One of the key resources for small business owners to be familiar with when looking for small business stimulus grants is the U.S. Small Business Administration (SBA). The SBA is a government agency specifically created to help small business owners and entrepreneurs. During the COVID-19 pandemic, the SBA is offering small business grants through its Economic Injury Disaster Loan (EIDL) program, in addition to grants for distressed restaurants and venue operators.
Targeted EIDL Advance
This grant is specifically for small businesses and nonprofits that have experienced a loss of revenue due to the coronavirus pandemic. Business owners who received an EIDL advance in 2020 of less than $10,000 — or were denied because of lack of program funding — can apply.
Your company may be eligible for up to for up to $10,000 if it:
- Has 300 or fewer employees
- Is located in a low-income community (as identified by the Internal Revenue Code)
- Can demonstrate a reduction in revenue of more than 30% during an eight-week period beginning on or after March 2, 2020
Smaller and especially hard-hit businesses may be eligible for up to for up to $15,000 if your business:
- Has 10 or fewer employees
- Is located in a low-income community
- Can demonstrate a reduction in revenue of more than 50% in an eight-week period beginning on or after March 2, 2020
If your Targeted EIDL Advance application was rejected you may request a reevaluation by sending an email to: [email protected]
Unlike the Payment Protection Program (PPP) loan, a Targeted EIDL Advance would not need to be repaid. The same goes for the next two grants for live venue operators and restaurant owners.
Shuttered Venue Operators Grant (SVOG)
Live venue operators — think museums, zoos, aquariums, theaters and more — may be eligible for up to $10 million in federal grant money. Small businesses may apply online for an amount equal to 45% of their 2019 gross earned revenue or $10 million, whichever is less. Your business may be eligible for an SVOG if it:
- Was in operation as of Feb. 29, 2020
- Can show documentation proving eligibility
Restaurant Revitalization Fund (RRF)
Restaurants and other small businesses serving food — food trucks, caterers, taprooms and more — may also be eligible for an SBA grant up to $10 million. Owners may apply online through the SBA or through their point-of-sale vendor (such as Square, Toast, Clover and others) for amounts equal to 2019 gross receipts minus 2020 gross receipts. The available grant amount goes up to $5 million per restaurant location or $10 million for restaurant groups.
Restaurant owners may learn more about program details here.