The U.S. Small Business Association is now accepting applications for its Coronavirus Relief Funds, as made available through the CARES Act. Nonprofits (with less than 500 employees), sole proprietors, independent contractors, and self-employed individuals (like individual artists) are all eligible for these loans.
Nonprofits and sole proprietors need to apply as soon as you can. The need is greater than the money available, which will be lent on a first-come, first-served basis.
Funding Options Include:
- Paycheck Protection Program - This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
- Economic Injury Disaster Loan Emergency Advance - This loan advance will provide up to $10,000 of economic relief to businesses or sole proprietors that are currently experiencing temporary difficulties.
- SBA Express Bridge Loans - Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- SBA Debt Relief - The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
The National Council of Nonprofits put together a side-by-side comparison here.
How to Apply:
- Contact Your Bank or Find an SBA Approved Bank.
- Calculate Your Maximum Loan Amount
- Complete the Loan Application
- Submit Your Application and Supporting Documents to Your SBA Approved Lender Bank
Our partners at TSNE have put together a How to Apply Guide here.
Resources to help you through the process:
- Small Business Guidance & Loan Resources, from the U.S. Small Business Administration
- The Small Business Owner’s Guide to the CARES Act, created by The U.S. Senate Committee on Small Business and Entrepreneurship
- SBA Qualified Lenders in Massachusetts
- Economic Relief for the Creative Community in Federal COVID-19 Relief Bill, our blog post on the CARES Act
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