Fund Your Business During COVID-19: March Update
Are you in need of funding for your business or project? Check out our list of local, state, and federal resources, including new programs such as the Shuttered Venue Operators Grant, the PA COVID-19 Hospitality Industry Recovery Program, and more. Apply soon!
The Paycheck Protection Program
Reminder: Deadline 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:
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.
Shuttered Venue Operators Grant
Just announced: Applications open on April 8!
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. Those who are interested in applying will need to register in the U.S. government’s System for Award Management at SAM.gov. Watch this video tutorial to learn about the registration process. The SBA will start accepting applications on April 8. For those interested, please register immediately for the SBA’s national webinar on SVOG that will take place on Tuesday, March 30 from 2:30 – 4:00pm ET.
“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. 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, expected mid-March, the grants will officially open. The Office of Arts, Culture and the Creative Economy’s website will house future announcements and information about the grant application process.
PA COVID-19 Hospitality Industry Recovery Program (CHIRP)
Just announced: Deadline extended to April 12!
The Pennsylvania COVID-19 Hospitality Industry Recovery Program (CHIRP) is a new $145 million Statewide fund created by the Commonwealth of Pennsylvania to alleviate revenue losses and pay eligible operating expenses for certain businesses in the hospitalty industry severely impacted by the COVID-19 pandemic. Philadelphia County is receiving approximately $17.9M in funding to provide grants to eligible businesses through this program. Grants may be awarded between $5,000 – $50,000 with an average grant expected to be $25,000.
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.