PPP is winding down—What’s next for small business
We know many small business owners may have questions about what other resources they can take advantage of, or what may be next in relief funding for Main Street now that the Paycheck Protection Program expired on May 31. We’ve collected a few national resources that are still available and you can also find local opportunities here.
Shuttered Venue Operators Grant
While small businesses across the nation continue to wait for more financial aid from the federal government, a new grant established by the December stimulus bill passed by Congress can help ease the burden of venue owners during the pandemic. The Shuttered Venue Operators (SVO) Grant provides $15 billion in emergency assistance for eligible venues affected by the COVID-19 pandemic. It is administered by the SBA’s Office of Disaster Assistance.
Restaurant Revitalization Fund
The Restaurant Revitalization Fund (RRF) provides relief funding for restaurants and bars affected by the COVID-19 pandemic. The RRF, which was established by the newly passed American Rescue Plan, offers $28.6 billion in grants for small businesses in need. This program is no longer accepting applications but we will continue to update this blog, should Congress allocate additional relief funding for this program.
Updates to Targeted EIDL Advance grant programs
The U.S. Small Business Administration (SBA) announced two new updates to its Economic Injury Disaster Loan (EIDL) program, as the agency works to provide further economic relief for the smallest and hardest hit businesses across the United States.
Other Small Business Administration debt relief
- All borrowers with qualifying loans approved by the SBA prior to the CARES Act will receive an additional three months of deferral on principal and interest, starting in February 2021.
- Underserved borrowers, namely the smallest and hardest-hit, will receive an additional five months (eight total) of relief.
- SBA payments of principal and interest on the first 6 months of newly approved loans will resume for all loans approved by September 30, 2021, capped at $9,000 per month.