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.
SBA’s Economic Injury Disaster Loan Program (EIDL)
The SBA is providing loans to small businesses due to the coronavirus (COVID-19) pandemic. The loans offer up to $2 million in assistance to pay fixed debts, payroll, accounts payable and other bills.
To determine if your area has been designated, check the SBA’s list of states and counties that have been declared disasters.
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 include:
The Paycheck Protection Program provides loans to employers to maintain their workforce. 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.
Starting April 3, 2020, small businesses and sole proprietorships can apply through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply. Apply as quickly as you can because there is a funding cap. The Paycheck Protection Program will be available through June 30, 2020. For more information:
- Paycheck Protection Program on SBA's website
- Treasury Department PPP Fact Sheet
- Paycheck Protection Program Application for Borrowers (apply through a participating SBA lender)
In addition to the Economic Injury Disaster Loans (EIDL) explained above, the CARES Act created Emergency Economic Injury Grants. These grants provide an emergency advance of up to $10,000 to small businesses within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). This loan advance does not have to be repaid. To access the advance, you first apply for an EIDL and then request the advance. Learn more about the Emergency Economic Injury Grants.
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. The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. Learn more about the SBA Debt Relief program.
For more details on 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.
For more information and tools related to coronavirus business support programs, visit our Coronavirus Small Business Resource Hub.