SBA Offers Financial Help During Pandemic
The recent federal stimulus package in response to the pandemic offers grant and loan programs to help businesses affected by COVID-19. The programs include:
- A reopening of the Paycheck Protection Program (PPP). The initial opening on January 11 provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority-, women-, and veteran-owned small businesses. As of January 19, the Paycheck Protection Program is open to all participating lenders. For more information, visit sba.gov/ppp.
- The U.S. Small Business Administration (SBA) has extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration. Applications will be accepted until December 31, 2021. For more information, click here.
- The Shuttered Venue Operators Grant provides $15 billion in grants to shuttered venues, to be administered by the U.S. Small Business Administration’s (SBA) Office of Disaster Assistance. Eligible entities include: live venue operators or promoters, theatrical producers, live performing arts organization operators, relevant museum operators, zoos and aquariums that meet specific criteria, motion picture theater operators, and talent representatives. The SBA still is working on details of the program, and the application period has not yet opened. For more information, click here. To view a recording of a webinar about the program, click here.
Remember that Ohio Small Business Development Centers (SBDC) and Ohio Minority Business Assistance Centers (MBAC) across the state will be available to help businesses with the application process. To find a local SBDC, click here. To find a local MBAC, click here.
