- SBA published an updated COVID Relief Program Report with data as of 2/25/2021.
- SBA published its Paycheck Protection Program data and will update it weekly.
- 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.
Paycheck Protection Program
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 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
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.
This grant is not open yet. For more information: Shuttered Venue Operators Grant