While the COVID-19 Pandemic drags on, some of the most popular pandemic-related funding resources programs are wrapping up. But, there are still several options available to help get your business through this difficult time. Below is a rundown of the various programs – most administered directly via the Small Business Administration (SBA). It is not too late to take advantage of these current offerings, but you should move quickly to check into those that may be relevant to your business.
Paycheck Protection Program (PPP)
It is still not too late to apply for a PPP loan. This program is winding down, originally scheduled to close March 31, it was extended to May 31 to allow participating lenders more time to process applications. Mountain BizWorks is no longer taking applications, but we have lined up some other lenders we can refer you to – see our website for direct links to those lenders.
Questions/Inquiries – see our website for more information, or email us at firstname.lastname@example.org
2020 PPP Borrowers – If you have not already applied for forgiveness, you should reach out to your lender to submit your forgiveness application. All Mountain BizWorks PPP borrowers were sent an email back on October 27th with a personalized link to our Forgiveness Portal.
2021 PPP Borrowers – We have NOT begun accepting Forgiveness Applications for 2021 PPP loans. We are waiting on the Small Business Administration to release their plans and timelines, and any possible updates to Forgiveness Application forms. Mountain BizWorks will contact all PPP Borrowers with specific instructions when the process is confirmed.
Questions/Inquiries – reach out to email@example.com
EIDL – Economic Injury Disaster Loans & Grants
The Small Business Administration (SBA) is still accepting applications for the EIDL loan program. This program is directly administered by the SBA and you can learn more and initiate an application by going to SBA EIDL Loans. These loans are not forgivable, but do offer favorable terms (low rates and long term paybacks).
EIDL Targeted Advance
While the original EIDL Advance (Grants) program is no longer available, the SBA is now offering Targeted Advances to eligible businesses based in low-income communities. Applicants do not need to take any action – the SBA is reaching out directly to those that qualify. More information is available here.
Shuttered Venue Operators Grants (SVO)
This program is designed to provide assistance to eligible venue operators with grants up to 45% of gross revenues. This is another program offered and administered directly by the Small Business Administration (SBA). Details on eligibility, use of funds, applications, etc. can be found here. The SBA has also changed the earlier restriction on eligibility of the program for those also participating in the PPP program – the new rules restrict SVOG recipients from applying for PPP loans after receiving the SVOG grants.
While the SBA has experienced some technical issues in rolling out the program, they were targeting Sunday, April 18th to launch the application portal.
Restaurant Revitalization Fund (RRF)
This SBA program is designed to help restaurants (and other eligible businesses) by providing funding equal to their pandemic-related revenues losses. Recipients are not required to repay the funding if funds are used for eligible purposes before March 2023.
Details are being finalized and you can learn more about this program, eligibility, documentation, etc. here.
Employee Retention Tax Credits
While this resource did not get the attention that the other lending and grant programs did, it could still be a valuable source of relief for businesses (whether or not they participated in the Paycheck Protection Program). This IRS offering allows businesses to take credits against certain payroll expenses incurred during the pandemic.
The following summary of the program from the folks at CohnReznick: Advisory, Assurance,Tax Firm provides a great overview of the considerations. You can also see more information at the IRS.gov website.