As small businesses continue the hard work of economic recovery in the wake of the COVID-19 pandemic, access to capital is paramount. We have compiled a list of available loans and grants that you can help you and your small business on the road to recovery. The list below could help you or someone you know, so be sure to bookmark it, and share it with a fellow small business owner.
Beginning Monday, May 3, the Restaurant Revitalization Fund (RRF) is accepting applications via the application portalThe application portal will remain open to any eligible establishment until all funds are exhausted.
All eligible restaurants will be able to submit applications as soon as the program opens, but for the first 21 days the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and socially and economically disadvantaged individuals.
I just got an RRF grant – what do I need to know now?
The SBA has begun distributing grant awards to restaurant owners. We have produced a “next steps” guide that walks you through everything you need to effectively – and legally – utilize your RRF grant to preserve your restaurant
The loan portion of the COVID-19 EIDL program continues to have funds available at very affordable and flexible terms, with an automatic deferment of one year before monthly payments begin. Every eligible small business and non-profit is encouraged to visit sba.gov/coronavirusrelief to get more information about applying for EIDL and other economic recovery programs.
Advance funds of up to $10,000 will be available to applicants located 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.
Applicants do not need to take any action at this time.
SBA will reach out to those who qualify.
SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.
ALWAYS BEWARE! Bad actors are using government logos in phishing emails in an attempt to steal account information. All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do respond to and do not send sensitive information via email to any address that does not end in @sba.gov.
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
The Shuttered Venue Operators Grant application portal remains temporarily suspended through the weekend of April 9 while we work to resolve technical issues. We can confirm we did not accept any applications or distribute any funding. When a reopening date is determined, we’ll provide updates in advance so that applicants have time to prepare.
So many live venues and related businesses have been impacted by this pandemic and we want to ensure relief is delivered as quickly and equitably as possible. We appreciate your patience.
This section will be updated as new information regarding the availability of the grant portal arrives.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Who can Apply?
Prosper West, formerly Westside Development Corporation, will administer low-interest loans of up to $25,000 to Westside food & beverage establishments for expenditures related to the build-out of outdoor dining spaces. Examples of eligible expenses include outdoor furniture, barriers, fans, misters, and shade structures.
This loan is meant to provide opportunities for food & beverage establishments to expand their seating capacity and create an enjoyable outdoor dining experience in our beautiful Westside!
Applications will be accepted beginning on April 12, 2021 until May 28, 2021.
Due to a large number of applications submitted and needing to be processed, our our community lending partners are no longer accepting applications.
Life After Paycheck Protection Program Loan – How do I apply for Loan Forgiveness?
In order to apply for forgiveness, you must contact your original PPP lender who will review your loan forgiveness application and submit it to the SBA on your behalf. Regardless of who your lender is and depending on the amount you received, you will use one of the SBA forgiveness applications listed below.
Forgiveness Applications and Instructions:
There’s a lot happening on the Westside and there’s even more to come. Sign up to stay informed or send us your ideas on how to make the Westside even better!