requirements and to learn more, visit the Energize Colorado Gap Fund site.

I

Iowa: Small Business Utility Disruption Prevention

• Small businesses and nonprofits impacted by coronavirus can receive state assistance with electric and natural gas utility bills up to $7,500.
• Applications will be accepted until August 21, 2020, or until funds are exhausted, whichever comes first.

For eligibility requirements and to learn more, visit the Small Business Utility Disruption Prevention site.

Indiana: Small Business Restart Fund

• Small businesses can apply for reimbursement of qualified business expenses up to $10,000 based on demonstrated revenue loss from March to September 2020.
• Applications close on September 30, 2020.

For eligibility requirements and to learn more, visit the Small Business Restart Fund site.

L

Louisiana: Main Street Recovery Program

• Small businesses may apply for state grants of up to $15,000 to pay for eligible expenses and help with recovery from COVID-19 economic impacts.
• Applications opened on July 28 and will continue through November 4, 2020.

For eligibility requirements and to learn more, visit the Main Street Recovery Program site.

N

New Jersey: Small Landlord Emergency Grant Program

• Small residential rental property owners can be reimbursed for lost revenue due to COVID-19 between April and July 2020.
• Applications are open from August 19, 2020, until August, 26, 2020 (at 1:oo PM).

For eligibility requirements and to learn more, visit the Small Landlord Emergency Grant Program site.

North Dakota: Economic Resiliency Grant

• Private companies may receive a grant of up to $50,000 per eligible business and up to $100,000 per eligible business with multiple locations for approved expenses.
• Applications are open from August 12 to August 28, 2020.

For eligibility requirements and to learn more, visit the North Dakota Economic Resiliency Grant site.

P

Pennsylvania: COVID-19 Relief Statewide Small Business Assistance

• Small businesses may apply for grants ranging from $5,000 to $50,000.
• Apply quickly! The application period closes on August 28, 2020.

For eligibility requirements and to learn more, visit the Pennsylvania COVID-19 Relief program website.

R

Rhode Island: Restore RI Grant Program

• Small businesses impacted by COVID-19 may receive a grant of up to $15,000 based on its number of full-time employees and severity of revenue loss.
• Business owners must submit a prequalification form before they can complete the full application. The second round of applications opened on August 15, 2020.

For eligibility requirements and to learn more, visit the Restore RI Grant Program site.

V

Vermont: Emergency Economic Recovery Grants

• Certain businesses affected by coronavirus can apply for state grants of up to $50,000.
• The application period ends when the funds are exhausted.

For eligibility requirements and to learn more, visit the COVID-19 Recovery Resource Center.

Virginia: Rebuild VA Grant Fund

• Small businesses may receive grants of up to three times their average monthly eligible expenses, up to a maximum of $10,000.
• Act fast! Grants are first come, first served. Applications opened on August 10, 2020, and grants are expected to go quickly.

For eligibility requirements and to learn more, visit the Rebuild VA program website.

*Terms and conditions apply to state offered COVID-19 financial aid programs. H&R Block provides information about state programs but does not provide legal, financial, or other services that require a license.