Skip to Main Content Skip to Sitemap

Federal Programs for Businesses Relief

To support our small business and nonprofit customers during this unprecedented time, we are maintaining a list of federal resources available to you under the Coronavirus Aid, Relief, and Economic Security Act (CARES).

You may qualify for the following:

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

The program is open until August 8, 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

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.

Administered by the Federal Reserve, the Main Street Lending Program is designed for medium-sized businesses that are too large for the Paycheck Protection Program 

Small and medium-sized businesses interested in the program can apply by contacting an eligible lender.

More information:

Visit the Federal Reserve Board website for more information.