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
UPDATE 3

 
With the American Rescue Plan $15 billion additional funds are for “Targeted Economic Injury Disaster Loan Advance” (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit. See Details Below!

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. 

Note: If you have already applied via the streamlined application portal, please do not resubmit your application.
EIDL Loan Eligibility: click here
Loan Details: click for more details
1) EIDL purpose is to meet financial obligations and operating expenses that could have been met had the COVID disaster not occurred.
2) For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.
Note: For loans approved prior to the week of April 6, 2021, see loan increases.
3) Terms – 3.75% for businesses (fixed) – 2.75% for nonprofits (fixed) 30 years – No pre-payment penalty or fees.
4) View these FAQ’s for more details.


What you need to know and do for an EIDL Loan:

1) If you did not apply previously for an EIDL Loan you may apply now via this portal. This program is not run through local banks you will work directly with the US Treasury and SBA. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
2) Loan Increases: If you wish to participate in the loan increase opportunities please note. 
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.
b) Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this timeSBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
c) If an applicant accepted a loan for less than the full amount originally offered, the applicant will have up to two years after the date of the loan promissory note to request to request additional funds
3) Loan Deferment Changes: This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021. More.
 

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/app. The business address must be in a low-income community to qualify

3) Applicants do not need to take any action SBA is reaching out to those who qualify.

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

2) All communication from SBA will be sent from an official government email account ending with @sba.govPlease do not send sensitive information via email to any address that does not end with @sba.gov.
3) Next, SBA is reaching out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation

 

American Rescue Plan for Small Businesses 

1) $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services. NOW extended to May 31, 2021.

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).

 

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