COVID-19 Upcoming Applications and Extensions
The Paycheck Protection Program deadline is extended to May 31, 2021.
Changes to PPP:
To further promote equitable relief for the smallest of small businesses, the U.S. Small Business Administration (SBA) announced that it will:
- allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP
- ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP
How to apply
U.S. SBA announced Shuttered Venue Operators Grant applications will open April 8.
The Shuttered Venue Operators Grant information below is provided to assist Colorado private sector establishments to apply to this grant being offered by the United States Small Business Administration.Who can apply?
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives
- Each business entity owned by an eligible entity that also meets the eligibility requirements
- Must have been in operation as of February 29, 2020
- Venue or promoter must not have applied for or received a PPP loan on or after December 27, 2020
The U.S. Small Business Administration
launched a splash page for the Shuttered Venue Operators Grant (SVOG) application portal
prior to taking applications on Thursday, April 8, 2021
SBA increased lending limit for COVID-19 Economic Injury Disaster Loans
Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.Additional information
Restaurant Revitalization Fund
The U.S. Small Business Administration is targeting early April to launch a phased rollout. Steps to get prepared:
- Work with an accountant to prepare paperwork that clearly shows your gross revenue loss in 2020 as compared to 2019.
- Keep checking SBA’s COVID-19 relief options web portal for upcoming instructions from the SBA
The Restaurant Revitalization Fund,
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.
Most restaurants and bars that lost revenue in 2020 versus 2019 will be eligible to apply for grants.