Savannah SCORE and the SBA Helping Small Businesses and Non-profits Navigate COVID-19 Challenges

Staff Report From Savannah CEO

Friday, May 1st, 2020

Get free advice from respected experts: Savannah SCORE and the SBA still help small businesses and non-profits navigate COVID-19 challenges.

If your small business or non-profit organization faces ongoing challenges as the COVID-19 situation continues to evolve, Savannah SCORE and the U.S. Small Business Administration (SBA) are ready to help by offering free guidance and resources. 

Savannah SCORE has a team of 44 volunteer mentors and is the only 4-time Platinum SCORE Chapter in Georgia. To schedule a free business mentoring/coaching session with a SCORE mentor to discuss your new or existing business, and to find out about upcoming free business webinars, please go to

Right now, finding the right information in a timely manner and then digesting all of that information are among the challenges that many people face. Savannah SCORE has prepared the following overview regarding available resources.

Paycheck Protection Program (PPP)

This loan program provides a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. However, forgiveness will be reduced if full-time headcount declines or if salaries and wages decrease. PPP funds are available through June 30, 2020. 

It is important to note that businesses apply for this loan through a bank and not the SBA. Direct any questions regarding PPP to your bank. No collateral or personal guarantees are required. PPP loans have a maturity rate of two years and 1% interest rate. The government and lenders will not charge the small businesses any PPP fees.

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PPP Frequently Asked Questions

Please note that the SBA, in consultation with the U.S. Treasury Department, is providing additional and timely guidance to address borrower and lender questions regarding the implementation of the PPP programs. To see the updated questions and answers, please go to

Economic Injury Disaster Loan Emergency Advance (EIDL)

This is a loan advance that will provide up to $10,000 of economic relief to small businesses and non-profits that are currently experiencing temporary difficulties. Funds will be made available following a successful application and this loan advance will not have to be repaid. Both the EIDL advance and the EIDL amounts are dependent upon economic injury. 

An EIDL may go up to $2 million. The EIDL interest rates are 3.85% for profit companies and 2.75% for non-profit organizations for up to a 30-year term. Businesses apply for EIDL through the SBA. The SBA funds these loans so no bank is involved.

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SBA Express Bridge Loans

These loans are only offered through SBA Express Bank Lenders. SBA Express Bridge Loans enable small businesses who currently have a business relationship with an SBA Express Bank Lender to quickly access up to $25,000. If EIDL is approved, then those funds will payoff the SBA Express Bridge Loan.

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SBA Debt Relief for Existing SBA Loans

The SBA is providing debt relief to small businesses during the COVID-19 pandemic. As part of SBA’s debt relief efforts, SBA will automatically pay the principal, interest and fees of current 7 (a), 504 and microloans for a six- month period. The SBA will also automatically pay the principal, interest and fees of new 7 (a), 504 and microloans issued prior to September 27, 2020.

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Checking on Loan Status 

To check on the status of your SBA loan, the SBA Disaster Team has thousands of customer service representatives answering calls and emails. Please feel free to reach out to them at 1.800.659.2955 or [email protected] with any questions, including loan status updates. Be sure to include your loan application number in the email subject line.

Additional SBA COVID-19 Resources

For more SBA COVID-19 resources, please go to: