Paycheck Protection Program - The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 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. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. Click here to learn more and find a lender: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

The San Jose (CDGB) Microenterprise Grant Program will accept applications starting on Wednesday 9:00 am August 12th, 2020 through 11:59 pm, Friday August 28, 2020. This program will provide $15,000 grants to eligible microenterprises physically located in the city of San Jose. Grant proceeds may be used for working capital support including rent, utilities, and payroll. The CDBG Microenterprise Grant Program is anticipated to make a total of 145 grants.  

Opportunity Fund, a nonprofit Community Development Financial Institution, will administer the grant fund. We recommend you bookmark this page, which contains detailed information and FAQs about the grants, and will also contain a link to the application when it becomes available.

To be eligible to apply, businesses must meet all of the following criteria:  

  • The for-profit business must have five or fewer employees (full-time equivalent).
  • Be physically located in the city of San Jose.
  • The business owner must live in Santa Clara County.
  • Priority will be given to an essential business as defined by the Santa Clara County public health order.
  • The business owner’s total household income must be low or moderate-income. (Check here)
  • The business must have existed prior to March 1, 2019.  

This is an online application process only. Please read through the FAQs on the Opportunity Fund website before you apply. Final determination of grantees will be made based on meeting all eligibility requirements and the successful submission of required documents. Please email us at businessgrants@opportunityfund.org if you have additional questions.


For more information: https://myemail.constantcontact.com/Community-Development-Block-Grants-available-for-San-Jose-small-businesses.html?soid=1103550698948&aid=yCG8tYY_YSE&fbclid=IwAR3H5ff5mFfnnERcTTN6PgAZ78B5TxJC1erN5N0qWffdRYt8gaUbG0cSIII

SBA Economic Injury Loans - In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid. Learn more here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

Federal Reserve Main Street Lending Program - The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic. The Program will operate through two facilities: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). Term sheets for each facility providing more information regarding eligibility and conditions can be found here: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm

California iBank - Has allocated $50M for loans up to $50K. One of the IBank Small Business Finance Center’s loan guarantee programs is designed for Disaster Relief specifically and is currently available to small businesses needing assistance to overcome economic injury caused by COVID-19. We have Financial Development Corporation (FDC) partners throughout the state that assists businesses in securing a 95% guarantee on a bank loan. The FDCs are listed below and they work directly with participating lenders to underwrite the loan, which the SBFC guarantees (upon approval). Click here to learn more: https://www.ibank.ca.gov/

Salesforce Care Small Business Grants Program - is now accepting applications for its Salesforce Care Small Business Grants Program. Grants of up to $10,000 will be awarded. Applicants must meet the following criteria:
· Be a for-profit business
· Employ between 2-50 staff
· Have been in business for 2 years as of March 2020
· Have annual revenues of $250,000 to $2M
· Have experienced challenges from COVID-19
· Meet all other eligibility criteria as stated in Grant Program Terms

Salesforce is allocating $3 million for businesses in the United States, enough for 300 grants. The last date for submission is Monday May 4, 2020 11.59 PM (PDT).  Apply Here.

Facebook Small Business Grants - as pledged to give $100 million in small-business grants to help struggling businesses emerge from this pandemic — and $15 million in grants will be distributed in the Bay Area. If your business is located in the Bay Area, you can start your application now. The deadline is May 6, 2020 11:59 PM (EDT). https://www.facebook.com/business/boost/grants?ref=alias

LISC and Verizon Small Business Recovery Fund - LISC will use Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of Covid-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital, according to their website. What it can be used for? Paying rent and utilities, meeting payroll, paying outstanding debt to vendors & other immediate operational costs. This is a second round and the applications are being accepted now through April 28. https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund/?goal=0_286b243e7f-d533374d18-89149185&mc_cid=d533374d18&mc_eid=03e9bd8f41

• Spectrum Business Financing is offering free services to help answer questions about the SBA loan relief fund. Click here to learn more.

• Ready Commercial Capital has launched a COVID-19 RELIEF LOAN PROGRAM offering financing up to $2,000,000 to businesses impacted by the pandemic. Click here for details.

• HSBC, Downtown San Jose – Prime +2.00% Business Line of Credit for new business accounts.

Wells Fargo - Wells Fargo customers experiencing hardship from the coronavirus disease can call 1-800-219-9739 to speak with a trained specialist about their options. This includes customers of consumer lending, small business and deposit products. Details on what type of assistance might be available have not been released but are likely determined on a case-by-case basis. Click here to learn more.

• CitiBank - Citibank customers can contact the bank for assistance with:

  • Waivers on monthly service fees, for both regular and small business customers
  • Waived penalties for early CD withdrawal, for both regular and small business customers
  • Fee waivers on remote deposit capture for small business customers
  • Bankers available after hours and on weekends to support small business customers
  • Some credit card customers may be eligible for credit line increases and collection forbearance programs.
  • Some mortgage customers may be eligible for a hardship program through Cenlar FSB, the bank’s service provider. For assistance, call Cenlar FSB at 855-839-6253 (Mon–Fri, 8:30 a.m.–8 p.m. ET or Sat, 8:30 a.m.–5 p.m. ET).

Click here to learn more.

The Silicon Valley Strong Fund will provide working capital grants of $10,000 to eligible small businesses in San Jose owned by low-income residents of Santa Clara County who have suffered financial loss due to the COVID-19 crisis. Grants can be used to cover costs such as employee payroll and 2-week paid sick leave, rent and utilities, outstanding debts to vendors, and other operating costs. This fund is making a total of $1.5M available to support eligible small businesses impacted by COVID-19. The application window started on May 11th and will end on May 17th at 11:59 PM.

Here are the eligibility requirements per the City of San Jose's website:

  • The business must be located in the city of San Jose.
  • The business owner must be a resident in Santa Clara County.
  • Business owner must have a low or moderate-income below 80% of the Area Median Income. Please review this prior to applying.
  • The business must have five employees (full-time equivalent) or fewer.
  • The business must have existed prior to January 31, 2020.
  • The business must have experienced approximately 25% loss of income due to COVID-19.

Click here to learn more.

Money.com is an established personal finance brand with a world-class editorial team committed to providing the latest financial news and advice since 1972. Since then, the magazine has gone purely digital, yet still provides some of the best financial content around.

For more information on the PPP and other financial resources for small businesses in these difficult times, check out Money Magazine's best small business loan guide.

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