Lists of Grants and Loans available for Physician Practices and Small Businesses
Coronavirus has created a new world for all of us, however it is a critical period right now, especially for small businesses and physician practices which are vulnerable to mandatory shutdowns. At Wall Street Alliance Group, we are working hard to get you the most up to date information about different grants and loans that are available. Most of these programs are first come, first serve and some of them are not accepting new applications due to high demand. We encourage you to check back here daily to find out if any of the programs reopen.
Below is the list of grants and loans available for small businesses and physician practices:
Mortgage, Student loan relief Care Act:
Several banks offer payment deferrals and/or forbearance for business loan customers and individuals who are not able to make mortgage payments. Most Federal Housing Administration (FHA) mortgage loans are offering up to 12 months in deferrals and forbearance. Student loans are automatically placed on forbearance which will temporarily suspend monthly payments until September 30, 2020.
Advance Medicare Payment:
Healthcare providers who participate in Medicare programs and losing income are allowed to apply through the Center of Medicare and Medicaid Services (CMS) to receive advance payment which will be based on your October through December 2019 billing.
Health and Human Services Medicare Relief Program:
Department of Health and Human Services (HHS) began delivering $30 billion in relief according to the CARES Act to Medicare providers. Recipients need to verify the terms and conditions in the HHS website within 30 days of receiving relief funds.
Facebook Small Business Grants Program
Facebook is offering $100 million in grants and Facebook advertising credits for over 30,000 small businesses.
Paycheck Protection Program:
The Paycheck Protection Program is a loan designed incentivize small businesses to keep their workers on the payroll. The Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Economic Injury Disaster Loan
Economic Injury Disaster Loan (EIDL) advance up to $10,000 to businesses that are experiencing difficulties due to Coronavirus. The maximum loan amount is $2 million with a 30-year interest of 3.75% for small businesses.
Amazon Neighborhood Small Business Relief Fund: Bellevue, Washington and South Lake Union and Regrade neighborhoods of Seattle, especially those with heavy foot traffic, can apply online for a grant from Amazon. Amazon will determine on a case-by-case basis the amount of the grant your business qualifies for. Only businesses with 50 employees or less, or that take in less than $7 million in annual revenue, qualify.
Following are programs within each state. Check your corresponding state’s government site regularly for details and updates.
California:
San Francisco Hardship Emergency Loan Program (SF HELP). City of Los Angeles Small Business Emergency Microloan Program
Colorado
Denver Small Business Emergency Relief Program: cash grants for small business affected by Covid-19.
Connecticut
Connecticut Recovery Bridge Loan: up to $50 million (for the whole program.)
Florida
Florida Small Business Emergency Bridge Loan Program: $50,000 — $100,000 for special cases.
Illinois
Small Business Emergency Loan Fund: up to $50,000, repayment terms up to five years.
Kentucky
The Community and Economic Development Initiative of Kentucky (CEDIK): grant up to $3,000
Louisiana
Louisiana Loan Portfolio Guaranty Program: for small businesses, up to $100,000 per applicant, low interest rate.
Minnesota
Small Business Emergency Loan Program: $2,500-$35,000 to cover operating expenses. Minnesota Small Business Loan Guarantee Program: 80% guarantee on loans of up to $200,000.
New Hampshire
Manchester Small Business Recovery Loan Fund: up to $25,000, 2% interest rate.
New Jersey
Small Business Emergency Assistance Loan: up to $100,000, deferment up to 12 months.
New Mexico
New Mexico Recovery Fund: based on 2019 operating expenses, no greater than $10 million, repayment terms between 2-4 years, interest rates of 3-10%.
New York
New York City Small Business Continuity Fund: paused. Complete an interest form to learn about new local and state programs as they become available.
North Carolina
Rapid Recovery Loans: up to $50,000, capped at two months of current revenue, six months 0% interest and no required payments, and subject to 4-year repayment term at 5.5% interest.
Oklahoma
Small Business Continuity Program (Oklahoma City) includes: $5.5 million in toto, no-interest loans, low-interest loans, technical assistance for small businesses, loans can be up $100,000.
Pennsylvania
COVID-19 Working Capital Access Program (CWCA): up to $100,000, three-year term and 12-year amortization schedule, 0% interest rate for all loans except for those to agricultural producers who will receive 2% fixed interest rate.
Texas
Austin Economic Injury Bridge Loan Program (AEIBLP).
Loan of up to $35,000 until business receive PPP or EIDL loan from SBA.
Utah
Utah Leads Together Small Business Bridge Loan program: loans of $5,000-$20,000 and 0% interest for up to 60 months, deferment up to 12 months.
Washington
Working Washington Small Business Emergency Grant program: grants up to $100,000.
There are a number of programs available and you should consult with your fiduciary financial advisor about which of these would be appropriate for you.
