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SBA is Offering New Loans for COVID-19 Support

Paycheck Protection Program (PPP)

Status: Open! 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 an 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 (EIDL)

Status: Open!
Deadline: December 31, 2021

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.

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.

Applicants do not need to take any action at this time.
SBA will reach out to those who qualify.

For more information: Targeted EIDL Advanced Grant

 

Shuttered Venue Operators Grant (SVOG) – FAQs

The Shuttered Venue Operators Grant (SVOG) program is Section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) signed into law on Dec. 27, 2020.
Click to go to the SVOG – Frequently Asked Questions about the program.

 

Please note these will be updated as new information becomes available and additional program details are finalized.

You can also watch the webinar which provides an overview: Shuttered Venue Operators Grant Overview – YouTube

For more information: Shuttered Venue Operators Grant

Source: Small Business Association (SBA)

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