They Pumped $9 Billion Into Small Businesses. They Want to Do More
Hundreds of local and state relief funds have saved hundreds of thousands of businesses, a new report finds.
Small businesses are struggling because of stay-at-home orders caused by the Covid-19 pandemic. An empty parking lot of a plaza where stores are closed.
Photographer: Getty ImagesStates, cities, and community groups scrambled to launch loan and grant programs for struggling local businesses after the coronavirus pandemic upended life across the U.S. The programs were meant to complement, not be a substitute for, massive federal initiatives including the Paycheck Protection Program, which ran from April through early August. But the local efforts wound up providing aid that meant the difference between survival and failure for many businesses.
Because of immense demand, many of the grant programs in places such as Tampa and Hillsboro, Ore., ran out of money quickly, some within hours. But some communities, desperate to save their independent businesses , have managed to replenish their programs. Many more have been creating new ones and tweaking those that exist to meet shifting needs.