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 and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
On October 8, the U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
- Download the simpler loan forgiveness application.
- View the instructions for completing the simpler loan forgiveness application.
- View the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
- Read the Frequently Asked Questions on PPP Loan Forgiveness.
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.
Signed into law in late 2020 the new Economic Aid act extended the EIDL (Economic Injury Disaster Loan) deadline to December 31, 2021 and set aside additional budget for PPP loans to help alleviate the financial burden on small businesses as the result of the coronavirus pandemic. The Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. The EIDL program offers long-term, low-interest assistance for a small business or non-profit. Additionally, the SBA is offering an EIDL Advance of up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid. Learn more about Economic Injury Disaster Loan (EIDL) and Loan Advances or view Frequently Asked Questions.
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.
Visit the SCORE Small Business Resilience Hub
We know that disasters and economic downturns bring unprecedented challenges. But what if you could do more than just survive? What if you could thrive?
Our resilience hub offers training, resources, and remote mentoring to help your small business adapt and succeed.Learn More