Dear Small Business, Friends and Partners,
In response to the COVID-19 National Emergency, the SBA Express Bridge Loan (EBL) Pilot Program has been modified and the term extended. The EBL Pilot Program is designed to supplement the Agency’s direct disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters while those small businesses apply for and await long-term financing (including through SBA’s direct Economic Injury Disaster Loan Program, if eligible).
The general eligibility requirements for the EBL are as follows:
- For small businesses with an existing banking relationship with SBA Express lenders as of the date of the disaster. Check Lender List
- Effective March 25, 2020, (announcement by publication of a notice in the Federal Register will follow), SBA expanded program eligibility to include small businesses nationwide adversely impacted under the Coronavirus Disease (COVID-19) Emergency Declaration issued by President Trump on March 13, 2020 (“COVID-19 Emergency Declaration”).
- EBL loans can only be made by SBA Express Lenders that had a valid Supplemental Loan Guaranty Agreement SBA Express Program in effect as of the date of the applicable disaster;
- EBL loans can only be made up to six months after the date of an applicable Presidential Disaster Declaration, however for the COVID-19 Emergency Declaration, EBL loans can be approved through March 13, 2021.
- The Lender must have an existing banking relationship with the EBL applicant as of the date of the applicable disaster in order to help mitigate the risks associated with the streamlined underwriting process under the EBL Pilot Program.
- The small business must have been operational when the declared disaster commenced and must meet all other 7(a) loan eligibility requirements (credit elsewhere, size, etc.);
- All EBL applications will begin with a screening for a FICO Small Business Scoring Service Score (SBSS Score) - The minimum acceptable SBSS Score for an EBL loan applicant is 130
- Lender must obtain a personal credit score for each guarantor. The personal credit score(s) must be satisfactory under the Lender’s standards for its similarly-sized, non-SBA guaranteed commercial loans.
- The EBL loan must be structured as term loans not to exceed 7 years (revolving lines of credit are not permitted).
- The EBL Pilot Program follows the SBA Express interest rate policy, and SBA guaranty percentage is limited to the maximum guaranty percentage of 50% for SBA Express loans.
- EBL loans cannot be sold in SBA’s secondary market, they’re subject to the same upfront guaranty fees required for 7(a) loans of similar size and maturity
- Because the maximum amount of an EBL loan is $25,000, SBA Express Lenders are not required to take collateral for EBL loans
- Lenders may charge an EBL applicant an application fee of 2 % of the loan amount or $250,whichever is greater.
- Prior to any disbursement of EBL loan proceeds, Lender must submit a signed IRS Form 4506-T to the Internal Revenue Service (IRS) and obtain an IRS tax transcript for the EBL applicant business for the purpose of verifying the existence of the business as of the date the applicable disaster commenced and confirming that the EBL applicant has filed required tax returns
For more information on the EBL Program and eligibility requirements, please review the Express Bridge Loan Pilot Program Guide and feel free to contact our lender relations team with any questions.
Best,
Ili Spahiu Assistant District Director for Lender Relations Massachusetts District Office U.S. Small Business Administration Office: (617) 565-5569 Cell: (617) 763-8833 Fax: (202) 481-0680 ili.spahiu@sba.gov
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Additional Links and Resources:
If you are ready to apply online and just need an aid to walk you through the questions, please review the STEP-BY-STEP PDF and the RECORDED WEBINAR below...
PDF: Economic Injury Disaster Loan STEP-BY-STEP Application Overview
RECORDED WEBINAR: SBA Economic Injury Disaster Loan Overview
Handout: SBA Disaster Assistance in Response to the Coronavirus
Handout: Asistencia de Desastre de la SBA en Respuesta al Coronavirus
Center for Women and Enterprise is open virtually!
How are you being impacted and what do you need?
CWE is doing a SURVEY to understand our local small businesses.
Please FILL OUT THE SURVEY and let them know how your business is being impacted by the current pandemic. Share what issues you are facing, questions you are having and resources you need.
CWE will mobilize the network of small business expert friends to help you address specific challenges you may be having in your business in the coming weeks.
In times like these, it can feel scary to think about money flow. There is very little 'free money' available. Taking on low-interest debt through Disaster Relief programs can be a good fit for some businesses. Before making any decisions, make sure to think through your decision.
Some questions that can guide you:
- Do you know how much it costs you to stay open? Your breakeven point is a great tool to guide your decisions.
- How much money do you actually need in the immediate (week), intermediate (1-3 months), long-term (<1 year) for yourself from your business?
- Where are there opportunities for you to negotiate around your expenses? How can you work with your vendors, landlord, customers?
- Have you called your insurance company to inquire about your 'interruptions' coverage?
- Where can you get creative and work 'bare bones' while still delivering to your standards of quality?
If you decide debt is an option for you:
- What source is best for you? Have you talked with your banker to see what might be available to you?
- If you can't qualify for a loan through a traditional bank, there may be programs available to you in the coming weeks. How can you be best prepared for this type of program?
- What's your plan for paying the loan back?
- What's the minimum amount you can borrow to get you through these times without causing future challenges to your business when you have to repay?
Tips:
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WE ARE OPEN FOR BUSINESS!
Staff are working remotely and can be reached via email or telephone. MSBDC is committed to supporting entrepreneurs during these very challenging times.
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MSBDC advisors can assist businesses with disaster loan applications.
If you are not currently a client and would like to speak with a counselor, please find your region and reach out to the REGIONAL OFFICE SERVING YOU.
Berkshire Regional Office 33 Dunham Mall, Suite 103 Pittsfield, MA 01201 413-499-0933 | Fax: 413-499-3005 www.msbdc.org/berkshire
Central Regional Office Clark University The Carriage House, 125 Woodland Street Worcester, MA 01610 508-793-7615 | Fax: 508-793-8890 www.clarku.edu/offices/sbdc
Government Sales Advisory Program / SBIR Central Massachusetts: 508-870-3193 www.msbdc.org/gs
Southeastern Massachusetts: 774-203-9972 www.msbdc.org/sbir
Northeast Regional Office Salem State University 121 Loring Avenue, Suite 310 Salem, MA 01970 978-542-6343 | Fax: 978-542-6345 www.salemstate.edu/sbdc
Procurement Technical Assistance Center Scibelli Enterprise Center 1 Federal Street, Building 1 Springfield, MA 01105 413-545-6303 | Fax: 413-737-2312 https://www.massptac.org
Southeast Regional Office 200 Pocasset Street Fall River, MA 02721 508-673-9783 | Fax: 508-674-1929 www.msbdc.org/semass
Western Regional Office Scibelli Enterprise Center One Federal Street, Building 101 Springfield, MA 01105-1160 413-577-1768 | Fax: 413-737-2312 www.msbdc.org/wmass
(IF ANY CONTACTS IN THIS EMAIL DO NOT WORK, PLEASE REACH OUT TO NORM AND LET US KNOW!! Email: norman.eng@sba.gov)
Counseling Sessions with BOSTON SCORE CHAPTER: If you want to speak with a counselor, SCORE is doing tele-consults. Just pick a date and time to schedule a session and enter your contact info, they are doing sessions by phone and Zoom video app.
Reach out to other SCORE CHAPTERS throughout the state below.
 Thursday 3/26/20 at 2pm Keep Your Clients Virtually Engaged in the Midst of the Pandemic
Friday 3/27/20 at 1pm Managing Your Cash During the Coronavirus Emergency
Monday 3/30/20 at 3pm Coronavirus - What Employers and Employees Need to Know
Tuesday 3/31/20 at 10am So, You Want to Become a Consultant
Thursday 4/2/20 at 10am 6 Essential Steps to Create An eBook to Market Your Business
Thursday 4/16/20 at 10am Intellectual Property for Small Businesses
Wednesday 4/29/20 at 10am Funding Options - What to consider and Where to Find It.
Thursday March 26 3PM and 4:30PM
ICIC will be hosting a national webinar with Dan Martiniello, Lender Relations Specialist, Massachusetts District Office, U.S. Small Business Administration that will also include the Small Business Majority, Accion, and the Opportunity Fund.
Webinar will cover updates and resources related to COVID-19 and policy recommendations to bolster small business owners right now.
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There will be hosting two sessions on Thursday, one at 3:00pm EST and another at 4:30pm EST. You can register for the 3pm session here, and the 4:30pm session here.
Topics of discussion will include:
- SBA Disaster Assistance Loans and other small business funding updates for businesses being impacted by COVID-19
- Availability of emergency business funding sources, including city grants, CDFIs, reputable online lenders, and crowdfunding
- How to avoid predatory lenders using the Small Business Borrowers' Bill of Rights
- Updates on federal policy proposals and our recommendations to immediately help small businesses
- Venturize and other helpful tools and resources
- Q&A
Mon, Mar 30, 2020 9:30 AM - 10:30 AM EDT
SBA Economic Injury Disaster Loan Overview Lisa Gonzalez Welch and Carlos Hernandez from the Massachusetts District Office will join with CWE to help small businesses understand the resources available and navigate the process of submitting a disaster loan application.

- Click the link to join the webinar at the specified time and date:
Mon, Mar 30, 2020 9:30 AM - 10:30 AM EDT
Before joining, be sure to check system requirements to avoid any connection issues.Note: This link should not be shared with others; it is unique to you.
- Choose one of the following audio options:
TO USE YOUR COMPUTER'S AUDIO: When the webinar begins, you will be connected to audio using your computer's microphone and speakers (VoIP). A headset is recommended.
--OR--
TO USE YOUR TELEPHONE: If you prefer to use your phone, you must select "Use Telephone" after joining the webinar and call in using the numbers below. United States: +1 (914) 614-3221 Access Code: 454-357-669 Audio PIN: Shown after joining the webinar
Retailers Association of Massachusetts Webinar: What Massachusetts Retailers Need to Know about Employment Law and COVID19
Thursday, March 26th at 11:00 AM EST
Attorney Joshua Nadreau from Fisher Phillips’ Boston office to discuss what Massachusetts retailers need to know in the ever-changing legal landscape surrounding employers’ responses to COVID-19.
Topics will include the following: • COVID-19 workplace issues, including health and safety, employee privacy, remote workers, discrimination/harassment, and workers’ compensation • Employees leaves, including the recently-enacted Families First Coronavirus Response Act • Layoffs and Furloughs – what is the difference and how do they impact wage-and-hour, unemployment eligibility, and health insurance? • Suspending Operations, WARN Act, Government-ordered shut-downs and other considerations
RECORDED INTERVIEW: Bob Nelson on North Shore Conversations
Listen to District Director Robert Nelson on a recorded podcast with Laura Swanson Executive Director at the Enterprise Center at Salem State University talk about statewide activation of the Economic Injury Disaster Loan program.
Boston SCORE: Coronavirus – What Employers and Employees Need to Know
Topics will include:
Most recent legislative updates and the impact on your business What to do should you face a temporary closure or reduction in staff Understanding Sick Time, Vacation/PTO and FMLA – what to offer and when Employee Health Guidelines – what to do should an employee disclose exposure to the virus or become symptomatic
(Presented by Boston SCORE Chapter)
*REMINDER*
All Massachusetts non-essential businesses are to cease in-person operations for until April 7.
Examples of essential business types include:
- Grocery / Convenience / Bodegas
- Pharmacies
- Laundromats / laundry services
- Gas Stations
- Automotive Repair
- Moving & Storage
- Plumbers, electricians, exterminators, inspectors and other providing emergency services
- Food Businesses including restaurants and food trucks
The state also issued guidelines to limit gatherings to 10 people during the state of emergency, a reduction from the 25 person limit established in an earlier order. Please consider using tape or something similar to mark 6 feet between customers in line (both to enter and to pay). Click here for a copy of the Emergency Order and click here for a copy of the Guidance of Assemblages.
OTHER RESOURCES & ANNOUNCEMENTS
- City offers $10K grants to Worcester businesses amid coronavirus impact
- GWCF creates $535K coronavirus response fund
- Worcester chamber extends services to all businesses
- Massachusetts announces small business tax relief
- The U.S. Chamber has resources available to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact.
- The Greg Hill Foundation has teamed up with Samuel Adams to support those from the Massachusetts restaurant industry who have been impacted by the COVID-19 closures.
- Rally for Restaurants is encouraging consumers to buy gift cards for local restaurants during the pandemic and they will donate $1 to organizations supporting the community through Toast.org.
- The Boston Center for the Arts has partnered with the City of Boston to create a COVID-19 Artist Relief Fund to help artists impacted by pandemic.
- The Boston Music Maker Relief Fund provides financial relief to music makers in the Boston area affected by lost revenue from gig cancellations resulting from public health concerns related to coronavirus.
- Boston Singers' Relief Fund is offering emergency relief for singers with gigs cancelled due to COVID-19.
- Loans of up to $20,000 are available to small businesses reeling from the coronavirus pandemic, according to the North Central Massachusetts Development Corp.
- The COVID-19 Response Fund is being set up to provide flexible resources to nonprofits serving those who have been affected financially by the pandemic in the Pioneer Valley.
- For parents caring for children at home, the Boston Children’s Museum is offering free online resources for parents and caregivers to use at home during this time of social distancing. And the New England Aquarium also has online programming, and recently did a live-streamed feeding of Myrtle the Turtle.
- The Massachusetts Nonprofit Network has compiled a list of resources, policy updates, and philanthropy/government-led relief efforts to aid nonprofits in responding to COVID-19. This list is updated daily.
- MCRF, an arm of the Cape Cod Times Needy Fund, is providing support to those on Cape Cod who have lost income and/or need food or medical supplies.
- MainVest in Salem has launched “the Main Street Initiative“ — $2,000, zero-interest cash loans to small businesses affected by coronavirus-related closures.
- The CJP is launching the CJP Coronavirus Emergency Fund for the Jewish community with $100,000 from its crisis reserve fund, and has already received pledges hundreds of donors
- Tufts Health Plan Foundation is making an additional $1 million available to efforts driven by community and to nonprofit organizations supporting older people affected by the coronavirus outbreak in Massachusetts, Rhode Island, New Hampshire and Connecticut.
- Lawyers for Civil Rights in Boston is activating its network of pro bono attorneys at more than 30 law firms, including firms such as Ropes & Gray and Nixon Peabody, to provide free legal support to small businesses during the crisis.
- Cambridge Local First has organized conference calls for local businesses and launched a petition urging the federal government to help Main Street businesses.
- RIZE Massachusetts Foundation, a nonprofit foundation working to end the opioid epidemic in the state, has awarded nearly $200,000 in rapid response grants to support nonprofit organizations strained by the Covid-19 pandemic.
- New Balance Foundation has committed $2 million in nonprofit grants in response to the COVID-19 pandemic to support local, regional and global communities.
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Commonwealth of Massachusetts COVID Business Resources Page
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MassHire Springfield Career Center can assist both unemployed residents as well as businesses seeking assistance in finding new employees.
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Common Capital is offering a Fast-Track Loan Program, information can be found here. Funding can be in hand within 7 days of loan approval.
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Facebook is preparing a $100 million program in cash grants and ad credits for small businesses. Sign up here for updates on when the application material will be available.
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Springfield Regional Chamber of Commerce is providing regular updates here.
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Community Foundation is providing resources for non-profits that have been impacted, including a fund that has been seeded through a $1 million contribution from MassMutual.
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Verizon has provided an update on their policies regarding customers in need.
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Eversource has provided an update on their policies regarding customers in need.
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MA Department of Unemployment Assistance hosts the Work Share program as an alternative for employers faced with a cut in workforce. Employers can divide available work among affected employees to receive a part of their unemployment insurance (UI) benefits while working reduced hours.
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MA Department of Unemployment Assistance is hosting a series of virutal town halls to assist those who need to apply for unemployment assistance. Please visit here for more information.
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Western Mass Economic Development Council COVID 19 Resource List
- Learn about local testing information and the latest updates from Cape Cod Healthcare
- The Barnstable County Department of Health and Environment is maintaining a website for COVID-19 updates and information
- The Cape Cod Chamber of Commerce is sharing information at Cape Cod & COVID-19
- Love Live Local is maintaining a list of food establishments, grocery stories, and pharmacies that are still Open for Business on Cape Cod
- The Enterprise Newspaper is making all their COVID-19 related news and updates free for all to access on their website
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Coastal Community Capital shared information on what paperwork business owners will need to apply for the the U.S. Small Business Administration's Economic Injury Disaster Loans
- The MassHire Cape & Islands Career Center is available by phone and email to assist and answer questions, and is a resource to those facing unemployment. More information about filing for unemployment
- Cape Cod Young Professionals has a list of resources for Cape Cod's businesses, non-profits, young adults and families
- Several local chambers of commerce are maintaining COVID-19 information and links on their website, including a list of restaurants now offering take-out and delivery:
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North Central Massachusetts Development Corporation Emergency Loan Fund
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City of Fitchburg Emergency Grant Opportunity
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City of Worcester Emergency Grant Opportunity
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COVID-19 Unemployment Resources
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Guidance and Preparing Workplaces for COVID-19
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Bartender Emergency Assistance Program
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Consumer Information Page
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WorkShare Program a tool to help employers avoid layoffs during a downturn
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Rapid Response Program working closely with companies to avert layoffs and keep a skilled workforce engaged in the existing regional economy or industry
(Courtesy: Boston Business Journal, Worcester Business Journal, City of Springfield, Cape Cod Commission, and North Central Mass Chamber)
Disclaimer: The SBA does not endorse the organizations sponsoring linked websites, and does not endorse the views they express or the products/services they offer. All programs and services are extended to the public on a nondiscriminatory basis.
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