Fund Your Business During COVID-19: April Update

Are you in need of funding for your business or project? Check out our list of local, state, and federal resources. Apply soon!

The Paycheck Protection Program

Deadline Extended to May 31!

The Paycheck Protection Program (PPP) is a U.S. Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The SBA and U.S. Treasury Department reopened the Paycheck Protection Program loan portal today. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through May 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. Read SBA’s updated rules and regulations before you apply.

You may find a PPP lender using SBA’s Lender Match tool or apply through one of the following PIDC partners:

Apply via Lendistry

Apply via Customers Bank

Economic Injury Disaster Loans

New funding has also been made available for the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL). Recently, SBA announced that the deadline to apply for the EIDL program for the #COVID19 pandemic disaster declaration has extended to December 31, 2021. To date, SBA has approved $197 billion in low-interest loans which provide U.S. small businesses, nonprofits and agricultural businesses working capital funds. Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin.

Apply

Shuttered Venue Operators Grant

Application reopened April 26

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 Small Business Administration’s Office of Disaster Assistance.

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. The Shuttered Venue Operators Grant application portal reopened on April 26 for operators of live venues and related businesses to apply for economic relief. Potential applicants should register on the portal in advance. Applicants will also need a smartphone and a multi-factor authenticator app to register and apply.

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Restaurant Revitalization Fund

Applications will open May 3

The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This 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. Currently, SBA is not accepting applications for RRF. SBA will begin accepting Restaurant Revitalization Fund registrations on Friday, April 30 at 9am ET and open applications on Monday, May 3 at 12pm ET. The online application will remain open to any eligible establishment until all funds are exhausted.

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“Illuminate the Arts” Grant

Councilmembers Isaiah Thomas (At Large) and Katherine Gilmore Richardson (At Large) just announced that they have created the “Illuminate the Arts” grant as part of City Council’s New Normal Budget Act. The Illuminate the Arts Grants is a total of $1M to be distributed to individual artists, mid-size nonprofits and small businesses, administered through the Office of Arts, Culture and the Creative Economy (OACCE). Through the input of the Arts and Culture Task Force as well as the arts and culture community, the application process and requirements will be uniquely geared to meet the needs of this community and provide relief quickly and efficiently. Once the transfer ordinance is passed and OACCE hires a temporary full-time position for grant administration, the grants will officially open. The Office of Arts, Culture and the Creative Economy’s website, will house future announcements and the grant application process.

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Comcast RISE Marketing Services + Tech Makeovers

Comcast RISE is a multi-year commitment to provide marketing, creative, media, and technology services to Black, Indigenous and People of Color (BIPOC)-owned small businesses. The deadline for your small business application is May 7, 2021. Additional recipients will be chosen quarterly.