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COVID-19 Financial Assistance
Governor Henry McMaster has announced that South Carolina is now designated as a federal disaster area. Therefore, the SBA Economic Injury Disaster Loan (EIDL) application is now open to business owners in all of South Carolina’s 46 counties. To be eligible, businesses must meet the SBA requirements of a small business (typically 500 employees or fewer) and be adversely affected by COVID-19. To save time and frustration, we encourage you to contact one of our consultants to guide you through completing the loan application - we are trained to do this.
On December 27, 2020, the new stimulus bill, an extension to the CARES Act, was signed into law, which provides additional assistance for small business owners and non-profits.
SBA Assistance Programs
All South Carolina SBDC locations remain open at this time. We have modified how we conduct face-to-face engagements with our customers and the general public. Centers are working remotely and will continue to assist clients via phone, email and various online tools. Center phones have either been forwarded to the consultants or they are checking messages regularly. Click Here to sign up for counseling.(https://scsbdc.ecenterdirect.com/signup) We are experiencing a high volume of requests but should respond within 24 hours.
Latest updates to PPP including a two-week application window for businesses with fewer than 20 employees.
(https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources)
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
• Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
• Loan payments will be deferred for six months.
• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The latest Biden-Harris administration’s enhancements to SBA’s PPP lending program, specifically:
• Instituting a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
• Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
• Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
• Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
• Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
• Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
• Promoting transparency and accountability by improving the PPP loan application.
• Improving the Emergency Relief Digital Front Door.
• Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
• Enhancing the current lender engagement model.
White House press release:
FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House(https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/)
5/19/2020 - Frequently Asked Questions(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf)
Calculator for the PPP(https://www.nav.com/cares-act-sba-loan-calculator/)
As of September 8, 2021, new COVID EIDL policy changes have taken effect that entail the below updates to the program:
- Maximum loan cap increased from $500,000 to $2 million
- Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt
- Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
- Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership
- Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
See more details on the COVID-19 September 8, 2021 Policy Changes.(https://www.sba.gov/document/support-covid-19-eidl-program-updates)
Clients that have pending EIDL applications now have a new phone number to call for follow up. The new number is 833.853.5638.
After choosing which language you would like to receive instructions in, you will be prompted to choose what they are calling about:
1. Portal Assistance
2. Status of EIDL applications
3. EIDL eligibility
If you choose option 2, they will have the following options to choose from:
1. EIDL Advance
2. EIDL initial application
3. EIDL Increase
4. EIDL Reconsideration
5. Denial Appeals
Latest Updates to PPP: Deadline to Apply is May 31st 2021 (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program)
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
• Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
• Loan payments will be deferred for six months.
• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The latest Biden-Harris administration’s enhancements to SBA’s PPP lending program, specifically:
• Instituting a 14-day period, starting Wednesday, February 24th during which only businesses with fewer than 20 employees can apply for relief through the Program.
• Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
• Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
• Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
• Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
• Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
• Promoting transparency and accountability by improving the PPP loan application.
• Improving the Emergency Relief Digital Front Door.
• Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
• Enhancing the current lender engagement model.
White House press release:
FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House(https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/)
5/19/2020 - Frequently Asked Questions(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf)
Calculator for the PPP(https://www.nav.com/cares-act-sba-loan-calculator/)
4.06.2022 Weekly Meeting (Password:COVID) (https://vimeo.com/696568207)
3.23.2022 Weekly Meeting (Password:COVID) (https://vimeo.com/691419481)
2.23.2022 Weekly Meeting (Password:COVID) (https://vimeo.com/680982471)
1.26.2022 Weekly Meeting (Password:COVID)(https://vimeo.com/670254518)
1.12.2022 Weekly Meeting (Password:COVID)
(https://vimeo.com/665313794)12.15.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/657063157)
12.01.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/652079213)
11.17.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/647043764)
8.25.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/592223636)
8.11.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/585878967)
7.28.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/580376842)
7.14.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/575436724)
6.30.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/569416430)
6.16.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/563718191)
5.19.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/552439965)
4.28.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/545517971)
4.28.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/542720713)
4.7.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/534012681)
3.31.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/533118762)
3.24.2021 Weekly Meeting (Password:SAM) Review Duns and SAM registration.(https://vimeo.com/528394513)
SAM Registration Overview(undefined)
3.17.2021 Weekly Meeting (Password: COVID)(https://vimeo.com/528460434)
2.24.2021 Weekly Meeting (Password: COVID) Shopify (https://vimeo.com/522333022)
2.17.2021 Weekly Meeting (Password: COVID) SC SBDC Cybersecurity(https://vimeo.com/513687512)
1.27.2021 Weekly Meeting (Password: COVID) CMMC(https://vimeo.com/user62102803/review/505446407/0336dea151)
12.9 Weekly Meeting (Password: COVID)Export presentation(https://vimeo.com/489046757)
12.2 Weekly Meeting (Password: COVID) Case study notes(https://vimeo.com/user62102803/review/486485098/dd3df6c46a)
7.29 Weekly Meeting (Password: COVID)(https://vimeo.com/443389609)
7.1 Weekly Meeting (Password: COVID)(https://vimeo.com/443385619)
6.10 Weekly Meeting (Password: COVID)(https://vimeo.com/428139754)
5.27 Weekly Meeting (Password: COVID)(https://vimeo.com/423365839)
4.8 Weekly Meeting (Password: COVID)(https://vimeo.com/405676316)
4.1 Weekly Meeting (Password: COVID)(https://vimeo.com/405237568)
To minimize the health and safety risk to our customers and employees, and prevent the further contraction and spread of COVID-19, all scheduled face-to-face South Carolina SBDC training events and workshops are suspended until further notice. We are working to implement expanded use of remote instruction to provide ongoing small business training services, especially in the area of pandemic planning, preparation, response and recovery. Please check the training events tab at scsbdc.com/training-events (https://www.scsbdc.com/training-events)for updates on educational programs and events.
View the recording of our Understanding Unemployment Webinar here.(https://us02web.zoom.us/rec/share/7sVSNqj8qUBIWJHX7kaEZZ8lObm1X6a8hCEd_PVZnhxr1OBHVdrp_tBaNTmU0YD8)
Federal Resources for U.S. Small Businesses(https://covid-sb.org/)
SBA COVID-19 site(https://www.sba.gov/coronavirus)
SBA Disaster Assistance in Response to the Coronavirus (undefined)
SBA guide in closing or selling business(https://www.sba.gov/business-guide/manage-your-business/close-or-sell-your-business)
Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
This is an email template that you can send to clients reguarding COVID-19 assistance.
Submitted by Ben Smith: https://docs.google.com/document/d/1DZwvxgsoo8lkP0rbrXivndHSrD6Saku4_8AnELwz688/edit(https://docs.google.com/document/d/1DZwvxgsoo8lkP0rbrXivndHSrD6Saku4_8AnELwz688/edit)
Updated April 13th 2:20pm
• Applicants must meet the SBA requirements of a small business (500 employees or fewer)
• Businesses directly affected by COVID-19
• Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
• As of September 8, 2021, Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
• Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible
• Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
• Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible regardless of 1/3 criteria above.
• Cannabis Industry
The South Carolina SBDC Network is working closely with state and federal officials regarding the availability of disaster resources to recover from economic injury and other impacts as a result of COVID-19.
Federal Assistance
The U.S. Small Business Administration (SBA) has activated its Economic Injury Disaster Loan Program.(https://disasterloan.sba.gov/ela/Information/EIDLLoans) This program provides working capital to small businesses (and some small agricultural cooperatives and most private nonprofit organizations) who have suffered “substantial economic injury” as a result COVID-19. Substantial economic injury means a business has been unable to meet its obligations and to pay its ordinary and necessary operating expenses. Find more information on the SBA loan program here.(https://www.scsbdc.com/covid-19-eidl)
State Assistance
As during any disaster, the South Carolina SBDC is here to help your business prepare and recover. Upon the activation of federal and state disaster assistance, our team of disaster specialists can assist you with preparing and submitting your loan application and with other post-disaster challenges. Our team can also assist you with developing a preparedness plan and with other measures to safeguard your employees, customers, and ensure the continued operation of your business. To sign up for SC SBDC assistance click here.(https://scsbdc.ecenterdirect.com/signup) Someone will respond within 24 hours of your submission.
• Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible
• Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
• Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible regardless of 1/3 criteria above.
• Cannabis Industry
· Eligible entities may qualify for loans up to $2 million.
· The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years
· Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources
If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found here.(https://www.sba.gov/sites/default/files/2020-04/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf)
For a top-line overview of the program CLICK HERE(https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a lender, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a borrower, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
The application for borrowers can be found HERE(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf)
Check out the Intuit® Aid t(https://aidassist.intuit.com/app/home#/home)o assist you with calculating your PPP.(https://aidassist.intuit.com/app/home#/home)
You can apply through the following for the PPP.
• Lendio Clemson(https://www.lendio.com/local/clemsonsc)
• PayPal(https://www.loanbuilder.com/ppp-loan-application)
• QuickBooks(https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/)
• Square(https://squareup.com/us/en/l/sba-ppp-loans)
• Kabbage(https://www.kabbage.com/paycheck-protection-program-loans/?utm_medium=email&utm_source=govdelivery)
• OnDeck(https://www.ondeck.com/covid19?utm_medium=email&utm_source=govdelivery)
• Funding Circle(https://www.fundingcircle.com/us/paycheck-app-start/?utm_medium=email&utm_source=govdelivery)
• Blue Vine Capital(https://www.bluevine.com/sba-cares/?utm_medium=email&utm_source=govdelivery)
The South Carolina SBDC is working closely with federal and state officials to inform and equip small businesses with information regarding COVID-19. You should be ready to implement strategies to protect your employees and customers from the virus, while ensuring the continued operation of your business.
Not too late to plan. Protect your small business.
Despite cases continuing to rise, it’s not too late to take proactive steps to protect your business, employees, and customers. Here are a few things you can do now:
1. Know the signs and symptoms.
Reference this CDC website (https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fspecific-groups%2Fguidance-business-response.html)for what you need to know about COVID-19.
2. Update your disaster preparedness plan.
Update your disaster preparedness plan to include guidance on COVID-19. A good plan will cover a number of things, including workplace safety precautions, travel restrictions, supply chain alternatives, procedures around remote work, and more. All of this should be documented to act as an easy-to-reference guide on how to keep the business running in difficult times.
3. Communicate and educate your employees.
Most likely, your employees are concerned about their health and well-being and have uncertainties about their work. Communication through a crisis is critical. Discuss proper hygiene etiquette and measures your office is taking to ensure workplace cleanliness and safety. Inform sick or at-risk employees that they should stay at home to minimize health and safety risks for your workplace. If employees are nervous about their safety, consider switching to phone calls or other face-to-face alternatives. You might also consider reducing employee travel or attendance of large meetings.
4. Look into business interruption insurance
Ask your insurance provider about insurance to cover unexpected major events such as COVID-19.
5. Don’t panic.
In the midst of the pandemic, it’s easy to get frightened. Stay up to date with the latest information from the most reliable sources to guide you. For more information, download the link below for guidance on preparing workplaces for CPVID-19.
Guidance for Preparing Workplaces for COVID-19 (OSHA) (https://www.osha.gov/Publications/OSHA3990.pdf)
If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found here.(https://www.sba.gov/sites/default/files/2020-04/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf)
For a top-line overview of the program CLICK HERE(https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a lender, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a borrower, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
The application for borrowers can be found HERE(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf)
Check out the Intuit® Aid t(https://aidassist.intuit.com/app/home#/home)o assist you with calculating your PPP.(https://aidassist.intuit.com/app/home#/home)
You can apply through the following for the PPP.
• Lendio Clemson(https://www.lendio.com/local/clemsonsc)
• PayPal(https://www.loanbuilder.com/ppp-loan-application)
• QuickBooks(https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/)
• Square(https://squareup.com/us/en/l/sba-ppp-loans)
• Kabbage(https://www.kabbage.com/paycheck-protection-program-loans/?utm_medium=email&utm_source=govdelivery)
• OnDeck(https://www.ondeck.com/covid19?utm_medium=email&utm_source=govdelivery)
• Funding Circle(https://www.fundingcircle.com/us/paycheck-app-start/?utm_medium=email&utm_source=govdelivery)
• Blue Vine Capital(https://www.bluevine.com/sba-cares/?utm_medium=email&utm_source=govdelivery)
4.17.2020 DEW Unemployment Insurance during COVID-19(undefined)
Benefits Paid and More on the Way(undefined)
DEW website(https://dew.sc.gov/)
4.20.2020 UI for the Self-Employed, Contractors, Gig Workers and 1099s(undefined)
General Questions about UI During COVID-19(https://dew.sc.gov/docs/default-source/covid-19/ui-during-covid-19.pdf?sfvrsn=b653150c_6)
4.22 Virtual Meeting: Unemployment for the Self-Employed(https://www.youtube.com/watch?v=ObX_LA266Fs)
· Eligible entities may qualify for loans up to $2 million.
· The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years
· Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources
4.15 SBA FAQs
(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf?utm_medium=email&utm_source=govdelivery)4.7 ASBDC PPP Guidelines and Checklist(https://docs.google.com/document/d/1Eo98qHqx26-rmwiBVoFsC_ucGU-PjcNcX4H4Hd4Hfwg/edit)
4.6 ASBDC FAQ's(https://drive.google.com/file/d/1JkOTkxj02Tk26hilLGBm6wO_vFRIK54v/view)
4.2 Calculator for the PPP(https://www.nav.com/cares-act-sba-loan-calculator/)
PPP Application(undefined)
Lenders participating:
• SBA List of lenders on Website(https://www.sba.gov/sites/default/files/2020-04/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf)
• https://www.fountainheadcc.com/ (https://www.fountainheadcc.com/)
• http://www.boefly.com/(http://www.boefly.com/)
• https://radiusbank.com/(https://radiusbank.com/)
• BOA FAQ(https://www.bankofamerica.com/smallbusiness/business-financing/business-financing-loans-faqs/)
• 4.1.2020 - Tentative list of documents that will be required by one bank (Arthur State) for the PPP program(undefined)
• Lendio Clemson(https://www.lendio.com/local/clemsonsc)
• PayPal(https://www.loanbuilder.com/ppp-loan-application)
• QuickBooks(https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/)
• Square (https://squareup.com/us/en/l/sba-ppp-loans)
• Kabbage(https://www.kabbage.com/paycheck-protection-program-loans/?utm_medium=email&utm_source=govdelivery)
• OnDeck(https://www.ondeck.com/covid19?utm_medium=email&utm_source=govdelivery)
• Funding Circle(https://www.fundingcircle.com/us/paycheck-app-start/?utm_medium=email&utm_source=govdelivery)
• Blue Vine Capital(https://www.bluevine.com/sba-cares/?utm_medium=email&utm_source=govdelivery)
SBA Customer Service:
Email: disastercustomerservice@sba.gov(mailto:disastercustomerservice@sba.gov)
Phone: 1.800.659.2955
• Loan Application (Sole Prop) (SBA Form 5C)(undefined)
• Completed SBA loan application (SBA Form 5)(undefined)
• Supporting Information P019
(undefined)
Other information that will need to be asked later in the process:
• Request for Transcript of Tax Return (instructions IRS Form 4506T)(undefined)
• Fee Disclosure Form and Comp Agreement (SBA 159)(undefined)
• Monthly Sales Figures (SBA 1368)(undefined)
• Personal Financial Statement (SBA 912)(undefined)
• Request for Transcript of Tax Return (IRS 4506T)(undefined)
• Schedule Of Liabilities (SBA 2202)(undefined)
• Personal Financial Statement (SBA Form 413)
• Income, balance sheet, and cash flow documents
Other Information may also be requested
• Loan Application (Sole Prop) (SBA Form 5C)(undefined)
• Completed SBA loan application (SBA Form 5)(undefined)
• Supporting Information P019
(undefined)
Other information that will need to be asked later in the process:
• Request for Transcript of Tax Return (instructions IRS Form 4506T)(undefined)
• Fee Disclosure Form and Comp Agreement (SBA 159)(undefined)
• Monthly Sales Figures (SBA 1368)(undefined)
• Personal Financial Statement (SBA 912)(undefined)
• Request for Transcript of Tax Return (IRS 4506T)(undefined)
• Schedule Of Liabilities (SBA 2202)(undefined)
• Personal Financial Statement (SBA Form 413)
• Income, balance sheet, and cash flow documents
Other Information may also be requested
· Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information)
· If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
· A current year-to-date profit-and-loss statement
· Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
USDA Implements Immediate Measures to Help Rural Residents, Businesses and(https://www.rd.usda.gov/sites/default/files/COVID19_CUMULATIVE_StakeholderNotification_WEEKLY_Aug28.pdf)
Communities Affected by COVID-19(https://www.rd.usda.gov/sites/default/files/COVID19_CUMULATIVE_StakeholderNotification_WEEKLY_Aug28.pdf)
· Eligible businesses that submit complete loan packages could receive money within three (3) weeks.
· Incomplete information and verification of collateral will delay approval process.
The SBA Disaster Team is working tirelessly to process EIDL applications. Please continue to monitor your email for additional correspondence from SBA. Wait times for an initial response from SBA are approximately 2-3 weeks.
Questions on your EIDL loan can be directed to the Disaster Customer Service Center at (800) 659-2955. The South Carolina District Office is unable to check the status of EIDL loan applications.
SC SBDC Operation Open Doors Guidebook(undefined)
SC SBDC Operation Open Doors Checklist(undefined)
DHEC guidance for business reopening (https://www.sccommerce.com/sites/default/files/2020-04/DHEC%20Employer%20Return%20to%20Work%20Guidance_4.24.20.pdf)
COVID-19 Customizable Flyer(https://www.uschamber.com/app/covid-19-flyer/)
SC Department of Commerce Reopening Guidance (https://www.sccommerce.com/covid-19-resources/reopening-guidance)
OSHA Guidance for Reopening Businesses(http://www.scosha.llronline.com/index.asp?file=coronavirusguidancev2.htm)
SC MEP Back To Work guidance resource for manufacturing businesses(undefined)
Below is a link that clients can use to check their status. This is IF they set up a username and password, which I think was done with the initial round of applications.
https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f(https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f)
Documents needed to apply:
ELA0-Business Loan Application (SBA 5)(undefined)
ELA0-Loan Application (Sole Prop) SBA 5C(undefined)
ELA-Request for Transcript of Tax Return (instructions IRS Form 4506T)(undefined)
ELA0-Fee Disclosure Form and Comp Agreement (SBA 159)ELA0-Monthly Sales Figures (SBA 1368)(undefined)
ELA0-Personal Financial Statement (SBA 912)(undefined)
ELA0-Request for Transcript of Tax Return (IRS 4506T)(undefined)
ELA0-Schedule Of Liabilities (SBA 2202)(undefined)
EIDL Supporting Information p019(undefined)
· Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information)
· If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
· A current year-to-date profit-and-loss statement
· Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
· Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at covid19relief.sba.gov/#/(https://covid19relief.sba.gov/#/)
Check the status of your EIDL application here. (https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f)
· Paper loan applications can be downloaded from www.sba.gov/disaster. (http://www.sba.gov/disaster)Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
· Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov(mailto:disastercustomerservice@sba.gov)
· Eligible businesses that submit complete loan packages could receive money within three (3) weeks.
· Incomplete information and verification of collateral will delay approval process.
The SBA Disaster Team is working tirelessly to process EIDL applications. Please continue to monitor your email for additional correspondence from SBA. Wait times for an initial response from SBA are approximately 2-3 weeks.
Questions on your EIDL loan can be directed to the Disaster Customer Service Center at (800) 659-2955. The South Carolina District Office is unable to check the status of EIDL loan applications.
We will be posting more webinars for you here.
SBDC Training materials:
Managing Your Business Through a Crisis - May 2020(undefined)
Neoserra Webinars:
• COVID-19 Neoserra Milestones (https://vimeo.com/403302518)- 24 mins Password: COVID
• Add client quote to Neoserra (https://vimeo.com/403399231)- 1 min Password: COVID
• Inquiry Training (https://vimeo.com/405889714)- 10mins Password: COVID
On Demand IBISWorld Webinars:
• IBISWorld Risk Exposures in Commercial Banking Amid COVID-19(https://www.ibisworld.com/industry-insider/commercial-banking/webinar-risk-exposures-in-commercial-banking-amid-covid-19/?mkt_tok=eyJpIjoiWTJSbE1UTTBZbVpqWVRoaiIsInQiOiJOeVdTYmZnaDkxcjJyajJDdWgzVlFhU0JHM1JVMU5pNGJRaUg2NUkra1hObkRlcHFrZE8zMEpaK1Z4RnM5Q29xUHk1OHVLY1FjSjRXaXh3akgxSnZWaGlHbW5HMDgzU0dETFFyRXlYNmd3XC9zUDVHQ2FMV2ZnY3Jvckxia0FnTHAifQ%3D%3D)
• IBISWorld US - COVID-19 - Economic and Industry Impact(https://register.gotowebinar.com/register/4878685230675788812?mkt_tok=eyJpIjoiT0RReE1HWTVZVGd4TmpCaSIsInQiOiJkRU4rRFhrK3VNQjhEYURNelJUbHZUUVJGb09KQU9mKzB5bUw1U2tVKzhtUWI4N3FiaXFVZUxmVFpZZDdNVUFpV2JDSm5lc0JZTGdLVWFkbGtTWFpSaW1LTzVGVEFyNkJ2WjM1ZDZOalpHeHRPSlR4QnZCY1A3T0RlRFwvTVQ4bmEifQ%3D%3D)
Other Webinars:
• SBA SBA EIDL Reconsideration July 7, 2020(https://www.youtube.com/watch?v=45kFyJqAa1w)
• LivePlan: How to quickly create dynamic financial forecast survival scenarios for all of your clients Slide deck(https://paloalto-4.hs-sites.com/webinar-create-quick-financial-survival-scenarios-for-your-clients?utm_campaign=Government%20Quarterly&utm_source=hs_email&utm_medium=email&utm_content=85285032&_hsenc=p2ANqtz-9KgV08NNrJ7de2n0DxsurlX5wIqN1RthH6BCigy0Jeu7jTg6TPeCKUWQhyCarvWzP0E3KGCG3msYC0zgb8bRFemo96BQ&_hsmi=85285032)
• Tim Jeffcoat, Houston SBA District Director discussing SBA EIDL Program(https://www.youtube.com/watch?v=pTaT6YsXVV4)
• Zoom webinar with Sarah - 3.26.2020 (https://vimeo.com/401067699)36mins Password: COVID-19
• Small Business Webinar: Steps to take right now in challenging times(https://www.brighttalk.com/webcast/6255/395831?utm_source=Verizon&utm_medium=Email&utm_campaign=Invite/?CMP=EMC_SMB_PRS_99999_RX_202004_NA_Webinar_000002_SMBSupFrm)
RECOMMENDATIONS:
· Include the disaster in your application - specifically name "COVID-19" or "Coronavirus"
· Apply online versus by mail
· Write your password down; neither the system nor any personnel are able to retrieve it
· Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
· Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
· Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
· If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
· If more funds are needed, applicants can submit supporting documents and a request for an increase. However, SBA recommends that you ask for the total amount you think you will need in your first application. This will be easier and faster for you to get your money. If less funds are needed, applicants can request a reduction in the loan amount.
· If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
RECOMMENDATIONS:
· Include the disaster in your application - specifically name "COVID-19" or "Coronavirus"
· Apply online versus by mail
· Write your password down; neither the system nor any personnel are able to retrieve it
· Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
· Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
· Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
· If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
· If more funds are needed, applicants can submit supporting documents and a request for an increase. However, SBA recommends that you ask for the total amount you think you will need in your first application. This will be easier and faster for you to get your money. If less funds are needed, applicants can request a reduction in the loan amount.
· If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
· Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at covid19relief.sba.gov/#/(https://covid19relief.sba.gov/#/)
Check the status of your EIDL application here. (https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f)
· Paper loan applications can be downloaded from www.sba.gov/disaster. (http://www.sba.gov/disaster)Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
· Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov(mailto:disastercustomerservice@sba.gov)
U.S. Department Of Labor Publishes Guidance Explaining Paid Sick Leave And Expanded Family and Medical Leave Under The Families First Coronavirus Response Act
https://www.dol.gov/newsroom/releases/whd/whd20200324(https://www.dol.gov/newsroom/releases/whd/whd20200324)
April 1, 2020 temporary rule(https://www.dol.gov/agencies/whd/ffcra)
The press release has useful links in the third paragraph (a Fact Sheet for Employees, a Fact Sheet for Employers, and a Questions and Answers). Please continue to check the COVID-19 and the Workplace website as well, which is frequently updated with more information: https://www.dol.gov/agencies/whd/pandemic.(https://www.dol.gov/agencies/whd/pandemic)
• Employee Rights: Paid Sick Leave and Expanded Family and Medical Leave under The Families First Coronavirus Response Act (FFCRA)(https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf)
• Federal Employee Rights: Paid Sick Leave and Expanded Family and Medical Leave under The Families First Coronavirus Response Act (FFCRA)(https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Federal.pdf)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Scam and Fraud Scheme Advisory List
1. SBA does not initiate contact on either 7a or Disaster loans. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud. (The SC SBDC will only reach out to you if you have at some point signed up as a client. All communication will be sent from your assigned consultant.)
2. SBA does not provide grants to small businesses. SBA provides guarantees to lenders to encourage them to make loans to small businesses. If you are contacted via social media about a SBA grant program for small businesses, suspect fraud.
3. If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. The SC SBDC consulting services are always at no charge to you.
4. Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII), to obtain personal banking access, or to install ransomware/malware on your computer. (The SC SBDC will never need access to your personal banking.)
5. If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
6. SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
7. Any email communication from SBA will come from accounts ending with .gov.
8. The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at sba.gov.(https://www.sba.gov/)
9. If you have a question about getting a SBA disaster loan, call 800.659.2955 or send an email to disastercustomerservice@sba.gov.(mailto:disastercustomerservice@sba.gov)
10. If you have questions about other SBA lending products, call SBA’s Answer Desk at 800.827.5722 or send an email to answerdesk@sba.gov.(mailto:answerdesk@sba.gov)
Report Fraud:
Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.(https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Scam and Fraud Scheme Advisory List
1. SBA does not initiate contact on either 7a or Disaster loans. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud. (The SC SBDC will only reach out to you if you have at some point signed up as a client. All communication will be sent from your assigned consultant.)
2. SBA does not provide grants to small businesses. SBA provides guarantees to lenders to encourage them to make loans to small businesses. If you are contacted via social media about a SBA grant program for small businesses, suspect fraud.
3. If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. The SC SBDC consulting services are always at no charge to you.
4. Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII), to obtain personal banking access, or to install ransomware/malware on your computer. (The SC SBDC will never need access to your personal banking.)
5. If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
6. SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
7. Any email communication from SBA will come from accounts ending with .gov.
8. The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at sba.gov.(https://www.sba.gov/)
9. If you have a question about getting a SBA disaster loan, call 800.659.2955 or send an email to disastercustomerservice@sba.gov.(mailto:disastercustomerservice@sba.gov)
10. If you have questions about other SBA lending products, call SBA’s Answer Desk at 800.827.5722 or send an email to answerdesk@sba.gov.(mailto:answerdesk@sba.gov)
Report Fraud:
Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.(https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline)
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program reopened April 26th, 2021and includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO 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.
To protect the public health of all South Carolinians, while also supporting business and industry essential to life health, safety and the integrity of the state’s economic infrastructure, Team SC has established a process for clarifying the designation of non-essential businesses outlined in Governor McMaster’s Executive Order 2020-17.
If your business falls outside one of the categories of companies listed in the attached definition of “non-essential”, then continue your business operations, using all CDC, SC DHEC and applicable OSHA public safety guidance.
If you are unsure whether your business is categorized as non-essential, you can submit a Clarification of Business Designation Form online (https://www.sccommerce.com/clarification-business-designation-form)(https://www.sccommerce.com/clarification-business-designation-form). A SC Commerce team member will respond with an official determination for your business within 24 hours. We know that all South Carolina businesses are important; however, if your business is determined to be non-essential, then discontinue operations and stay home (and take care of your family and loved ones).
Thank you for all that you are doing to support South Carolina during this unprecedented COVID-19 event.
• 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, and
• Each business entity owned by an eligible entity that also meets the eligibility requirements
Other requirements of note: 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
SC Chamber Information(https://www.scchamber.net/covid-19-information-resources-hub#events)
Columbia Chamber COVID-19 News(https://www.columbiachamber.com/covid-19-business-resources-information/?utm_source=Columbia+Chamber+News+%26+Events&utm_campaign=a7d166622a-EMAIL_CAMPAIGN_2017_11_01_COPY_01&utm_medium=email&utm_term=0_24d7265f7d-a7d166622a-54793977)
SC SBDC Tips for working from home(undefined)
SC SBDC Recovery Client Guide
(undefined)SC SBDC Recovery Counselor Guide
Disaster Response Reporting Instructions(undefined)
Grant amount will be either:
• For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
• For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
Americans for the Arts and a consortium of funders introduced the new $10 million Artist Relief Fund (https://www.artistrelief.org/)for artists facing dire financial circumstances due to COVID-19. The fund launches with $5 million in seed funding from The Andrew W. Mellon Foundation (https://mellon.org/?mc_cid=56c0f88532&mc_eid=6f4a1615e3&utm_source=Artist+Relief%3A+Emergency+Grants+for+Artists&utm_campaign=Artist+Relief&utm_medium=email)matched with $5 million in initial contributions from an array of foundations across the United States.
Each week through September, Artist Relief will provide grants to 100 artists from multiple disciplines. It relies on the support of a growing number of foundations and individual donors and will continue to evolve over the coming months as the needs of artists shift. Organizers will continue to raise funds to assist with the rapidly escalating needs of the country's artists.
Applications are now open, and the deadline to apply for the first funding cycle is April 23 at 11:59 p.m. ET. Subsequent deadlines are:
· Cycle II: April 24-May 21 (closes 11:59 p.m. ET)
· Cycle III: May 22-June 18 (closes 11:59 p.m. ET)
· Cycle IV: June 19-July 23 (closes 11:59 p.m. ET)
· Cycle V: July 24-August 20 (closes 11:59 p.m. ET)
Those in need can apply for assistance here,(https://www.artistrelief.org/apply) and those who are able may donate to the fund here.(https://www.unitedstatesartists.org/artistrelief/)
04.05.2021 - Navigating the Shuttered Venue Operators Grant Application PortalSVOG Presentation Slides(https://www.youtube.com/watch?v=5J2mAzPvb6I)
How to Login to SAM.gov(https://www.youtube.com/watch?v=36ty-t-xskc)
SAM.gov Entity Registration Training(https://www.youtube.com/watch?v=y2t5queourQ)
SBA Form 3515 Shuttered Venues Grant Application(https://omb.report/icr/202103-3245-004/doc/109838700)
Quick Start Guide for Contract Registration(undefined)
SBA is in the process of setting up the grant program and is not yet accepting applications. Those who have suffered the greatest economic loss will be the first applications processed under the following schedule:
• First Priority (1st 14 days of grant award): Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
• Second Priority (Next 14 days of grant awards): Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
• Third Priority (Beginning 28 days after First & Second Priority Awards are made): Entities that suffered a 25% or greater earned revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
• Supplemental Funding (Available after all Priority Periods have passed): Recipients of First, Second, and Third Priority round awards who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)
Frequently Asked Questions|(https://www.sba.gov/sites/default/files/2021-04/4-8-21%20SVOG%20FAQ%20FINAL.pdf) April 8, 2021
Preliminary Application Checklist |(https://www.sba.gov/sites/default/files/2021-03/3-11-21%20SVOG%20application%20checklist-508.pdf) March 11, 2021
Here are some tech tips as you go through your application:
1. If you have only one bank account in your SAM.gov (https://sam.gov/SAM/)registration, your Electronic Funds Transfer Indicator is 0000 (FAQ #53 under Application).
2. If you want to remove an uploaded file, try uploading a new file to replace the file you wish to delete.
3. If you’re seeing a zero-grant amount in the calculator, that could be because of an invalid start date, an offsetting PPP loan amount, or an insufficient revenue loss.
4. If you email the SVOG Support Center, you may receive an email back from a zendesk.com account. This is an authorized SBA contractor.
5. You do not need to complete a physical SF-424B document because the information required is captured when you register for SAM.gov.
6. For technical support with the SVOG portal, password resets, or help with authenticator apps, contact 1-800-659-2955 or 1-800-877-8339 (TTY).
For those who have submitted their applications, the SBA anticipates SVOGs awards will start in late May, so continue monitoring the email account associated with your application. All application status changes will be communicated through email.
As reminder, per federal grant program guidelines that require the same and equal information be provided to each applicant, SBA’s team members are limited on responses they can provide to applicants, including specific questions regarding SVOG eligibility, potential grant amount, and other detailed information.
5.24.2021 - The Restaurant Revitalization Fund is closed as of May 24th 2021.
Through the American Rescue Plan Act, the SBA launched the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. SBA received over 370,000 applications from restaurant owners across the United States. The program provided critical funding to over 105,000 restaurants representing $28.6 billion dollars. The program supported 3,777 small restaurants with gross receipts of less than $50,000 in 2019.
Due to overwhelming demand, the SBA was unable to fund all qualified applications with the original appropriation provided in the American Rescue Plan Act. The Restaurant Revitalization Fund application platform will remain open to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform on July 14, 2021.
RRF Program Guide|(https://www.sba.gov/sites/default/files/2021-04/2021.04.17%20-%20Restaurant%20Revitalization%20Funding%20Program%20Guide%20vFinalshare-508.pdf) April 17, 2021
Other Financial Assistance Programs
All South Carolina SBDC locations remain open at this time. We have modified how we conduct face-to-face engagements with our customers and the general public. Centers are working remotely and will continue to assist clients via phone, email and various online tools. Center phones have either been forwarded to the consultants or they are checking messages regularly. Click Here to sign up for counseling.(https://scsbdc.ecenterdirect.com/signup) We are experiencing a high volume of requests but should respond within 24 hours.
Latest updates to PPP including a two-week application window for businesses with fewer than 20 employees.
(https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources)
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
• Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
• Loan payments will be deferred for six months.
• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The latest Biden-Harris administration’s enhancements to SBA’s PPP lending program, specifically:
• Instituting a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
• Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
• Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
• Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
• Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
• Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
• Promoting transparency and accountability by improving the PPP loan application.
• Improving the Emergency Relief Digital Front Door.
• Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
• Enhancing the current lender engagement model.
White House press release:
FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House(https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/)
5/19/2020 - Frequently Asked Questions(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf)
Calculator for the PPP(https://www.nav.com/cares-act-sba-loan-calculator/)
As of September 8, 2021, new COVID EIDL policy changes have taken effect that entail the below updates to the program:
- Maximum loan cap increased from $500,000 to $2 million
- Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt
- Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
- Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership
- Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
See more details on the COVID-19 September 8, 2021 Policy Changes.(https://www.sba.gov/document/support-covid-19-eidl-program-updates)
Clients that have pending EIDL applications now have a new phone number to call for follow up. The new number is 833.853.5638.
After choosing which language you would like to receive instructions in, you will be prompted to choose what they are calling about:
1. Portal Assistance
2. Status of EIDL applications
3. EIDL eligibility
If you choose option 2, they will have the following options to choose from:
1. EIDL Advance
2. EIDL initial application
3. EIDL Increase
4. EIDL Reconsideration
5. Denial Appeals
Latest Updates to PPP: Deadline to Apply is May 31st 2021 (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program)
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
• Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
• Loan payments will be deferred for six months.
• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The latest Biden-Harris administration’s enhancements to SBA’s PPP lending program, specifically:
• Instituting a 14-day period, starting Wednesday, February 24th during which only businesses with fewer than 20 employees can apply for relief through the Program.
• Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
• Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
• Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
• Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
• Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
• Promoting transparency and accountability by improving the PPP loan application.
• Improving the Emergency Relief Digital Front Door.
• Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
• Enhancing the current lender engagement model.
White House press release:
FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House(https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/)
5/19/2020 - Frequently Asked Questions(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf)
Calculator for the PPP(https://www.nav.com/cares-act-sba-loan-calculator/)
4.06.2022 Weekly Meeting (Password:COVID) (https://vimeo.com/696568207)
3.23.2022 Weekly Meeting (Password:COVID) (https://vimeo.com/691419481)
2.23.2022 Weekly Meeting (Password:COVID) (https://vimeo.com/680982471)
1.26.2022 Weekly Meeting (Password:COVID)(https://vimeo.com/670254518)
1.12.2022 Weekly Meeting (Password:COVID)
(https://vimeo.com/665313794)12.15.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/657063157)
12.01.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/652079213)
11.17.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/647043764)
8.25.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/592223636)
8.11.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/585878967)
7.28.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/580376842)
7.14.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/575436724)
6.30.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/569416430)
6.16.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/563718191)
5.19.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/552439965)
4.28.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/545517971)
4.28.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/542720713)
4.7.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/534012681)
3.31.2021 Weekly Meeting (Password:COVID) (https://vimeo.com/533118762)
3.24.2021 Weekly Meeting (Password:SAM) Review Duns and SAM registration.(https://vimeo.com/528394513)
SAM Registration Overview(undefined)
3.17.2021 Weekly Meeting (Password: COVID)(https://vimeo.com/528460434)
2.24.2021 Weekly Meeting (Password: COVID) Shopify (https://vimeo.com/522333022)
2.17.2021 Weekly Meeting (Password: COVID) SC SBDC Cybersecurity(https://vimeo.com/513687512)
1.27.2021 Weekly Meeting (Password: COVID) CMMC(https://vimeo.com/user62102803/review/505446407/0336dea151)
12.9 Weekly Meeting (Password: COVID)Export presentation(https://vimeo.com/489046757)
12.2 Weekly Meeting (Password: COVID) Case study notes(https://vimeo.com/user62102803/review/486485098/dd3df6c46a)
7.29 Weekly Meeting (Password: COVID)(https://vimeo.com/443389609)
7.1 Weekly Meeting (Password: COVID)(https://vimeo.com/443385619)
6.10 Weekly Meeting (Password: COVID)(https://vimeo.com/428139754)
5.27 Weekly Meeting (Password: COVID)(https://vimeo.com/423365839)
4.8 Weekly Meeting (Password: COVID)(https://vimeo.com/405676316)
4.1 Weekly Meeting (Password: COVID)(https://vimeo.com/405237568)
To minimize the health and safety risk to our customers and employees, and prevent the further contraction and spread of COVID-19, all scheduled face-to-face South Carolina SBDC training events and workshops are suspended until further notice. We are working to implement expanded use of remote instruction to provide ongoing small business training services, especially in the area of pandemic planning, preparation, response and recovery. Please check the training events tab at scsbdc.com/training-events (https://www.scsbdc.com/training-events)for updates on educational programs and events.
View the recording of our Understanding Unemployment Webinar here.(https://us02web.zoom.us/rec/share/7sVSNqj8qUBIWJHX7kaEZZ8lObm1X6a8hCEd_PVZnhxr1OBHVdrp_tBaNTmU0YD8)
Federal Resources for U.S. Small Businesses(https://covid-sb.org/)
SBA COVID-19 site(https://www.sba.gov/coronavirus)
SBA Disaster Assistance in Response to the Coronavirus (undefined)
SBA guide in closing or selling business(https://www.sba.gov/business-guide/manage-your-business/close-or-sell-your-business)
Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
This is an email template that you can send to clients reguarding COVID-19 assistance.
Submitted by Ben Smith: https://docs.google.com/document/d/1DZwvxgsoo8lkP0rbrXivndHSrD6Saku4_8AnELwz688/edit(https://docs.google.com/document/d/1DZwvxgsoo8lkP0rbrXivndHSrD6Saku4_8AnELwz688/edit)
Updated April 13th 2:20pm
• Applicants must meet the SBA requirements of a small business (500 employees or fewer)
• Businesses directly affected by COVID-19
• Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
• As of September 8, 2021, Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Faith Based Organizations May Apply for SBA Assistance(https://www.sba.gov/sites/default/files/2020-04/SBA%20Faith-Based%20FAQ%20Final.pdf)
• Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible
• Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
• Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible regardless of 1/3 criteria above.
• Cannabis Industry
The South Carolina SBDC Network is working closely with state and federal officials regarding the availability of disaster resources to recover from economic injury and other impacts as a result of COVID-19.
Federal Assistance
The U.S. Small Business Administration (SBA) has activated its Economic Injury Disaster Loan Program.(https://disasterloan.sba.gov/ela/Information/EIDLLoans) This program provides working capital to small businesses (and some small agricultural cooperatives and most private nonprofit organizations) who have suffered “substantial economic injury” as a result COVID-19. Substantial economic injury means a business has been unable to meet its obligations and to pay its ordinary and necessary operating expenses. Find more information on the SBA loan program here.(https://www.scsbdc.com/covid-19-eidl)
State Assistance
As during any disaster, the South Carolina SBDC is here to help your business prepare and recover. Upon the activation of federal and state disaster assistance, our team of disaster specialists can assist you with preparing and submitting your loan application and with other post-disaster challenges. Our team can also assist you with developing a preparedness plan and with other measures to safeguard your employees, customers, and ensure the continued operation of your business. To sign up for SC SBDC assistance click here.(https://scsbdc.ecenterdirect.com/signup) Someone will respond within 24 hours of your submission.
• Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible
• Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
• Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible regardless of 1/3 criteria above.
• Cannabis Industry
· Eligible entities may qualify for loans up to $2 million.
· The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years
· Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources
If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found here.(https://www.sba.gov/sites/default/files/2020-04/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf)
For a top-line overview of the program CLICK HERE(https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a lender, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a borrower, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
The application for borrowers can be found HERE(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf)
Check out the Intuit® Aid t(https://aidassist.intuit.com/app/home#/home)o assist you with calculating your PPP.(https://aidassist.intuit.com/app/home#/home)
You can apply through the following for the PPP.
• Lendio Clemson(https://www.lendio.com/local/clemsonsc)
• PayPal(https://www.loanbuilder.com/ppp-loan-application)
• QuickBooks(https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/)
• Square(https://squareup.com/us/en/l/sba-ppp-loans)
• Kabbage(https://www.kabbage.com/paycheck-protection-program-loans/?utm_medium=email&utm_source=govdelivery)
• OnDeck(https://www.ondeck.com/covid19?utm_medium=email&utm_source=govdelivery)
• Funding Circle(https://www.fundingcircle.com/us/paycheck-app-start/?utm_medium=email&utm_source=govdelivery)
• Blue Vine Capital(https://www.bluevine.com/sba-cares/?utm_medium=email&utm_source=govdelivery)
The South Carolina SBDC is working closely with federal and state officials to inform and equip small businesses with information regarding COVID-19. You should be ready to implement strategies to protect your employees and customers from the virus, while ensuring the continued operation of your business.
Not too late to plan. Protect your small business.
Despite cases continuing to rise, it’s not too late to take proactive steps to protect your business, employees, and customers. Here are a few things you can do now:
1. Know the signs and symptoms.
Reference this CDC website (https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Fcoronavirus%2F2019-ncov%2Fspecific-groups%2Fguidance-business-response.html)for what you need to know about COVID-19.
2. Update your disaster preparedness plan.
Update your disaster preparedness plan to include guidance on COVID-19. A good plan will cover a number of things, including workplace safety precautions, travel restrictions, supply chain alternatives, procedures around remote work, and more. All of this should be documented to act as an easy-to-reference guide on how to keep the business running in difficult times.
3. Communicate and educate your employees.
Most likely, your employees are concerned about their health and well-being and have uncertainties about their work. Communication through a crisis is critical. Discuss proper hygiene etiquette and measures your office is taking to ensure workplace cleanliness and safety. Inform sick or at-risk employees that they should stay at home to minimize health and safety risks for your workplace. If employees are nervous about their safety, consider switching to phone calls or other face-to-face alternatives. You might also consider reducing employee travel or attendance of large meetings.
4. Look into business interruption insurance
Ask your insurance provider about insurance to cover unexpected major events such as COVID-19.
5. Don’t panic.
In the midst of the pandemic, it’s easy to get frightened. Stay up to date with the latest information from the most reliable sources to guide you. For more information, download the link below for guidance on preparing workplaces for CPVID-19.
Guidance for Preparing Workplaces for COVID-19 (OSHA) (https://www.osha.gov/Publications/OSHA3990.pdf)
If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found here.(https://www.sba.gov/sites/default/files/2020-04/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf)
For a top-line overview of the program CLICK HERE(https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a lender, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
If you’re a borrower, more information can be found HERE(https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf?utm_medium=email&utm_source=govdelivery)
The application for borrowers can be found HERE(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf)
Check out the Intuit® Aid t(https://aidassist.intuit.com/app/home#/home)o assist you with calculating your PPP.(https://aidassist.intuit.com/app/home#/home)
You can apply through the following for the PPP.
• Lendio Clemson(https://www.lendio.com/local/clemsonsc)
• PayPal(https://www.loanbuilder.com/ppp-loan-application)
• QuickBooks(https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/)
• Square(https://squareup.com/us/en/l/sba-ppp-loans)
• Kabbage(https://www.kabbage.com/paycheck-protection-program-loans/?utm_medium=email&utm_source=govdelivery)
• OnDeck(https://www.ondeck.com/covid19?utm_medium=email&utm_source=govdelivery)
• Funding Circle(https://www.fundingcircle.com/us/paycheck-app-start/?utm_medium=email&utm_source=govdelivery)
• Blue Vine Capital(https://www.bluevine.com/sba-cares/?utm_medium=email&utm_source=govdelivery)
4.17.2020 DEW Unemployment Insurance during COVID-19(undefined)
Benefits Paid and More on the Way(undefined)
DEW website(https://dew.sc.gov/)
4.20.2020 UI for the Self-Employed, Contractors, Gig Workers and 1099s(undefined)
General Questions about UI During COVID-19(https://dew.sc.gov/docs/default-source/covid-19/ui-during-covid-19.pdf?sfvrsn=b653150c_6)
4.22 Virtual Meeting: Unemployment for the Self-Employed(https://www.youtube.com/watch?v=ObX_LA266Fs)
· Eligible entities may qualify for loans up to $2 million.
· The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years
· Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources
4.15 SBA FAQs
(https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf?utm_medium=email&utm_source=govdelivery)4.7 ASBDC PPP Guidelines and Checklist(https://docs.google.com/document/d/1Eo98qHqx26-rmwiBVoFsC_ucGU-PjcNcX4H4Hd4Hfwg/edit)
4.6 ASBDC FAQ's(https://drive.google.com/file/d/1JkOTkxj02Tk26hilLGBm6wO_vFRIK54v/view)
4.2 Calculator for the PPP(https://www.nav.com/cares-act-sba-loan-calculator/)
PPP Application(undefined)
Lenders participating:
• SBA List of lenders on Website(https://www.sba.gov/sites/default/files/2020-04/Lenders%20participating%20in%20PPP%20by%20State_As%20of%2004%2023%2020.pdf)
• https://www.fountainheadcc.com/ (https://www.fountainheadcc.com/)
• http://www.boefly.com/(http://www.boefly.com/)
• https://radiusbank.com/(https://radiusbank.com/)
• BOA FAQ(https://www.bankofamerica.com/smallbusiness/business-financing/business-financing-loans-faqs/)
• 4.1.2020 - Tentative list of documents that will be required by one bank (Arthur State) for the PPP program(undefined)
• Lendio Clemson(https://www.lendio.com/local/clemsonsc)
• PayPal(https://www.loanbuilder.com/ppp-loan-application)
• QuickBooks(https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/)
• Square (https://squareup.com/us/en/l/sba-ppp-loans)
• Kabbage(https://www.kabbage.com/paycheck-protection-program-loans/?utm_medium=email&utm_source=govdelivery)
• OnDeck(https://www.ondeck.com/covid19?utm_medium=email&utm_source=govdelivery)
• Funding Circle(https://www.fundingcircle.com/us/paycheck-app-start/?utm_medium=email&utm_source=govdelivery)
• Blue Vine Capital(https://www.bluevine.com/sba-cares/?utm_medium=email&utm_source=govdelivery)
SBA Customer Service:
Email: disastercustomerservice@sba.gov(mailto:disastercustomerservice@sba.gov)
Phone: 1.800.659.2955
• Loan Application (Sole Prop) (SBA Form 5C)(undefined)
• Completed SBA loan application (SBA Form 5)(undefined)
• Supporting Information P019
(undefined)
Other information that will need to be asked later in the process:
• Request for Transcript of Tax Return (instructions IRS Form 4506T)(undefined)
• Fee Disclosure Form and Comp Agreement (SBA 159)(undefined)
• Monthly Sales Figures (SBA 1368)(undefined)
• Personal Financial Statement (SBA 912)(undefined)
• Request for Transcript of Tax Return (IRS 4506T)(undefined)
• Schedule Of Liabilities (SBA 2202)(undefined)
• Personal Financial Statement (SBA Form 413)
• Income, balance sheet, and cash flow documents
Other Information may also be requested
• Loan Application (Sole Prop) (SBA Form 5C)(undefined)
• Completed SBA loan application (SBA Form 5)(undefined)
• Supporting Information P019
(undefined)
Other information that will need to be asked later in the process:
• Request for Transcript of Tax Return (instructions IRS Form 4506T)(undefined)
• Fee Disclosure Form and Comp Agreement (SBA 159)(undefined)
• Monthly Sales Figures (SBA 1368)(undefined)
• Personal Financial Statement (SBA 912)(undefined)
• Request for Transcript of Tax Return (IRS 4506T)(undefined)
• Schedule Of Liabilities (SBA 2202)(undefined)
• Personal Financial Statement (SBA Form 413)
• Income, balance sheet, and cash flow documents
Other Information may also be requested
· Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information)
· If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
· A current year-to-date profit-and-loss statement
· Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
USDA Implements Immediate Measures to Help Rural Residents, Businesses and(https://www.rd.usda.gov/sites/default/files/COVID19_CUMULATIVE_StakeholderNotification_WEEKLY_Aug28.pdf)
Communities Affected by COVID-19(https://www.rd.usda.gov/sites/default/files/COVID19_CUMULATIVE_StakeholderNotification_WEEKLY_Aug28.pdf)
· Eligible businesses that submit complete loan packages could receive money within three (3) weeks.
· Incomplete information and verification of collateral will delay approval process.
The SBA Disaster Team is working tirelessly to process EIDL applications. Please continue to monitor your email for additional correspondence from SBA. Wait times for an initial response from SBA are approximately 2-3 weeks.
Questions on your EIDL loan can be directed to the Disaster Customer Service Center at (800) 659-2955. The South Carolina District Office is unable to check the status of EIDL loan applications.
SC SBDC Operation Open Doors Guidebook(undefined)
SC SBDC Operation Open Doors Checklist(undefined)
DHEC guidance for business reopening (https://www.sccommerce.com/sites/default/files/2020-04/DHEC%20Employer%20Return%20to%20Work%20Guidance_4.24.20.pdf)
COVID-19 Customizable Flyer(https://www.uschamber.com/app/covid-19-flyer/)
SC Department of Commerce Reopening Guidance (https://www.sccommerce.com/covid-19-resources/reopening-guidance)
OSHA Guidance for Reopening Businesses(http://www.scosha.llronline.com/index.asp?file=coronavirusguidancev2.htm)
SC MEP Back To Work guidance resource for manufacturing businesses(undefined)
Below is a link that clients can use to check their status. This is IF they set up a username and password, which I think was done with the initial round of applications.
https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f(https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f)
Documents needed to apply:
ELA0-Business Loan Application (SBA 5)(undefined)
ELA0-Loan Application (Sole Prop) SBA 5C(undefined)
ELA-Request for Transcript of Tax Return (instructions IRS Form 4506T)(undefined)
ELA0-Fee Disclosure Form and Comp Agreement (SBA 159)ELA0-Monthly Sales Figures (SBA 1368)(undefined)
ELA0-Personal Financial Statement (SBA 912)(undefined)
ELA0-Request for Transcript of Tax Return (IRS 4506T)(undefined)
ELA0-Schedule Of Liabilities (SBA 2202)(undefined)
EIDL Supporting Information p019(undefined)
· Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information)
· If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
· A current year-to-date profit-and-loss statement
· Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
· Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at covid19relief.sba.gov/#/(https://covid19relief.sba.gov/#/)
Check the status of your EIDL application here. (https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f)
· Paper loan applications can be downloaded from www.sba.gov/disaster. (http://www.sba.gov/disaster)Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
· Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov(mailto:disastercustomerservice@sba.gov)
· Eligible businesses that submit complete loan packages could receive money within three (3) weeks.
· Incomplete information and verification of collateral will delay approval process.
The SBA Disaster Team is working tirelessly to process EIDL applications. Please continue to monitor your email for additional correspondence from SBA. Wait times for an initial response from SBA are approximately 2-3 weeks.
Questions on your EIDL loan can be directed to the Disaster Customer Service Center at (800) 659-2955. The South Carolina District Office is unable to check the status of EIDL loan applications.
We will be posting more webinars for you here.
SBDC Training materials:
Managing Your Business Through a Crisis - May 2020(undefined)
Neoserra Webinars:
• COVID-19 Neoserra Milestones (https://vimeo.com/403302518)- 24 mins Password: COVID
• Add client quote to Neoserra (https://vimeo.com/403399231)- 1 min Password: COVID
• Inquiry Training (https://vimeo.com/405889714)- 10mins Password: COVID
On Demand IBISWorld Webinars:
• IBISWorld Risk Exposures in Commercial Banking Amid COVID-19(https://www.ibisworld.com/industry-insider/commercial-banking/webinar-risk-exposures-in-commercial-banking-amid-covid-19/?mkt_tok=eyJpIjoiWTJSbE1UTTBZbVpqWVRoaiIsInQiOiJOeVdTYmZnaDkxcjJyajJDdWgzVlFhU0JHM1JVMU5pNGJRaUg2NUkra1hObkRlcHFrZE8zMEpaK1Z4RnM5Q29xUHk1OHVLY1FjSjRXaXh3akgxSnZWaGlHbW5HMDgzU0dETFFyRXlYNmd3XC9zUDVHQ2FMV2ZnY3Jvckxia0FnTHAifQ%3D%3D)
• IBISWorld US - COVID-19 - Economic and Industry Impact(https://register.gotowebinar.com/register/4878685230675788812?mkt_tok=eyJpIjoiT0RReE1HWTVZVGd4TmpCaSIsInQiOiJkRU4rRFhrK3VNQjhEYURNelJUbHZUUVJGb09KQU9mKzB5bUw1U2tVKzhtUWI4N3FiaXFVZUxmVFpZZDdNVUFpV2JDSm5lc0JZTGdLVWFkbGtTWFpSaW1LTzVGVEFyNkJ2WjM1ZDZOalpHeHRPSlR4QnZCY1A3T0RlRFwvTVQ4bmEifQ%3D%3D)
Other Webinars:
• SBA SBA EIDL Reconsideration July 7, 2020(https://www.youtube.com/watch?v=45kFyJqAa1w)
• LivePlan: How to quickly create dynamic financial forecast survival scenarios for all of your clients Slide deck(https://paloalto-4.hs-sites.com/webinar-create-quick-financial-survival-scenarios-for-your-clients?utm_campaign=Government%20Quarterly&utm_source=hs_email&utm_medium=email&utm_content=85285032&_hsenc=p2ANqtz-9KgV08NNrJ7de2n0DxsurlX5wIqN1RthH6BCigy0Jeu7jTg6TPeCKUWQhyCarvWzP0E3KGCG3msYC0zgb8bRFemo96BQ&_hsmi=85285032)
• Tim Jeffcoat, Houston SBA District Director discussing SBA EIDL Program(https://www.youtube.com/watch?v=pTaT6YsXVV4)
• Zoom webinar with Sarah - 3.26.2020 (https://vimeo.com/401067699)36mins Password: COVID-19
• Small Business Webinar: Steps to take right now in challenging times(https://www.brighttalk.com/webcast/6255/395831?utm_source=Verizon&utm_medium=Email&utm_campaign=Invite/?CMP=EMC_SMB_PRS_99999_RX_202004_NA_Webinar_000002_SMBSupFrm)
RECOMMENDATIONS:
· Include the disaster in your application - specifically name "COVID-19" or "Coronavirus"
· Apply online versus by mail
· Write your password down; neither the system nor any personnel are able to retrieve it
· Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
· Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
· Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
· If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
· If more funds are needed, applicants can submit supporting documents and a request for an increase. However, SBA recommends that you ask for the total amount you think you will need in your first application. This will be easier and faster for you to get your money. If less funds are needed, applicants can request a reduction in the loan amount.
· If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
RECOMMENDATIONS:
· Include the disaster in your application - specifically name "COVID-19" or "Coronavirus"
· Apply online versus by mail
· Write your password down; neither the system nor any personnel are able to retrieve it
· Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
· Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
· Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
· If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
· If more funds are needed, applicants can submit supporting documents and a request for an increase. However, SBA recommends that you ask for the total amount you think you will need in your first application. This will be easier and faster for you to get your money. If less funds are needed, applicants can request a reduction in the loan amount.
· If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
· Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at covid19relief.sba.gov/#/(https://covid19relief.sba.gov/#/)
Check the status of your EIDL application here. (https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f)
· Paper loan applications can be downloaded from www.sba.gov/disaster. (http://www.sba.gov/disaster)Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
· Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov(mailto:disastercustomerservice@sba.gov)
U.S. Department Of Labor Publishes Guidance Explaining Paid Sick Leave And Expanded Family and Medical Leave Under The Families First Coronavirus Response Act
https://www.dol.gov/newsroom/releases/whd/whd20200324(https://www.dol.gov/newsroom/releases/whd/whd20200324)
April 1, 2020 temporary rule(https://www.dol.gov/agencies/whd/ffcra)
The press release has useful links in the third paragraph (a Fact Sheet for Employees, a Fact Sheet for Employers, and a Questions and Answers). Please continue to check the COVID-19 and the Workplace website as well, which is frequently updated with more information: https://www.dol.gov/agencies/whd/pandemic.(https://www.dol.gov/agencies/whd/pandemic)
• Employee Rights: Paid Sick Leave and Expanded Family and Medical Leave under The Families First Coronavirus Response Act (FFCRA)(https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Non-Federal.pdf)
• Federal Employee Rights: Paid Sick Leave and Expanded Family and Medical Leave under The Families First Coronavirus Response Act (FFCRA)(https://www.dol.gov/sites/dolgov/files/WHD/posters/FFCRA_Poster_WH1422_Federal.pdf)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Scam and Fraud Scheme Advisory List
1. SBA does not initiate contact on either 7a or Disaster loans. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud. (The SC SBDC will only reach out to you if you have at some point signed up as a client. All communication will be sent from your assigned consultant.)
2. SBA does not provide grants to small businesses. SBA provides guarantees to lenders to encourage them to make loans to small businesses. If you are contacted via social media about a SBA grant program for small businesses, suspect fraud.
3. If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. The SC SBDC consulting services are always at no charge to you.
4. Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII), to obtain personal banking access, or to install ransomware/malware on your computer. (The SC SBDC will never need access to your personal banking.)
5. If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
6. SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
7. Any email communication from SBA will come from accounts ending with .gov.
8. The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at sba.gov.(https://www.sba.gov/)
9. If you have a question about getting a SBA disaster loan, call 800.659.2955 or send an email to disastercustomerservice@sba.gov.(mailto:disastercustomerservice@sba.gov)
10. If you have questions about other SBA lending products, call SBA’s Answer Desk at 800.827.5722 or send an email to answerdesk@sba.gov.(mailto:answerdesk@sba.gov)
Report Fraud:
Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.(https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline)
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Scam and Fraud Scheme Advisory List
1. SBA does not initiate contact on either 7a or Disaster loans. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud. (The SC SBDC will only reach out to you if you have at some point signed up as a client. All communication will be sent from your assigned consultant.)
2. SBA does not provide grants to small businesses. SBA provides guarantees to lenders to encourage them to make loans to small businesses. If you are contacted via social media about a SBA grant program for small businesses, suspect fraud.
3. If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. The SC SBDC consulting services are always at no charge to you.
4. Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII), to obtain personal banking access, or to install ransomware/malware on your computer. (The SC SBDC will never need access to your personal banking.)
5. If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
6. SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
7. Any email communication from SBA will come from accounts ending with .gov.
8. The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at sba.gov.(https://www.sba.gov/)
9. If you have a question about getting a SBA disaster loan, call 800.659.2955 or send an email to disastercustomerservice@sba.gov.(mailto:disastercustomerservice@sba.gov)
10. If you have questions about other SBA lending products, call SBA’s Answer Desk at 800.827.5722 or send an email to answerdesk@sba.gov.(mailto:answerdesk@sba.gov)
Report Fraud:
Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.(https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline)
The Shuttered Venue Operators (SVO) Grant program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program reopened April 26th, 2021and includes $15 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO 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.
To protect the public health of all South Carolinians, while also supporting business and industry essential to life health, safety and the integrity of the state’s economic infrastructure, Team SC has established a process for clarifying the designation of non-essential businesses outlined in Governor McMaster’s Executive Order 2020-17.
If your business falls outside one of the categories of companies listed in the attached definition of “non-essential”, then continue your business operations, using all CDC, SC DHEC and applicable OSHA public safety guidance.
If you are unsure whether your business is categorized as non-essential, you can submit a Clarification of Business Designation Form online (https://www.sccommerce.com/clarification-business-designation-form)(https://www.sccommerce.com/clarification-business-designation-form). A SC Commerce team member will respond with an official determination for your business within 24 hours. We know that all South Carolina businesses are important; however, if your business is determined to be non-essential, then discontinue operations and stay home (and take care of your family and loved ones).
Thank you for all that you are doing to support South Carolina during this unprecedented COVID-19 event.
• 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, and
• Each business entity owned by an eligible entity that also meets the eligibility requirements
Other requirements of note: 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
SC Chamber Information(https://www.scchamber.net/covid-19-information-resources-hub#events)
Columbia Chamber COVID-19 News(https://www.columbiachamber.com/covid-19-business-resources-information/?utm_source=Columbia+Chamber+News+%26+Events&utm_campaign=a7d166622a-EMAIL_CAMPAIGN_2017_11_01_COPY_01&utm_medium=email&utm_term=0_24d7265f7d-a7d166622a-54793977)
SC SBDC Tips for working from home(undefined)
SC SBDC Recovery Client Guide
(undefined)SC SBDC Recovery Counselor Guide
Disaster Response Reporting Instructions(undefined)
Grant amount will be either:
• For an eligible entity in operation on January 1, 2019, grants will be for an amount equal to 45% of their 2019 gross earned revenue OR $10 million, whichever is less.
• For an eligible entity that began operation after January 1, 2019, grants will be for the average monthly gross earned revenue for each full month you were in operation during 2019 multiplied by six (6) OR $10 million, whichever is less.
Americans for the Arts and a consortium of funders introduced the new $10 million Artist Relief Fund (https://www.artistrelief.org/)for artists facing dire financial circumstances due to COVID-19. The fund launches with $5 million in seed funding from The Andrew W. Mellon Foundation (https://mellon.org/?mc_cid=56c0f88532&mc_eid=6f4a1615e3&utm_source=Artist+Relief%3A+Emergency+Grants+for+Artists&utm_campaign=Artist+Relief&utm_medium=email)matched with $5 million in initial contributions from an array of foundations across the United States.
Each week through September, Artist Relief will provide grants to 100 artists from multiple disciplines. It relies on the support of a growing number of foundations and individual donors and will continue to evolve over the coming months as the needs of artists shift. Organizers will continue to raise funds to assist with the rapidly escalating needs of the country's artists.
Applications are now open, and the deadline to apply for the first funding cycle is April 23 at 11:59 p.m. ET. Subsequent deadlines are:
· Cycle II: April 24-May 21 (closes 11:59 p.m. ET)
· Cycle III: May 22-June 18 (closes 11:59 p.m. ET)
· Cycle IV: June 19-July 23 (closes 11:59 p.m. ET)
· Cycle V: July 24-August 20 (closes 11:59 p.m. ET)
Those in need can apply for assistance here,(https://www.artistrelief.org/apply) and those who are able may donate to the fund here.(https://www.unitedstatesartists.org/artistrelief/)
04.05.2021 - Navigating the Shuttered Venue Operators Grant Application PortalSVOG Presentation Slides(https://www.youtube.com/watch?v=5J2mAzPvb6I)
How to Login to SAM.gov(https://www.youtube.com/watch?v=36ty-t-xskc)
SAM.gov Entity Registration Training(https://www.youtube.com/watch?v=y2t5queourQ)
SBA Form 3515 Shuttered Venues Grant Application(https://omb.report/icr/202103-3245-004/doc/109838700)
Quick Start Guide for Contract Registration(undefined)
SBA is in the process of setting up the grant program and is not yet accepting applications. Those who have suffered the greatest economic loss will be the first applications processed under the following schedule:
• First Priority (1st 14 days of grant award): Entities that suffered a 90% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
• Second Priority (Next 14 days of grant awards): Entities that suffered a 70% or greater revenue loss between April 2020 through December 2020 due to the COVID-19 pandemic.
• Third Priority (Beginning 28 days after First & Second Priority Awards are made): Entities that suffered a 25% or greater earned revenue loss between one quarter of 2019 and the corresponding quarter of 2020.
• Supplemental Funding (Available after all Priority Periods have passed): Recipients of First, Second, and Third Priority round awards who suffered a 70% or greater revenue loss for the most recent calendar quarter (as of 04-01-21 or later)
Frequently Asked Questions|(https://www.sba.gov/sites/default/files/2021-04/4-8-21%20SVOG%20FAQ%20FINAL.pdf) April 8, 2021
Preliminary Application Checklist |(https://www.sba.gov/sites/default/files/2021-03/3-11-21%20SVOG%20application%20checklist-508.pdf) March 11, 2021
Here are some tech tips as you go through your application:
1. If you have only one bank account in your SAM.gov (https://sam.gov/SAM/)registration, your Electronic Funds Transfer Indicator is 0000 (FAQ #53 under Application).
2. If you want to remove an uploaded file, try uploading a new file to replace the file you wish to delete.
3. If you’re seeing a zero-grant amount in the calculator, that could be because of an invalid start date, an offsetting PPP loan amount, or an insufficient revenue loss.
4. If you email the SVOG Support Center, you may receive an email back from a zendesk.com account. This is an authorized SBA contractor.
5. You do not need to complete a physical SF-424B document because the information required is captured when you register for SAM.gov.
6. For technical support with the SVOG portal, password resets, or help with authenticator apps, contact 1-800-659-2955 or 1-800-877-8339 (TTY).
For those who have submitted their applications, the SBA anticipates SVOGs awards will start in late May, so continue monitoring the email account associated with your application. All application status changes will be communicated through email.
As reminder, per federal grant program guidelines that require the same and equal information be provided to each applicant, SBA’s team members are limited on responses they can provide to applicants, including specific questions regarding SVOG eligibility, potential grant amount, and other detailed information.
5.24.2021 - The Restaurant Revitalization Fund is closed as of May 24th 2021.
Through the American Rescue Plan Act, the SBA launched the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. SBA received over 370,000 applications from restaurant owners across the United States. The program provided critical funding to over 105,000 restaurants representing $28.6 billion dollars. The program supported 3,777 small restaurants with gross receipts of less than $50,000 in 2019.
Due to overwhelming demand, the SBA was unable to fund all qualified applications with the original appropriation provided in the American Rescue Plan Act. The Restaurant Revitalization Fund application platform will remain open to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform on July 14, 2021.
RRF Program Guide|(https://www.sba.gov/sites/default/files/2021-04/2021.04.17%20-%20Restaurant%20Revitalization%20Funding%20Program%20Guide%20vFinalshare-508.pdf) April 17, 2021
Updated 2.3.2020 1:51pm EDT
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