Fund Your Business During COVID-19: May Update
Are you in need of funding for your business or project? Check out our list of new funding programs for businesses in industries such as arts, food, nonprofit, entertainment, and more! Apply soon!
Neighborhood Equitable Recovery Fund
The Neighborhood Equitable Recovery Fund is a newly-launched partnership between the Office of Community Empowerment and Opportunity and Bread & Roses Community Fund to support grassroots nonprofit organizations that serve communities of color and those with low incomes, which have been hardest hit by the COVID-19 pandemic. Grants of $15,000 will be made to 25 organizations that are selected. The fund is open for applications for eligible organizations now through June 7, 2021.
Restaurant Revitalization Fund
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. Applications opened on Monday, May 3 and the online application will remain open to any eligible establishment until all funds are exhausted.
Shuttered Venue Operators Grant
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.
The Paycheck Protection Program
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 PIDC’s partner, Lendistry.
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.
“Illuminate the Arts” Grant
Applications open today!
The Illuminate the Arts Grants are a means to help sustain and stimulate the COVID-19 recovery of the arts and culture community of Philadelphia. It is a total of $1M to be distributed to Philadelphia’s individual artists, small and mid-size arts organizations, and small creative enterprises. The grant seeks to financially uplift Philadelphia’s creative sector and support disadvantaged communities, particularly Philadelphia’s Black and Brown communities, that have been disproportionately impacted by the COVID-19 pandemic. Created by City Councilmembers Isaiah Thomas and Katherine Gilmore Richardson, the funds for the Illuminate the Arts Grants came from City Council’s New Normal Budget Act as an investment to address racial disparities in the City of Philadelphia. The online application is open now through Friday, May 28, 2021.
Comcast RISE Marketing Services + Tech Makeovers
Deadline Updated to July 31!
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 July 31, 2021. Additional recipients will be chosen quarterly.