In the past year, the world has changed - to put it lightly - a lot. Not only have our personal lives changed, but also how business is done. As many small businesses continue to struggle through these hard times, there are relief options available to help small businesses in this time of need. 

Let’s go through what these different relief options are and how you can access them:

Payment Protection Program

The Payment Protection Program (PPP) is an “SBA-backed loan that helps businesses keep their workforce employed during the Covid-19 crisis” and is being offered now through May 31st, 2021. Not only may your business be eligible for First and Second Draw PPP loans, but also PPP loan forgiveness. You can find out more about PPP loans in our past blog here.

Covid-19 EIDL

The Covid Economic Injury Disaster Loan (Covid-19 EIDL) is a loan that “provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue” and is available to all types of small businesses. The deadline for this loan application is December 31st, 2021 and could be up to the maximum amount of $500,000. This EIDL can be used for your businesses’ expenses, like health care benefits for your employees, rent, utilities, fixed debt payments, and more. Find out more and apply online here.

Restaurant Revitalization Fund

The Restaurant Revitalization Fund (RRF) is a fund that “provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by Covid-19” and was established through The American Rescue Plan Act in March of 2021. This fund is being used to help keep restaurants and other eligible businesses’ doors open and will provide these businesses with up to $10 million for revenue lost during the pandemic (no more than $5 million per physical location). Those who receive money from the fund are not required to pay back the funding as long as they use the money for eligible purchases and use it by March 11th, 2023. This fund will continue to take applicants until the fund is out of money, so learn more and apply online here.

Shuttered Venue Operators Grant

The Shuttered Venue Operators Grant (SVOG) is to provide “emergency assistance for eligible venues affected by Covid-19” and includes over $16 billion in grants. Those businesses eligible may qualify for 45% of their gross earned revenue, with a maximum payout of $10 million, and $2 billion of the grant is reserved just for applicants with up to 50 full-time employees. Businesses that can apply include live venue operators or promoters, theatrical producers, museum operators, motion picture theater operators, and more. Find out more and apply online here.

SBA Debt Relief

Already have a loan from the SBA? SBA is offering debt relief to existing SBA loan borrowers that have been impacted by Covid-19. For eligible loans from the SBA, they will pay six months of principal, interest, and other associated fees. Those who are eligible for this do not need to apply, as the SBA is automatically offering this assistance. Those eligible for the SBA debt relief may also be eligible for an extension after the six month period. To learn more and see if you are eligible for the extension contact your lender. Those with disaster loans from the SBA approved prior to 2020 have also received automatic deferment of principle and interest until March 31st, 2022. To learn more about the SBA debt relief check out their website here.

Cross-Program Eligibility

Want to see if you are eligible for more than one program and what the requirements are? Check out the SBA’s quick guide here to see all of the programs available at one glance.