Paycheck Protection Program Alternatives: Loan Options Post-SBA

PPP and SBA loan alternatives


Now that the Paycheck Protection Program has run out of money, are there any alternatives for funding with the PPP option gone? The money was supposed to support small businesses impacted by the coronavirus outbreak, but many did not get the funding they needed. Although the options aren’t quite as plentiful now as they were earlier, some businesses in some states may still have some options they can try. There’s already a call for more funding to be added to the PPP, which may also happen in the future.

SBA Programs & Other Alternatives

The SBA has some other programs you can apply for, although they may not be set up specifically for COVID-19 issues.

You can get details on the loans listed below here. Note that all of the programs listed below are subject to change at any time.

  • 7(a) program: This program offers loans up to $5,000,000 as an all-inclusive loan for eligible businesses. The funds can be used for working capital, expansion/renovation, new construction, land purchase or building purchase, equipment purchase, fixtures, lease-hold improvements, debt refinancing for compelling reasons, seasonal lines of credit, inventory, or to start a business.
  • Express loans: These can provide up to $350,000 for up to seven years with an option to revolve. Turnaround time is about 36 hours to know if you are approved or denied.
  • SBA Express Bridge Loans: These provide up to $25,000 to small businesses who have a relationship with an SBA Express Lender. These were meant to help bridge the gap between the EIDL.
  • SBA Debt Relief: The SBA will pay the principal, interest, and fees of current 7(a), 504, and microloans for six months, plus for the same that were issued before September 27, 2020. The SBA is also providing automatic deferment for disaster loans that were in a “regular servicing” status on March 1, 2020.
  • Community advantage: This loan pilot program is for mission-based lenders to help small businesses in underserved markets. The maximum loan is $250,000.
  • 504 loan: This loan is limited for the acquisition of refinancing of fixed assets. It’s to help with job creation and retention.
  • Microloans: Nonprofit lending organizations may offer microloans to underserved markets. These can be up to $50,000 maximum and must be used for working capital, supplies, machinery, equipment, or fixtures but not real estate.
  • Export loans: The SBA offers a number of export loans for small businesses as they respond to ?COVID-19 challenges. These include the Export Express loan, Export Working Capital program, and International Trade loan program.

There’s also the 8(a) Business Development program for small businesses owned by economically or socially disadvantages entities or individuals.

The Military Reservist Economic Injury Disaster Long Program provides up to $2 million to cover operating costs due to the loss of an employee called to active duty in the Reserves or National Guard.

SCORE offers remote mentoring to help you answer your questions about adjusting a small business to the changes from COVID-19. They’ll also be updating new national programs you can apply for that may offer funding here.

The Save Small Business Fund is a grant offered by the U.S. Chamber of Commerce Foundation. To qualify you must employ 3 to 20 people, be in an economically vulnerable community, and have been harmed financially by COVID-19. The application will go live on April 20.

Facebook is offering a Small Business Grants Program and giving grants and ad credits to businesses. Up to 30,000 small businesses will be eligible. They must be for-profit, have 2 to 50 employees, been in business for more than a year, be near a Facebook operating location, and be facing challenges from COVID-19. You can apply April 18 if you’re in New York City or Seattle, April 20 in the San Francisco Bay Area, and April 22 in all other eligible U.S. cities.

Amazon has an Amazon Neighborhood Small Business Relief Fund.

Nav’s Small Business Grant is offering $10,000 and accepting entries between February 24 and May 30. This won’t be awarded until June 2020. One business will get $10,000, one will get $2,000, and one will get $1,000.

Kiva is offering loans of up to $15,000 for some U.S. small businesses. These are 0% interest loans. You must be based in the U.S., be 18 or older, use the loan for business purposes, can’t be in foreclosure or bankruptcy, and must demonstrate social capital by having a “small number of friends and family make a loan to you.” More details here.

Mainvest has some 0% interest $2,000 loans for existing brick-and-mortar businesses negatively affected by COVID-19, if they launch a capital raise on Mainvest. See more here.

The USDA has noted that producers can continue to apply for farm loans and get their current loans services. Learn more here. The FSA is relaxing the loan-making process and extending deadlines for producers to respond to loan servicing actions. Producers also have more time to repay Farm Service Agency Marketing Assistance Loans.

Learn more about USDA microloan programs here.

You can also learn more about USDA loans here, including farm loans, youth loans, guarantee farm loans, and more.

Applying for Unemployment

If you didn’t get a PPP loan, some businesses are considering unemployment as another option. Many states now offer Pandemic Unemployment Assistance. Contact your state’s unemployment insurance program for details.

For example, California’s Pandemic Assistance is here and Wisconsin’s is here and will start taking applications on April 21.

State Programs

Note: The terms of these state programs are subject to change at any time. Other states may also have programs even if they’re not listed below.


San Francisco Hardship Emergency Loan Program (HELP): Up to $50,000.

Los Angeles Small Business Emergency Microloan Program: $5,000 to $20,000


Denver Small Business Emergency Relief Program


Recovery bridge loan program of up to $75,000 for manufacturers in the state. Priority given to those expanding capacity to respond to PPE shortages and the like.

Recovery bridge loan program of up to $75,000 or three months of operating expenses – No more applications are being accepted at this time.


Emergency Bridge Loan Program: $50k to $100k to COVID-affected businesses. Not currently accepting applications.

See more options here, including a short-time compensation program, a small business loan program, a microfinance guarantee program, a black business loan program, and a rebuild Florida business loan program.


Chicago Small Business Resiliency Fund


Community and Economic Development Initiative: Up to $3,000 in specific counties. Rolling applications.


Louisiana Loan Portfolio Guaranty Program: Up to $100,000. Only small businesses with fewer than 100 employees.


Small Business Emergency Loan Program: $2,500 to $35,000

Small Business Loan Guarantee Program: Up to $200,000

More details here.


Learn about the Small Business Loan Program here, only for businesses of 15 or fewer employees, 100% Missouri owned and located, in good standing with the Secretary of State.

New Hampshire

Manchester Small Business Recovery Loan Fund: Up to $25,0000 for 40 small businesses. Only Manchester businesses who had losses or closures due to COVID-19. It’s not clear if the funds are available yet or not.

New Jersey

See a list of programs in the state and an eligibility wizard here.

New Mexico

New Mexico Recovery Fund: Must have 40 or more New Mexico employees and intend to retain the headcount, along with demonstrating economic impact from COVID-19.

New York

New York City has a small business continuity loan program, but it’s currently paused on accepting applications. You can sign up here if you live in New York and want updates on local, state, and federal programs as they’re added.

North Carolina

Rapid Recovery Loans


Programs for for-profit businesses including loans and assistance. See a list here.


See a roundup of options here.


See economic development organizations here. The COIVD-19 Working Capital Access Program is closed. See other funding programs for all different types of situations (not just COVID-19) here.


Utah Leads Together Small Business Bridge Loan Program. Rounds one and two have closed.


Small Business Emergency Grant Program: Many counties no longer accepting applications, deadline is April 17 at 5 p.m. in other counties.

Small Business Resiliency Assistance

Seattle’s Small Business Stabilization Fund: Up to $10,000 – Initial round awarded on April 13. Applications are not currently open, but there will be new rounds in the future.

See more options here.

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