If your business is struggling financially because of the effects of the COVID-19 pandemic, there is help available. Many area organizations, private and public, are coming together to support local businesses through the crisis. The federal government is also supporting business through programs developed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed March 27, 2020. Arizona relief funds for small businesses impacted by coronavirus include grants, loans, and forgivable loans.

The Need is Great

Businesses are struggling across Arizona and across the country. The need is great and many relief fund programs have had to close their applications just weeks after announcing their availability. One such example is Local First Arizona’s Small Business Relief Fund, which had to close the application process due to the overwhelming response of more than 2,700 Arizona businesses.

Help is out there for you and your employees. For the following Arizona relief funds for small businesses impacted by coronavirus, check on availability, deadlines, and your eligibility before applying.

Arizona Small Business Association (ASBA)

The ASBA has published a COVID-19 Resources page, listing available assistance for small businesses in Arizona. Relief options include grants and assistance offered by Main St. Matters and Arizona Restaurant Strong.

In addition, the Arizona Small Business Association and Arizona Chamber of Commerce have joined forces to bring you the CARES Act Readiness Program for Small Businesses. This training program – offered at no cost to you – helps both novice and experienced borrowers successfully access relief funds.

Tucson Resiliency Direct Loan Program

Loans with 0% interest are available from the Tucson Resiliency Direct Loan Program for small businesses, sole proprietors, 1099 contractors, and nonprofit organizations whose place of business is within the Tucson city limits. The maximum loan amount is $25,000, which can be used for working capital, including rent, payroll, marketing, and utilities. There are flexible repayment terms, extending as long as 10 years, and there are no payments for the first 6-12 months.

Kiva Tucson

Growth Partners Arizona, in partnership with the Community Investment Corporation, launched the Kiva Tucson hub to help financially excluded entrepreneurs in Arizona gain access to capital. Kiva is helping during the COVID-19 crisis by providing loans up to $15,000 and a 6-month deferment.

Growth Partners Arizona

Growth Partners also offers Small Business Success Loans for those doing business in Arizona with a valid business license in good standing with the state of Arizona. Small businesses should have annual revenues of more than $50,000 and must have been in business for at least two tax filing periods. Loans can be between $10,000 and $75,000.

PPEP Microbusiness & Housing Development Corporation (PMHDC)

PMHDC provides loans to small business owners in southern Arizona that reside in Yuma, Cochise, Santa Cruz, Pima, Pinal, Maricopa, Gila and Graham Counties. As a nonprofit organization, PMHDC’s mission is to help small businesses thrive by providing technical assistance, lending money, promoting clients’ businesses, linking them to small business resources, information and mentors, and providing networking opportunities.

Prestamos CDFI, LLC

Prestamos, a Community Development Financial Institution, is offering COVID Micro Loans of up to $25,000 with the first six payments paid (both principal and interest) directly by the SBA. The remaining balance will be amortized over a 6-12 month term based on repayment ability. There is a 3% loan origination fee and the interest rate for this loan is 6.5%.

Mesa CARES Small Business Reemergence Program

The Mesa CARES Small Business Reemergence Program is a CARES Act funded grant program created and managed by the City of Mesa. The goal of the program is to provide financial assistance to Mesa-based businesses significantly impacted by COVID-19 due to either mandatory closure by Executive Order or due to limited service options for the purpose of stemming the spread of COVID-19. Applications are being accepted online only and will close Sunday, May 24, at 5PM.

Federal Programs

The Small Business Paycheck Protection Program (PPP) provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months.

The Small Business Administration (SBA) is now accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.

CLEAR VIEW BUSINESS SOLUTIONS IS HERE TO HELP YOUR SMALL BUSINESS

At Clear View, we know that your financial stability is critical to your success. We will continue to help you manage your business finances appropriately throughout the COVID-19 pandemic. Learn more about how we can help you and your business by contacting Clear View Business Solutions to speak to our team about our services. Give us a call at (520) 544-0177.