All In One Place: The Latest Updates Related to COVID-19 Relief Programs Offered by the
Scroll down for a quick summary on the following Coronavirus relief options:
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loans (EIDL)
- Shuttered Venue Operators Grant
- Resiliency Business Advising
- Additional Resources
SBA Will Re-Open PPP to Small Lenders
Friday, Jan. 15; Then to All Lenders Tuesday, Jan. 19
The SBA will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications this Friday. The portal will
fully open Tuesday to all participating PPP lenders to submit First and Second Draw loan applications to the SBA.
Earlier in the week, the SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository
Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
The SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit
What’s the Difference Between
a First Draw PPP Loan and a Second Draw PPP Loan?
In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before
the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a
PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.
COVID-19 Economic Injury Disaster Loan (EIDL) Application Deadline Extended Through
The deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is
extended to Dec. 31, 2021, pending the availability of funds.
To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits and agricultural businesses.
Loans are offered with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly
SBA Shares a Preliminary Overview
of the Shuttered Venue Operators Grant Program
Today the SBA will host a webinar featuring a preliminary overview of the Shuttered Venue Operators Grant program. Eligible organizations with a reduction in revenue due to the COVID-19 pandemic will
have the opportunity to receive up to a $10 million grant under the program. In total, the Economic Aid Act allocates $15 billion for the Shuttered Venue Operators Grants.
This webinar will provide introductory information about the grants, who can apply, how potential organizations can prepare, and other detail regarding eligibility and applications.
The webinar has reached capacity; however, you can join the waitlist to receive a recording of the webinar afterward. It will also be posted to the SBA YouTube channel.
Create a Resiliency Plan with Help From Business Experts to Move Your Business
The SBA works with a number of local organizations to counsel, mentor, and train small businesses through our official Resource Partners: SCORE mentors, Women’s Business Centers, Small Business
Development Centers, and Veterans Business Outreach Centers. Connect with local business experts to confidently move your business forward.
Information on Additional Resources Forthcoming
Information on other COVID-19 assistance for small businesses -- including Express Bridge Loan, SBA Debt Relief, Targeted EIDL Advance -- is on the SBA website with additional updates coming
The SBA is committed to ensuring relief programs are launched as quickly as possible to deliver critical economic aid to America’s small businesses.