LAPSE OF APPROPRIATIONS FOR SBA CORONAVIRUS RELIEF PROGRAMS
The Small Business Administration’s Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), and the EIDL Loan Advance are not accepting new applications, as they have run through the funding authorized by the CARES Act. While the PPP is not actively accepting applications, businesses should consider working with their SBA lender and preparing a loan application in the event that additional funding is made available.
TECHNICAL ASSISTANCE FOR BUSINESSES
- The Small Business Administration’s Boston District Office connects small business owners to information and technical assistance through SBA Resource Partners. These partners can provide remote counseling, workshops, and other support to businesses navigating the impacts of COVID-19 and include:
· Small Business Development Centers (SBDCs): A network of centers that provide counseling and training to help small business owners start, grow and expand their business. Find an SBDC here.
· SCORE: Volunteer business counselors, advisors, and mentors who offer individual free to low cost counseling throughout the U.S. and its territories. Find a SCORE mentor here.
· Women’s Business Centers: WBCs provide free to low cost counseling and training and focus on women who want to start, grow and expand their small business. Find a WBC here.
· Veterans Business Outreach Centers: Designed to provide entrepreneurial development services and referrals for eligible veterans owning or considering starting a small business. Find a VBOC here.
- Massachusetts Growth Capital Corporation (MGCC) also has dedicated tools to support companies managing the impacts of COVID-19 on their businesses.
The COVID-19 Small Business Stabilization Network consists of MGCC Small Business Technical Assistance grantees, nonprofit organizations offering small business supports, including lending, financial education, and business coaching. Read about the COVID-19 Small Business Stabilization Network here. You can also consult a list of technical assistance providers participating in the Network.
Translation Services for Paycheck Protection Program applications are available through MGCC’s partners across the state. This service will be available in 19 languages. Access Translation Services here. Again, businesses should consider preparing an application in the event that additional funding becomes available.