COVID-19

The U.S. Small Business Administration (SBA) has 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. 

Below you will find more information about the Targeted EIDL Advance program and Supplemental Targeted Advance, which provide small grants to eligible impacted small businesses, and how you may qualify for additional financial assistance.

Targeted EIDL Advance program

During April’s National Financial Literacy Month, we spoke with small business owners around the country about the challenges they’ve faced during the last year of business turmoil and how they’ve pivoted their businesses to stay afloat during the pandemic. 

These business owners have weathered many untenable challenges and are sharing their lessons learned and some best practices other small businesses can follow during this difficult time. Read on to learn about some of the key steps they took to overcome the challenges brought on by the pandemic.

A new grant program, the Restaurant Revitalization Fund (RRF), is slated to provide relief funding for restaurants and bars affected by the COVID-19 pandemic. The RRF, which was established by the newly passed American Rescue Plan, will provide $28.6 billion in grants for small businesses in need.

Congress has approved a new $1.9 trillion federal relief package, more commonly known as the American Rescue Plan. The stimulus legislation, the largest of its kind, includes several measures to help stabilize small businesses and the economy.

Some of the key provisions that will aid struggling small businesses are:

The White House recently announced new changes to the Paycheck Protection Program (PPP) to better focus federal relief funds and aid struggling small businesses that may have been left behind during the first rounds of funding. The changes come at a critical time, when our research reveals that minority-owned businesses have greatly struggled to secure capital compared to their white counterparts. 

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.