Additional Resources
Paycheck Protection Program from the US Treasury ▸
See information about "How to Calculate Maximum Loan Amounts - By Business Type" under the For Borrowers section of the US Treasury site.
Paycheck Protection Program from the US Small Business Administration ▸
SBA-Managed Relief Programs
The SBA has more programs available for eligible businesses that continue to struggle due to the pandemic. The agency is managing and disbursing funds for these programs. Customers can contact the SBA directly for information about applications and submissions.
Shuttered Venue Operations Grant (SVOG)
SBA application portal NOW OPEN
The SVOG program will provide $16 billion in economic relief to targeted industries including live venues, theaters, museums, and zoos. Eligible applicants may qualify for 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.
- Program details are hereand the SVOG application portal is open here.
- To complete your application, use the checklistto make sure you have everything you need. Review resources at gov/svogrant such as the applicant user guide and FAQ. Keep these resources open throughout the application process.
- SVOG videos about the program and eligibility requirements are on YouTube here.
- SBA is administering and disbursing SVOG funds and can be contacted directly for more information.
Restaurant Revitalization Fund (RRF)
Restaurant Revitalization Fund Information Sheet
SBA application portal NOW OPEN
The RRF program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Applicants should review RRF program details to prepare documentation, calculate potential grant amounts, and more.
- Application process opened on Monday, May 3, 2021, at noon ET.
- Eligible businesses were able to apply as soon as the application portal opened; however, the first 21 days of the application period will give priority to businesses that are at least 51% owned by one or more women, veterans, or socially and economically disadvantaged individuals. The rest of the applications will be considered thereafter until funds are exhausted.
- SBA is administering and disbursing RRF funds and can be contacted directly for more information.
Increased EIDL Amounts
SBA contacting eligible businesses
The SBA is increasing the maximum eligible amounts for Economic Injury Disaster Loans (EIDLs). Beginning April 6, recipients – including those who previously received an EIDL – can access up to $500,000. The previous limit was $150,000.
Businesses that previously received an EIDL are not required to submit a request for an increase, as the SBA is expected to reach out directly via email and provide more details about how businesses can request an increase.
Supplemental Targeted Advance
SBA contacting eligible businesses
Supplemental Targeted Advance is a new round of Economic Injury Disaster Loan (EIDL) assistance that will provide $5 billion in additional assistance to 1 million eligible small businesses and nonprofit organizations severely affected by the economic effects of the pandemic.
These SBA grants will be open to small businesses even if they had already received $10,000 in its other grant programs, the EIDL Advance from March and April of 2020 or its successor program, the Targeted EIDL Advance, which was rolled out earlier this year.
Effective April 22, the SBA modified the Targeted EIDL Advance application process to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance.
To be eligible for these new supplemental grants, businesses must be:
- Located in a low-income community. Businesses can use this mapping tool here to see if they are eligible.
- Able to prove 50% or more in economic losses during any eight-week period beginning on March 2, 2020 or later, compared to the same time in 2019. Applicants will need to provide monthly revenue from January 2019 to the current month.
- 10 employees or fewer, the SBA said. Farmers and ranchers are not eligible for the supplemental grant.
- SBA will contact eligible business entities to apply and applications will be processed on a first-come, first-served basis.
For details about the Targeted EIDL Advance and Supplemental Targeted Advance program, visit SBA.gov/eidl. Eligible entities with questions about the new supplemental grants can email questions to the SBA at [email protected].
Disaster aid available for Oahu businesses affected by severe weather in March 2021
The SBA is offering low-interest federal disaster loans to Oahu businesses and residents that sustained severe weather damage between March 8 to 18, 2021.
Businesses and private non-profit organizations may apply for up to $2 million in loans to repair or replace real estate, machinery and equipment, inventory and other business assets that were either destroyed or damaged in the storm.
Business owners and homeowners who have already made repairs to property damaged in last month’s storm, are also eligible for the loans. The SBA advises applicants to take photographs and keep receipts of repairs.
In addition, homeowners are eligible to borrow up to $200,000 to repair or replace destroyed or damaged real estate. Both homeowners and renters are eligible for a maximum of $40,000 personal property that was destroyed or damaged in the storm.
Interest rates can be as low as 3 percent for businesses, 2 percent for private non-profit organizations and 1.25 percent for homeowners and renters with terms up to 30 years.
- For details and to apply, click here.
- Deadline to apply for property damage: June 28, 2021
- Deadline to apply for economic injury: Jan. 31, 2022
- SBA is administering and disbursing the aid and can be contacted directly at the Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center
- Monday to Friday from 8 a.m. to 8 p.m. (EST)
- By email at [email protected] or by phone at 800-659-2955