Article summary from Kent Chamber of Commerce press release.
What are the biggest updates made to each SBA COVID-19 Relief Programs? Read on!
Paycheck Protection Program (PPP).
An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.
PPP loans are now only available through participating Community Financial Institutions (CFIs).
After serving more than 8 million small businesses, general funding for the Paycheck Protection Program (PPP) has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded through a set-aside for Community Financial Institutions (CFIs). Click below to find eligible lenders.
Restaurant Revitalization Fund (RRF).
This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19.
The SBA is currently accepting applications for the Restaurant Revitalization Fund (RRF). In fact, more than 186,000 applications have been submitted in the first couple days.
While all qualified businesses are allowed — and encouraged — to apply now, under the law the SBA will prioritize RRF applications from small business concerns owned and controlled by women, veterans, and socially and economically disadvantaged individuals for the first 21 days of the program.
Information about RRF in other languages click here.
COVID-19 Economic Injury Disaster Loan (EIDL).
This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
Funding still available for new or increased Economic Injury Disaster Loans (EIDL)
Whether you have an existing COVID-19 Economic Injury Disaster Loan (EIDL) and want to apply for an increase; or are interested in applying for an initial COVID-19 EIDL, funding is available for loans up to $500,000.
For more information on eligibility, use of proceeds, and loan terms, visit the SBA website.
Shuttered Venue Operators Grant (SVOG).
This grant provides emergency assistance for eligible venues affected by COVID-19.
SBA continues to accept applications for the Shuttered Venue Operators Grant (SVOG)
Since the SVOG portal opened April 24, more than 10,000 applications have been submitted to the SBA. Interested applicants can receive application support from an SBA Resource Partner; and, can contact 1-800-659-2955 for technical assistance with the application portal.
Details about the program — including eligibly, video tutorials, and how to apply — are available on the SBA website.
Connect with SBA Resource Partners for help moving your business forward.
Whether you need technical assistance to apply for funding or want a business adviser to help you devise a recovery plan, SBA Resource Partners provide businesses with the expertise needed to confidently move forward.
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