Small Business Funding Options

U.S. Small Business Administration (SBA)

(Click here for the SBA webinar we hosted with Middlesex 3 Coalition, SBA, Massachusetts Office of Business Development, Burlington Area Chamber of Commerce and the City of Lowell.)

There are several funding options through the SBA including Paycheck Protection Program (PPP), EIDL Loan Advance (see below), SBA Bridge Express Loans and SBA Debt Relief. Please visit this link to review the funding options through the SBA. Here are the slides from a presentation we did with them on April 13, 2020.

The Entrepreneurship Center at Community Teamwork is a microloan lender (up to $50,000). During this COVID-19 crisis, the SBA will pay for the first 6 months of payments (including on NEW microloans). Visit and click here to set up a time to talk to the Center. The Center also offers assistance with EIDL, PPP, and Unemployment for small business owners. (Don’t miss their daily zoom calls at 2:30pm to answer questions. The link to the Zoom can be found here.)

(Click here to watch Zoom Chamber Chat featuring Franky Descoteaux from the Entrepreneurship Center at Community Teamwork.)

Economic Injury Disaster Loans (EIDL): Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000 (we have heard that there is a relationship between the number of employees and the amount of the advance). This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

CARES Act (Coronavirus Aid, Relief, and Economic Security Act)

The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a law meant to address the economic fallout of the 2020 coronavirus pandemic in the United States. It was introduced in the United States Senate by Senate Majority Leader Mitch McConnell. The original, Republican-proposed $1 trillion bill includes $500 billion in checks for Americans, “$208 billion in loans for major industries that have been impacted by the coronavirus,” and “$300 billion for small businesses.” As a result of bipartisan negotiations, the bill grew to $2 trillion in the version passed by the Senate on March 25, 2020. On March 27, 2020, the bill passed the House via voice vote and was signed by President Donald Trump.

CARES Act Resources:

Paycheck Protection Program (PPP) 


The Paycheck Protection Program (“PPP”) is a small business stimulus in the CARES Act. PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

FAQ document from the U.S. Department of Treasury. Other resources from the U.S. Department of Treasury:

  • A top-line overview of the program can be found here.
  • If you’re a lender, more information can be found here.
  • If you’re a borrower, more information can be found here.
  • The application for borrowers can be found here.

If you want to apply for PPP, contact YOUR financial institution. Many banks and credit unions are offering PPP for existing clients/members. If your financial institution cannot help, please visit the SBA’s find a lender tool (please note that if you locate a lender through this tool, it’s not a guarantee that they can help at this time) or feel free to contact Danielle McFadden at the Chamber and she can provide some local lenders.

Here’s an article from the Boston Business Journal that may be of interest to read, “Boston bankers’ advice to small businesses applying for the Paycheck Protection Program”.

Families First Coronavirus Relief Act (FFCRA) / Employee Retention Credit

Employee Retention Credit under the CARES Act encourages eligible employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit.

The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related to COVID-19. Employers are entitled to a refundable tax credit for the required leave paid, up to specified limits. The same wages cannot be counted for both credits.

Commonwealth of Massachusetts

Other Resources

Industry Specific Resources

Minority Business Owners


Creative Economy 

Restaurants, Bars, Food Services

Real Estate 


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