There is so much inside the American Rescue Plan for Small Businesses and other Federal & State support programs that we are breaking them down into updates by program.
Please share with those who can benefit
Next, Starting the week of April 6, 2021, the SBA raised the loan limit for the COVID-19 EIDL program from 6-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.
Details Shown Immediately Below!
SBA is currently accepting new COVID-19 EIDL applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
1) EIDL purpose is to meet financial obligations and operating expenses that could have been met had the COVID disaster not occurred.
Note: For loans approved prior to the week of April 6, 2021, see loan increases.
What you need to know and do for an EIDL Loan:
a) Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021.
“Targeted Economic Injury Disaster Loan Advance.” This is the GRANT portion
Targeted EIDL Advance Eligibility: click here
1) Advance funds of up to $10,000 will be available to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
2) To help applicants determine if they are in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a mapping tool is available at https://sbaeidl.policymap.com/
SBA Steps Occurring:
1) SBA first reached out to EIDL applicants who already received a partial EIDL Advance (between $1,000 – $9,000). Applicants are being contacted directly by SBA via email with instructions to determine eligibility and submit documentation.
American Rescue Plan for Small Businesses
2) Additional funds are allocated for the Shuttered Venue Operators Grant program (SVOG), and now allows businesses to apply for BOTH a PPP loan after Dec. 27, 2020 and the SVOG.
3) $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit.
4) The National Restaurant Association hosted a webinar view here that discusses the Restaurant Revitalization Fund (RRF) which will feature $28.6 billion for restaurants with 20 or fewer locations, and will be administered by the U.S. Small Business Administration (SBA).