The U.S Small Business Administration has reminded small businesses that, although some of the agency’s COVID-19 economic relief programs have come to an end, financial help is still available through programs such as the Economic Injury Disaster Loan program (EIDL), Targeted EIDL Advance and Supplemental Targeted Advance and the Community Navigator Program.
The Paycheck Protection Program, Shuttered Venue Operator Grant and Restaurant Revitalization Fund have all closed and the SBA is in the process of concluding PPP forgiveness and distributing final RRF funds.
The EIDL program remains in effect through Dec. 31 and there is still funding remaining, the SBA said. The SBA is ramping up its outreach efforts to deliver COVID EIDL program information to all communities, including socio-economically disadvantaged communities via partnerships, webinars, train-the-trainer series and media. COVID EIDL programs remain the same, but the additional community outreach effort will allow the SBA to promote greater access to them by businesses that have not yet applied, the agency said. Most of the current EIDL activity involves business owners requesting an increase in their original loan amount to a higher amount up to $500,000.
For additional information on SBA’s Economic Relief programs, visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options.