The financial losses caused by COVID-19 are extraordinary in scope and have affected every facet of the small business ecosystem. For entrepreneurs, recovery from the pandemic has similarly required extraordinary levels of assistance. We assess the connection between COVID-19 grant and loan emergency interventions with a variety of positive community economic development impacts. Our analysis draws from a survey of aid recipients across ten COVID-19 relief programs offered or administered by Carolina Small Business Development Fund between February 2020 and February 2022. The data highlight three main findings. First, while the pandemic’s economic damage was high across all underprivileged communities, in many cases the harms disproportionately accrued to Black-owned firms. Second, the results show that grant initiatives are better for short-term financial stability and are likely to position recipients for future financing opportunities. Finally, disaster loans are favored for outcomes related to higher employment retention and a creating a more favorable business sentiment outlook.