Last updated at Fri, 24 Apr 2020 12:32:04 GMT

[UPDATED 04/24/20 - Congress approved another round of $310 billion for the Paycheck Protection Program to replenish the original funds, which were exhausted due to high demand. The new stimulus package also provided additional funds for the EIDL Loan Advance Program. This blog post has been updated to reflect these recent developments. As before, these funds are expected to be exhausted quickly.]

The United States Congress recently passed the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”). This legislation is intended to help American businesses during the COVID-19 outbreak. The CARES Act allocated several billion dollars for small business support programs, which Congress then supplemented with funds through additional stimulus legislation. An overview of these programs is available here. Below are additional resources on the programs. You may be entitled to apply for relief, but should act quickly.  


All businesses, nonprofit organizations, and veterans’ organizations with fewer than 500 employees are eligible for loans under the Small Business Administration (SBA) programs established by CARES. Self-employed individuals, independent contractors and sole proprietors also are eligible. Some businesses with more than 500 employees are eligible if they meet the SBA's size guidelines for certain industries.

Updated 04/24/20: While the eligibility rules have not changed, the Dept. of Treasury issued guidance with the intent of prohibiting larger companies from attempting to access the funds. In the FAQ guidance document, Treasury emphasized that borrowers must still certify that the PPP loan request is necessary.

Paycheck Protection Program (up to $10 million):

Updated 04/24/20: With funding for SBA's Paycheck Protection Program (PPP) now replenished by Congress, the SBA is expected to resume the processing of loans immediately. As laid out in the the CARES Act, the program makes loans available for small businesses for the purpose of keeping employees on payroll. There is a max cap of $10 million for loans. Loans will bear a 1% rate and have a maturity date of two years.  SBA will forgive the loans if the business keeps all employees on payroll for eight weeks and 75% of the forgiven funds are used for payroll.

Loans are available now, and the deadline to apply is June 30, 2020. However applicants are advised to move quickly before the funds are exhausted.

  • Application form: HERE.
  • Finding eligible lenders: HERE.
  • Brief overview of the program from US Treasury: HERE.
  • More detailed overview from US Treasury: HERE.
  • More detailed overview from the Small Business Administration: HERE.
  • Additional materials from US Treasury: HERE.
  • New: US Treasury FAQ on PPP implementation: HERE

EIDL Loan Advance (up to $10 thousand):

SBA is providing up to $10,000 for small businesses facing revenue losses due to COVID-19 under its Economic Injury Disaster Loan Emergency Advance program. This economic relief is usually provided in several days and may not need to be repaid. EIDL Loan Advances are available now.

  • Application portal: HERE.
  • Brief overview of the program from Small Business Administration: HERE.

SBA Disaster Assistance (up to $2 million):

SBA is offering low-interest disaster loans to small businesses suffering from the economic effects of COVID-19. The disaster loans are capped at $2 million and are available in all US states and territories (as the pandemic is a nationwide disaster). These funds may be used for bills that cannot be paid due to the pandemic, such as payroll and accounts payable. A credit check and collateral may be required. The interest rate is 3.75% for small businesses and 2.75% for nonprofits, and the repayment term is up to 30 years.

  • Application portal: HERE.
  • Brief overview of the program from Small Business Administration: HERE.

Express Bridge Loan Program (up to $25 thousand):

SBA is offering streamlined loans of up to $25,000 for small businesses that already have an existing banking relationship with an SBA Lender. These funds are provided quickly and may be a standalone loan or act as a bridge to disaster relief loans. To qualify, the applicant must demonstrate that credit is not available for reasonable terms from other sources. The interest rate may be 6.5% over Prime, and the maximum repayment term is 7 years. The program is available through Mar. 13, 2021.

  • Application forms: HERE (pg. 11).
  • Brief overview of the program from Small Business Administration: HERE.
  • Detailed overview of the program from Small Business Administration: HERE.

For additional information from Rapid7 on our priorities and activities related to the pandemic, please check out this blog post from our CEO, Corey Thomas, as well as this series of posts tagged with COVID-19. We intend to provide information on other business relief programs as details become available. We wish everyone the best during this difficult time.