Closure of EIDL Application Portal

MENTORING WORKS FIND A SCORE MENTOR Government Loan Update APRIL 16, 2020 ANNOUNCEMENT Closure of EIDL Application Portal Due to limited appropriations funding, the application portal for the EIDL–COVID-19 assistance program (EIDL loans and EIDL Advances) is temporarily closed. By law, the SBA is not able to issue new loan approvals once the programs experience a lapse in appropriations. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business’s short-term working capital needs. SBA and Treasury urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks. The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need. Information on lenders can always be found at www.sba.gov/paycheckprotection or www.treasury.gov/cares Lender Assistance Hotline: (833) 572-0502 Please see the SBA Press Release Below Need More Information Visit www.score.org/coronavirus We will continue to share SCORE partner and friend programs that are available for small business support, including: U.S. Chamber of Commerce: Save Small Business Fund. The Save Small Business Fund is a grantmaking initiative led by the U.S. Chamber of Commerce Foundation. The fund will offer $5,000 grants for employers across the country. They also developed a Coronavirus Small Business Guide. Nav: Small Business Grant Contest. Nav is giving grants to small businesses that tell a story of preservation and opportunity in the face of a past or ongoing challenge. Apply by May 30th Facebook: $100M in Grants for Small Businesses. Facebook is offering $100 million in grants to support over 30,000 small businesses in over 30 countries. Check if your small business is eligible. PRESS RELEASE Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program   WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program “The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses. “By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.  “We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.