Small businesses have been significantly affected by COVID-19, and we understand that you need financing more than ever. SCORE can help.
Our expert mentors can support you in addressing your financial needs and navigating through this difficult time.
- SCORE mentors can help you identify funding sources.
- We can work with you on your financial statements and other information that you'll need to prepare to apply.
- Once you receive your loan, our mentors can help you determine how best to use the funds to ensure your business's survival.
- If you're denied a loan, we can help you figure out your next steps and find alternate sources of funds.
SCORE mentors can meet with you remotely—by phone, email, and video —so you can get the financing to keep your business running.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
The CARES Act established new financial assistance programs for small businesses of up to 500 employees. The new initiatives included the Paycheck Protection Program, SBA Express Bridge Loans, SBA Debt Relief, and Advances for Economic Injury Disaster Loan Program (EIDL).
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The funding for PPP lapsed on April 16th, but on April 24th, additional funding was approved for the program.
UPDATE: The Small Business Administration resumed accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower.
- Read more about the Paycheck Protection Program
- View the list of approved SBA lenders
- Paycheck Protection Program (PPP) Loan Forgiveness Application
- Paycheck Protection Program: How to Calculate Maximum Loan Amounts – By Business Type
- Frequently Asked Questions for Lenders and Borrowers for the Paycheck Protection Program
- Our partners OnDeck, PayPal and Intuit can help you apply for PPP loans.
This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. The SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. Learn more about the SBA Debt Relief program.
These loans allow small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn more about SBA Express Bridge Loans.
As of May 4th, the SBA is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications for only U.S. agricultural businesses on a limited basis. Learn more HERE.
However, the SBA is unable to accept new applications for other industries for the Economic Injury Disaster Loan (EIDL) Program based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. If you have already applied for an EIDL loan, you can still apply for a $10,000 EIDL Advance.
SBA provides a number of loan resources for small businesses to utilize when operating their business. Read more about SBA-guaranteed loans or how to connect with a lender.
More details about the CARES Act:
- The U.S. Senate Committee on Small Business and Entrepreneurship: The Small Business Owner's Guide to the CARES Act
- U.S. Chamber Of Commerce: Coronavirus Emergency Loans Small Business Guide and Checklist
- IRS: Coronavirus Tax Relief for Businesses and Tax-Exempt Entities
- Department of the Treasury: The CARES Act Works for All Americans
- Taking Advantage of the CARES Act Provisions details all programs available in the CARES Act.
For assistance in finding funding sources for your business and for all business advice, connect with a SCORE mentor.
SCORE mentors are available to work REMOTELY via phone, email, and video. We are here to support you during this difficult time.