Corona Virus Issue 2
March 27, 2020
Pittsburgh SCORE continues to stand by in support of our local small business community by providing the information below. This issue discusses:
  • Ways to preserve cash flow
  • Updates to the Express Bridge Loan Program
  • Recent feedback regarding the SBA relief program
  • Announcement of a new PA assistance program, and
  • Transitioning to an e-commerce business.

You may also be seeking help with your current business unrelated to the government programs rolling out. Our SCORE volunteers are available, as always, to help. You can seek support by CLICKING HERE .
Managing Cash Flow
Gain Control of Your Cash Flow

"As I write this, we are neck-deep in the COVID-19 pandemic and the economic crisis that comes with it. People are staying home, not buying, not working their gigs, losing their jobs. And we business owners need to make sure that our businesses not only survive this crisis but find ways to thrive. Which at this point in time, means having cash readily available. 

For small businesses, cash flow management in a crisis is absolutely vital. It can mean the difference between stabilizing your business or falling behind.

To gain control, you need to focus on operational activities that put cash in your hands. Acknowledging a continued decline in sales and the need to lower expenses is obvious. But step one, today, is focusing on stabilizing and maintaining your operating cash flow." Read more a t BPlans .
Source: BPlans.com
Financial Assistance
Pennsylvania Financial Assistance Program

March 25 - Today, Governor Tom Wolf announced that new funding is available to help small businesses impacted by the novel coronavirus, COVID-19, through a new program under the Pennsylvania Industrial Development Authority’s (PIDA) Small Business First Fund, the COVID-19 Working Capital Access Program (CWCA).

The Commonwealth Financing Authority (CFA) recently authorized the transfer of $40 million to the Small Business First Fund for CWCA. PIDA authorized making $60 million available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees. Funds are expected to become available this week. A copy of the Factsheet is available by clicking here.
Additional Cash Flow Relief Sources



SBA Relief Program
Express Bridge Loan Program Updated

In response to the COVID-19 National Emergency, the Express Bridge Loan (EBL) Pilot Program has been modified and the term extended. The EBL Pilot Program is designed to supplement the Agency’s direct disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000.

The SBA website will be updated with this attached guide .

S BA Disaster Relief Program  For Coronavirus Support

The U.S. Small Business Administration (SBA) is offering PA small businesses low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

This You Tube presentation provides a full explanation of the loan program and how it works. To apply for this program click here for an excellent source of information including how to sign up.

Feedback we are hearing from those applying for relief include:

  • There is a minimum credit score to be met of 560.
  • The web browser you use can determine ease of downloading information - Safari and Microsoft Edge reportedly work best.
Building an E-Commerce Business
Maintain Your Business With Today's Social Distancing

The current pandemic has severely limited sales for so many small businesses. So transitioning or growing through online operations can help preserve what owners have built through years of hard work.

This webinar, presented by FedEx Corporation executive vice president, chief marketing and communications officer Brie Carere, you will learn:
 
  • What are the current e-commerce trends that affect me as a small business?
  • How do I expand my business’ potential with e-commerce?
  • What e-commerce solutions and resources are available to me?
SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. We have been doing this for more than 50 years.  

Because our work is supported by the U.S. Small Business Administration, and thanks to our network of 10,000+ volunteers, we are able to deliver our services at no charge or at a very low cost.
 
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
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