Federal government provides small business assistance
While the economic forecast looks strong, we are not there yet – and the federal government is continuing to offer a variety of programs to support our small businesses. Be sure to take advantage of these ways to help your business move more smoothly through the pandemic economic issues.
The U.S. Small Business Administration’s current relief efforts can be found at sba.gov/coronavirusrelief, and more details will be available in the coming weeks.
- Paycheck Protection Program: The deadline for applying for federal financial help through the Paycheck Protection Program has been pushed back to May 31. The program had been scheduled to end on Wednesday, March 31. The program is administered by the SBA. For more information, click here.
- Shuttered Venue Operators Grant: The SBA has launched a splash page for the Shuttered Venue Operators Grant application portal in anticipation of opening applications for the economic relief program on Thursday, April 8. As the SBA prepares to open the program, the dedicated SBA website, www.sba.gov/svogrant is the best source for information for those looking to apply for a grant. The website includes frequently asked questions, video tutorials, and other details. To prepare for the application portal opening on April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive a grant.
- Restaurant Revitalization Fund: Restaurant owners should be watching for the launch of the Restaurant Revitalization Fund to be administered by the U.S. Small Business Administration. The SBA has not released details about the fund yet, but news reports indicate the agency plans to launch the program within weeks. The National Restaurant Association has produced a document that includes some details of the fund. To access the pdf, click here. The SBA announced on social media this week that SAM.gov registration will not be required for this program.
- COVID-19 disaster loans: The SBA is increasing the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, the SBA is raising the loan limit for the COVID-19 EIDL program from six 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. Also, on March 16, the SBA extended deferment periods for all disaster loans, including the EIDL program, until 2022.