Extension of Paycheck Protection Program (PPP)
President Biden recently signed into law the PPP Extension Act of 2021. This extends the deadline to apply for both 1st and 2nd draw PPP forgivable loans until May 31st, 2021. However, as there are limited funds available for this program, we encourage you to apply as soon as you can for this funding as economists expect this program to run out of funding in mid to late April.
More info on the Paycheck Protection Program can be found here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
Increase in Economic Injury Disaster Loan (EIDL) Amount
The Small Business Administration (SBA) recently announced that businesses will be eligible for up to $500,000 from the EIDL loan program. Previously the cap on eligibility was limited to $150,000. Further, the economic injury timeframe was limited to 6 months of economic injury. The new program will increase this to a 24 month timeframe. Businesses that have previously received EIDL funding will not need to reach out to the SBA for this increase. The SBA will contact businesses the week of April 6th with instructions on how to request and qualify for an increased amount. The interest rate is 3.75% for for-profit business and 2.75% for non-profit businesses. Both options have a 30 year repayment amortization.
More info on the Economic Injury Disaster Loan program can be found here:
State of Wisconsin ‘We’re All In’ Grants:
On March 29th, Wisconsin Governor Evers announced that $600 million in federal funding from the American Rescue Plan will be set aside for Wisconsin small business grants. This is an increase of 58% compared to 2020 small business grant funding for Wisconsin small businesses. Details on grant amounts and distributions will be made available in the coming days and weeks by the state government.
More info on Wisconsin Small Business grants can be found here:
Shuttered Venue Operator Grant:
The Shuttered Venue Operator Grant is program from the SBA that provides direct grant funding to businesses that had significant reductions in revenue including movie theaters, live venues, theaters, museum operators and talent representatives. These businesses and non-profits can receive up to 45% of their 2019 gross earned revenue as a grant. Applications are available beginning on April 8th.
More info on the Shuttered Venue Operator Grant can be found here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant
Restaurant Revitalization Fund
This program through the SBA is part of the American Rescue Plan and sets aside nearly $29 billion for restaurant, food service and catering operators. These businesses will be able to apply for grant funding in early to mid-April directly through the SBA. The SBA hasn’t released the exact formulas for eligible grant amounts but more info will be released in the coming days/weeks.
More info on the Restaurant Revitalization Fund can be found here: https://www.sba.gov/article/2021/mar/11/american-rescue-plan-act-elevates-small-business-support-response-covid-19-pandemic
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