- U.S. Small Business Administration issues reminder of ongoing COVID-19 relief programs following closure of Paycheck Protection Program and Restaurant Relief Fund to new applications
- COVID-19 Economic Injury Disaster Loan program provides low-interest loans of up to $500,000
- Shuttered Venue Grant Operators program assists arts and cultural organizations, and current applications have requested just $11.4 billion of the $16.2 billion available
Summary by Dirk Langeveld
Following the expiration of its most popular COVID-19 relief programs, the U.S. Small Business Administration is reminding businesses that its Economic Injury Disaster Loan and Shuttered Venue Operators Grant programs are still open to new applications.
The SBA oversees a suite of COVID-19 relief options, including financing options and debt relief. The Paycheck Protection Program, which offered forgivable loans to millions of businesses during the pandemic, is closed to new applications. The Restaurant Relief Fund, a grant program for food and beverage businesses, saw demand far exceed available funding and ceased taking applications on May 24.
- The EIDL program, which provides assistance to businesses suffering revenues losses due to disasters, was expanded to all small businesses (including small agricultural operations) and nonprofits during the pandemic
- EIDL loans have a 30-year term with a fixed rate of 3.75 percent for businesses and 2.75 percent for nonprofits, a maximum loan amount of $500,000, and no pre-payment penalties
- EIDL loan applications are due by Dec. 31
- The Shuttered Venue Operators Grant program is open to a variety of arts and cultural organizations, including live venues, performing arts organizations, movie theaters, museums, and talent representatives
- The program provides grants equal to 45 percent of a recipient’s pre-pandemic gross earned revenue, capped at $10 million
- A total of $16.2 billion has been approved for SVOG, with $2 billion set aside for businesses with 50 or fewer employees
- The 13,783 applications submitted so far have requested just $11.4 billion
