Coronavirus Relief Options Update

The U.S. Small Business Administration (SBA) has been and is currently still offering several different relief options to help businesses and nonprofits through the pandemic. 

So, what is currently available?

Paycheck Protection Program

This loan provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.  An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.

First Draw and Second Draw PPP loans are available until March 31, 2021.

President Biden announced program changes to make access to PPP loans more equitable.

COVID-19 EIDL

This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

The SBA is also reaching out to businesses and organizations that are eligible for the Targeted EIDL Advance.

SVO Grant Program

The Shuttered Venue Operators Grant Program provides emergency assistance for eligible venues.   Applications are not yet available as the SBA is preparing to offer these grants, but a frequently asked questions document is available on the SBA’s website. 

SBA Express Bridge Loan

Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

SBA Debt Relief

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.  SBA is providing debt relief to existing SBA loan borrowers during the pandemic. 

In addition, the SBA is adding additional relief from the American Rescue Plan Act signed into law on March 11, 2021.

$7.25 billion additional for the Paycheck Protection Program

Additional funds were allocated for the Shuttered Venue Operators Grant (SVOG) program.  Businesses can also now apply for both a PPP loan and an SVOG after December 27, 2020.

$15 billion additional for Targeted Economic Injury Disaster Loan (EIDL) advance payments

$28.6 billion for the Restaurant Revitalization Fund for industry-focused grants

$100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID-19 pandemic assistance programs and resources

Find out more about the relief options and if your business or organization qualifies at the SBA website.

Contributed By: Valerie McHarry, CPA | Director | DWD CPAs & Advisors