As health and government officials work together to maintain the safety, security, and health of the American people, the SBA is encouraging Small Businesses to do their part to keep their employees, customers, and themselves healthy. Perhaps one of the best places you can find helpful guidance for Small Businesses during this crisis are the SBA’s COVID-19 materials including their COVID-19 Funding Options, Guidance for Businesses & Employers, and Local SBA Assistance Directory. Find summaries and links to each of the mentioned resources below:
Small Businesses are facing an exceptional economic disruption due to the Coronavirus outbreak. The CARES Act containing $376 billion in relief for workers and small businesses was made law on March 27, 2020. The four major loan and relief options available through the SBA currently are:
- Paycheck Protection Program – Loan program providing loan forgiveness for retaining employees by temporarily expanding the SBA 7(a) loan program.
- EIDL Loan Advance – Loan advance providing up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. This program is for any small business or nonprofit with less than 500 employees who have been affected by COVID-19. EIDL Advance Funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
- Express Bridge Loan Pilot Program – Quick Cash Access up to $25,000 for Small Businesses who already have a relationship with an SBA Express Lender. If there is an urgent need for cash while waiting for a decision and deposit of the EIDL loan, a business may qualify for an SBA Express Disaster Bridge Loan. This loan will be repaid in full or in part by proceeds from the EIDL loan.
- SBA Debt Relief – SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for six months.
Guidance for Businesses & Employers
The SBA recognizes the Center for Disease Control and Prevention (CDC) as the source for the most up-to-date COVID-19 information. can be found here: https://www.cdc.gov/coronavirus/2019-ncov/index.html
For updates from the CDC, please see the following:
- Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19) – Plan, Prepare and Respond to COVID-19; Find the most recent updates for cleaning and disinfection guidance, best practices for conducting social distancing and suggested implementable recommended strategies to respond to COVID-19.
- Preventing Stigma Related to COVID-19 – It is important to remember that a person’s race does not define their risk of spreading COVID-19 to others. Unless someone has recently lived in or traveled to an area of ongoing spread, OR have not been in contact with a person who is a confirmed or suspected case, they are NOT at greater risk of spreading COVID-19 simply based on their race.
- Share Facts about COVID-19 – Printable PDF fact sheet about COVID-10 to help educate and stop the spread of false information.
- CDC Coronavirus Disease 2019 (COVID-19) Web page – Interim guidance based on our current knowledge of COVID-19 on how to protect yourself and what to do if you are sick.
- Information on Coronavirus Disease 2019 (COVID-19) Prevention, Symptoms, and FAQ – COVID-19 is a new disease and we are still learning about how it spreads and the severity of illness it causes. Currently, the virus is spreading person to person as well as from contaminated surfaces or objects. Information from the ongoing pandemic suggests the virus is spreading easily and more efficiently than the flu, but not as efficiently as the measles, which is highly contagious. While most people infected often have symptoms of the illness, some may remain a-symptomatic and able to spread the virus.
Local Assistance Directory
The SBA works with several local partners to mentor and train small businesses. There are 68 district offices, as well as the support provided by Regional Offices and SBA Resource Partners. To locate your local office nearest you use the SBA Local Assistance Directory.
- SBA District Offices – Offering counseling, training and business development to help start and grow your small business.
- SBA Regional Offices – Supports local district offices and promotes economic development growth and competitiveness geographically.
- SBA Resource Partners:
- Small Business Development Center – Network of centers providing counseling and training to help small business owners start, grow and expand their business.
- SCORE Mentors – Volunteer Business Counselors and Advisors who offer individual free to low-cost counseling in the US.
- Veteran’s Business Outreach Center – Provide entrepreneurial development services and referrals for eligible veterans owning or considering starting a small business.
- Women’s Business Center – Provide free to low-cost counseling and training focused on women who want to start, grow and expand their small businesses.