- Guidance on Establishing Maturities of New 7(a) Loans Eligible to Receive Payments under Section 1112 of the CARES Act
- Registration Required for System for Award Management
- SBA published an updated COVID Relief Program Report with data as of 2/25/2021.
- The Senate Committee on Small Business & Entrepreneurship published a Small Business Owner’s Guide to COVID-19 Relief Legislation.
- Follow CDC guidelines for businesses.
- The U.S. Department of Labor released guidance on the federal paid family leave program. This is a new federal policy, which includes tax credits to reimburse small and medium businesses for the cost of paid family leave.
- The Consumer Finance Protection Bureau published a blog post on protecting yourself financially from the impact of coronavirus.
- The U.S. Department of Labor’s Wage and Hour Division (WHD) published implementation guidance pursuant to the Families First Coronavirus Response Act (FFCRA):
- USDA’s COVID-19 Federal Rural Resource Guide is a resource for rural leaders looking for federal funding and partnership opportunities to help address this pandemic.
Restaurant Revitalization Fund
- The application window for the Restaurant Revitalization Fund closed on Monday, May 24, 2021.
- Because SBA still has potential funding available for eligible establishments with 2019 annual revenue of not more than $50,000, the application portal will remain open.
- In addition to a $5 billion set-aside established by Congress for applicants with gross receipts not more than $500,000, SBA Administrator Isabella Casillas Guzman created two additional funding allocations to ensure the smallest of the small restaurants and other eating establishments such as food trucks and carts get the aid needed:
- $500 million for applicants with 2019 gross receipts less than $50,000; and
- $4 billion for applicants with 2019 gross receipts between $500,000 and $1,500,000.
- SBA held a special briefing on the Restaurant Revitalization Fund. Watch the recording here.
- Established under the American Rescue Plan, and signed into law by President Joe Biden on March 11, 2021, the Restaurant Revitalization Fund provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Funds must be used for allowable expenses by March 11, 2023.
- For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
For more information: Restaurant Revitalization Fund.
Paycheck Protection Program
- The PPP program closes on Monday, May 31, 2021 or until remaining funds are exhausted.
- Did you get a first-round PPP loan to cover payroll, mortgage interests, rent payments, and utility payments? You can now also tax deduct the corresponding expenses.
- The SBA updated the PPP rules and extended the recent deadline. To learn more, watch the pre-recorded webinar or schedule a free appointment with a PPP advisor.
- SBA published its Paycheck Protection Program data and will update it weekly.
- SBA will re-open the Paycheck Protection Program portal. First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020..
- All lenders are eligible to submit applications for a 1st or 2nd Draw PPP loan. Deadline: March 31, 2021 if funding is still available Small businesses and eligible nonprofits may apply for their first PPP loan or, if they meet the criteria, a second PPP loan, if they have used all the funds from their first PPP loan. This loan is forgivable if borrowers used the funds in the authorized manner and spend at least 60% of the loan proceeds on payroll costs and no more than 40% on authorized non-payroll costs.
For more information: Paycheck Protection Program
Economic Injury Disaster Loan Program
- The SBA announced that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.
- The EIDL program offers a working capital loan for small businesses and nonprofits adversely affected by COVID-19. Loans direct from SBA’s Office of Disaster Assistance are available with a 3.75% interest rate (2.75% for nonprofits) and 30-year term and payments are deferred for 12 months. The deadline to apply is December 31, 2021.
For more information: COVID-19 Economic Injury Disaster Loans
Targeted EIDL Advanced Grant
Newly created as part of the recent legislation, the Economic Aid Act, to provide businesses located in low-income communities with additional funds of up to $10,000 to ensure small business continuity, adaptation, and resiliency.
This grant is not open yet. For more information: COVID-19 Economic Injury Disaster Loans
Shuttered Venue Operators Grant
- The Shuttered Venue Operators grant portal opened on April 8, and the SBA is finalizing rules. For SBDC assistance on the topic, click here.
- Visit the SVOG website for additional information on the types of entities eligible, how to calculate how much you may be eligible for under this grant program and the proposed plan for phased implementation. You can also watch the webinar which provides an overview.
For more information: Shuttered Venue Operators Grant