This is an especially difficult time for small business owners. The good news is that there are several programs available to help small businesses through these hard times. The Small Business Administration (SBA) has several options available to help small businesses, and you should definitely check them out to see if they are a good choice for your business. There are also several other legitimate programs that may work for you. Our Rise & Thrive Small Business Emergency Relief Fund is also available for entrepreneurs who are part of the skysthelimit.org community.

Thankfully, most organizations and people know that small businesses are the backbone of the American economy and are doing their best to help small businesses. Unfortunately, scammers see an opportunity in a time of panic. Follow these tips to make sure you don’t get scammed:

Don't reveal personal financial information.

If you receive any calls, emails, or other communications claiming to be from the Treasury Department or the SBA offering you grants or stimulus payments in exchange for personal financial information, even the purchase of gift cards, do not respond. And whatever you do, don't provide any private information—especially not social security numbers, your EIN number, credit card details or banking information.

Scammers can use this information to apply for a loan on your behalf, and you'll be on the hook for paying it back. If you do receive any notices like this, the Treasury Department recommends contacting the FBI.

Don't pay a cent.

If someone or someone claiming to be with an organization says they can get you a loan faster for a fee, don't buy it. Loans under the new CARES Act are set up so that business owners will not have to pay any kind of related fees, including application fees, package fees, and closing fees.

Don't work with unknown lenders. 

A lender doesn't have to be on the SBA's preferred lender's list to process the special loans for the SBA, they do have to apply for preferred status before granting your loan. It's best to go through a federally backed credit union or traditional SBA lender, as they'll be the most familiar with the program and will be able get up to speed on new processes sooner. It’s probably best to work with a bank that is familiar with you and your company and may make the process easier. 

Don't fall for fast money promises. 

If a company or person is telling you they can get you an SBA loan in a matter of hours, steer clear. If a company offers you a quick advance that's unrelated to the new SBA programs or any other stimulus package, you should also watch out. You may end up with rapid repayment terms at ridiculously high interest rates.

You could end up having a lot of money deducted from your bank account for a quick repayment of a loan you took out, creating a worse situation for you than you're in now.

If you do need money fast, the best thing to do is apply for an Economic Injury Disaster Loan (EIDL), which can include a grant of up to $10,000 that will hopefully not need to be repaid.

Our mission has always been to help young underrepresented entrepreneurs overcome everyday challenges and we’ve added extra support to help with these extraordinary challenges. The Skysthelimit.org staff will try to answer your questions when you call the SKYSTHELIMIT Hotline and we’ve also created a special guide to help you.

Working together we can and will get through this!