COVID-19 Update by SBA Associate Administrator
Tomorrow, Tuesday, April 28 at 3 PM EDT, SCORE will be hosting a webinar in which
Allen Gutierrez, SBA Associate Administrator,
will provide updates on EIDL, PPP Program, and other relevant information. This is a great opportunity to hear directly from the SBA and ask any questions you or your clients have had during this time. We apologize for the short notice; however, the new plan was just finalized Friday April 22, and we want to ensure our volunteers have the most up-to-date information as soon as possible.
PPP Lending Operations Update as of Sunday April 26
Due to the unprecedented demand for Paycheck Protection Program loans by the nation’s small businesses and to ensure equitable access and system integrity, SBA and Treasury are taking prudent and reasonable steps to protect SBA’s loan systems for the next phase of PPP loan processing.
SBA and Treasury are implementing the following measures:
- Pacing the number of loans processed in the E-Tran system for participating lenders when processing resumes on Monday, April 27, 2020 at 10:30 am EDT;
- Instituting a maximum dollar amount at 10% of PPP funding authority that any lending institution will be able to originate, exclusive of the additional $60 billion preserved for lenders with assets under $50 billion (i.e. $60 billion cap);
- Implementing operational standards to ensure that lenders access PPP funds based on their asset size;
- Ensuring the Paycheck Protection Program continues to operate on a first-come, first-serve basis so that every small business has access to PPP loans to sustain their business and retain their employees.
Real-Time Mentoring Platform: Soft Launch Underway
With the support of many, dedicated mentors, SCORE launched the Real-Time Mentoring platform last week. This new client experience was created as a way to offer clients much-needed advice through an interactive online portal, giving clients access to expert mentors during this challenging time for their business.
A small group of clients were invited to work with mentors in this online platform on Tuesday, April 21, and Thursday, April 23. This allowed us to collect data that we'll use to improve the program. During Tuesday's “opening day,” we had about 175 clients join the platform; on Thursday, a larger invitation was sent and more than 750 clients joined the platform. This week, we'll invite a larger audience to join us on
Tuesday, Apr 28 and Thursday April 30, from 2-6pm ET. Then during the week of May 4, SCORE will open the platform to the public promoting it across all of our marketing channels.
The Real-Time Mentoring platform is an important expansion of SCORE services to reach more clients conveniently, especially during the COVID-19 crisis. Thank you to all mentors who are volunteering to support the platform and offering invaluable advice to our clients.
Volunteer for the Real-Time Mentoring Platform
Join us for an upcoming session of the Real-Time Mentoring platform.
If you are new to the platform, be sure to complete the training and preparation steps so you are ready to help:
- Sign up to participate. If you have not already signed up for a time, please email firstname.lastname@example.org and let us know your specific hours of availability between 2-6pm ET, and your areas of expertise.
- Complete the Mentor Volunteer Training. (1.5 hour training)
- Register for the online platform. Once you login, take a moment to create your profile on the platform. In the name field, please add your chapter name. For example, Jane Doe – SCORE Muskegon.
- Let us know if you chapter is interested in using the platform for live mentoring outside the national mentoring hours. If your chapter is interested, Marketing can help coordinate for your chapter to make it a meaningful experience for clients. Please send your interest to email@example.com.