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 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. More about the grants from the SBA.
The Restaurant Revitalization Fund (Fondo de revitalización de restaurantes), part of the American Rescue Plan Act, will provide $28.6 billion in grants to restaurants and bars in need. This fund will offer grants to hard-hit restaurants and bars, with restaurants able to apply for grants based on lost revenue. Five billion dollars of that total will be set aside expressly for businesses with 2019 gross receipts of less than $500,000.
The official application launch date is Monday, May 3, at 10 am MST. The application portal will open for restaurants to pre-register on Friday, April 30, at 7 am MST. Restaurant Revitalization Fund (sba.gov).
This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
Have questions or need help applying to these SBA programs? The SBDC can help you navigate these programs, find lenders, and apply. Access information and locate service providers HERE. Additionally, the SBDC is hosting daily trainings on these programs HERE.
Additionally, the SBA offer s a wide variety of programs to help your business achieve its goals. Begin here.
Apply with a participating SBA 7a lender. See if your current lender is participating in this program.
Download the complete SBA Resource Guide
The fund offers loans up to $150,000 at a rate of 1.625% for up to ten years with no payments due the first year, interest-only payments due in the second and third year, and no penalty for paying off a loan in advance. Applications and more information can be found here: https://www.nmfinance.com/small-business-economic-stimulus-and-recovery/.
The LEDA Recovery Grants Program provides grants for rent, lease, and mortgage payments to eligible businesses that meet job creation and economic development requirements. More information can be found here: https://www.nmfinance.com/small-business-economic-stimulus-and-recovery/.
The Essential Services Working Capital Program is an emergency loan program created in 2020 that provides short-term working capital loans to healthcare entities, childcare businesses, and other critical service providers whose operating funds are insufficient to meet the demand resulting from the COVID-19 pandemic and related Public Health Emergency Orders. https://www.nmfinance.com/small-business-economic-stimulus-and-recovery/.
Visit EDD's Business Resource Center for more assistance.