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Help For Businesses Impacted By COVID-19

To support our small business and nonprofit customers during this unprecedented time, we are maintaining a list of federal and state resources available to you under the Coronavirus Aid, Relief, and Economic Security Act (CARES). We are working diligently to keep this list current, but cannot guarantee its completeness during the rapidly evolving nature of this situation.

If you have fewer than 500 employees, you may qualify for the following programs:

To speak with an Eversource representative about any of these programs, contact us at 844-275-3301 for guidance specific to your business.

This program authorizes $349B in forgivable loans to small businesses so they can pay their employees during this crisis.

The program is open until June 30, 2020, but there is a funding cap, so apply as soon as you can.

  • No more than 25% of the loan can be used for non-payroll costs
  • 1% interest rate
  • First payment deferred for six months (interest will accrue)
  • Loan is due in two years
  • No collateral or personal guarantee is required
  • A completed Paycheck Protection Program application
  • Payroll documentation
  • To certify that the funds are needed to support your business during economic uncertainty

You can apply with any existing Small Business Association (SBA) lender, federally-insured depository institution or federally-insured credit union.

Find an eligible lender

Note: The SBA is unable to accept new applications for the Economic Injury Disaster Loan and Loan Advance program based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

The SBA Economic Injury Disaster Loan Program offers low-interest federal disaster loans for working capital to certain small businesses suffering substantial economic injury as a result of COVID-19.

This program is open until September 30, 2020, but you should apply as soon as possible.

Loan terms:

  • Loans up to $2M with rates of 3.75%, or 2.75% for nonprofits
  • Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to COVID-19
  • Repayment terms of up to 30 years 

Loan advance:

  • Loans advances of up to $10,000
  • Loan advance does not need to be repaid
  • Funds made available within three days of a successful application
  • 2019 tax return if filed, OR
  • 2019 year-end profit/loss statement and balance sheet with most recent tax filing
  • 2020 YTD profit/loss statement

Complete an application on the SBA website.

In response to COVID-19, the SBA has expanded SBA Express Bridge Loan eligibility to small businesses across the country that have sustained financial loss because of COVID-19.

The program expansions allows loans to be made through March 13, 2021.

Loan terms:

  • Maximum loan amount of $25,000
  • Maximum seven-year loan term
  • Repayment terms of up to 30 years and payments may be deferred for six months
  • Connects with an EDIL loan
  • 2019 tax return if filed, OR
  • 2019 year-end profit/loss statement and balance sheet with most recent tax filing
  • 2020 YTD profit/loss statement
  • An existing relationship with a SBA Express lender

Apply for an express bridge loan by contacting your local SBA District Office.

CAP provides support on term loans and lines of credit up to $200,000.

The program can be used for temporary loans, working capital, equipment purchases and many long term uses. Eligible businesses must have annual revenues of less than $5M.

Learn More

Direct loans from the Business Finance Authority for any business purpose with a maximum of $200,000 and a maximum loan term of three years.

Loans have flexible amortization schedules and are contingent on satisfactory underwriting.

Learn More

The recently approved Manchester Small Business Recovery Loan Program is now in the process of developing and finalizing its application portal and material.

The Chamber, City of Manchester, and Manchester Development Corporation are collaborating on this important program that will support small businesses as they prepare to open in the weeks ahead.

To be added to the interest list for this program, please email recoveryloan@manchester-chamber.org

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