Updates to Federal Business Assistance Funding Programs: PPP, EIDL, SVOG

Paycheck Protection Program

With an increased effort to reach underserved communities, SBA has established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employee that ends on March 9, 2021 at 5:00 pm ET. Additionally, the Agency will:

  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

More information

Targeted EIDL Advance
  • SBA is actively sending invitations to apply for the Targeted EIDL Advance grant to EIDL applicants that received a partial EIDL Advance (between $1,000 - $9,000) in 2020.
  • SBA launched a mapping tool to help businesses determine if the business is located in a low-income community SBA Targeted EIDL Advance Mapping Tool
  • Updated FAQs are also available on the SBA website
Shuttered Venue Operators Grant

Application is not yet available but you can sign up for program alerts here: Small Business Administration (SBA) (govdelivery.com)

Businesses interested in the SVOG can steps now to prepare for the program. Recommended steps include:

  • preparing 2019 and 2020 financial statements, including a month-by-month breakdown of revenues
  • Calculating the average number of employees the business had over the prior year (Mar. 1, 2019 to Feb. 29, 2020) using FAQs as guideline and
  • Register in SAM.gov - see SBA video tutorial

FAQs are available on the SBA website