Rather, the $15 million will go to businesses that already applied.“This money will go fast,” Tim Sullivan, the CEO of the EDA said, referring to the demand among small businesses in the state for relief.Small businesses seeking loans and grants have overwhelmed the EDA — which has already provided tens of millions of dollars of relief.Last month, the EDA was again flooded with 19,500 applications within hours of accepting requests for a Note to readers: if you purchase something through one of our affiliate links we may earn a commission.Registration on or use of this site constitutes acceptance of our © 2020 Advance Local Media LLC. The loans have a 0% interest rate and five-year terms, and they are eligible for forgiveness. Coronavirus Grants Available for Struggling Small BusinessesShow full articles without "Continue Reading" button for {0} hours. Amazon will determine on a case-by-case basis the amount of the grant your business qualifies for. Follow me on Twitter at @keywordkelly.Opinions expressed by Forbes Contributors are their own.Opinions expressed by Forbes Contributors are their own. Only businesses with 50 employees or less, or that take in less than $7 million in annual revenue, qualify.Facebook has committed to offering up to 30,000 small businesses $100 million in cash grants and Facebook advertising credits. Loans will be based on 2019 operating expenses and won’t exceed $10 million, with a repayment term between two and four years with interest rates of 3% to 10%.Who’s eligible: New Mexico businesses with 40 or more employees that demonstrate an intent to retain as many employees as possible, can show negative COVID-19 impact and can commit to spending at least 80% of the loan proceeds in New Mexico.How to apply: The program hasn’t launched yet, but Application intake for the New York City Small Business Continuity Fund, which provided up to $75,000 in interest-free loans from the city to cover revenue losses, to learn about new local and state programs as they become available.North Carolina has created Rapid Recovery Loans for businesses across the state. The amount of the loan you’ll qualify for depends on your revenues before business was affected by the coronavirus.Who’s eligible: You must demonstrate a 25% drop in revenue, have less than $3 million in revenue and fewer than 50 employees, and have no current tax liens or legal judgments. Loans are available in amounts up to $50,000, capped at two months of current revenue. The City of Manchester has created the Manchester Small Business Recovery Loan Fund. All loans have a 0% interest rate, except for agricultural producers, who will have a 2% fixed interest rate for the life of their loan.Who’s eligible: For-profit businesses in Pennsylvania with 100 or fewer full-time employees in retail or service sectors. Information is limited, but to get more details from the company when they’re available. For the Larios, that assistance came in the form of a grant program from Verizon in partnership with the nonprofit nationwide community development groupLarios’ restaurants in Huntington Park and Long Beach, California, are among the 200 small businesses across the U.S. receiving up to $10,000 in the form of small business grants from the Verizon fund's first round of applicants.Verizon is bolstering the fund, the telecom giant announced Thursday, adding an additional $2.5 million donation, bringing the total up to “more than a $7.5 million,” according to Rose Stuckey Kirk, Verizon's chief corporate social responsibility officer.The fund is offering support to small businesses facing immediate financial threat due to the COVID-19 pandemic, focusing especially on historically underserved communities.“We are looking for small businesses, urban and rural, that size between five to 15 employees.
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