Coronavirus (COVID-19): Small Business Guidance & Loan Resources

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Coronavirus (COVID-19): Small Business Guidance & Loan Resources

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

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Coronavirus relief options

SBA offers several different relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. You can view all options or skip to a specific program below.

SBA is currently offering Paycheck Protection Program (PPP) loans until March 31, 2021. President Biden  announced program changes to make access to PPP loans more equitable.

1. Find a lender:

2. Identify a PPP loan type:

  • First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
  • Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.
     

SBA is also currently offering the following funding options:


SBA is preparing to offer:

SBA is contacting eligible businesses regarding:

SBA previously offered the following funding options:

  • EIDL Advance (No longer available)
  • Express Bridge loans (No longer available)

Learn more about SBA’s coronavirus relief options

RELIEF OPTIONS

American Rescue Plan Act signed into law by President Biden

SBA is currently implementing the American Rescue Plan Act signed into law by President Biden on March 11, 2021. Sign up to receive email alerts from SBA as additional information is available

The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs SBA is currently administering and adds new efforts, including:

  • $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
  • Additional funds allocated for the Shuttered Venue Operators Grant (SVOG) program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
  • $15 billion additional for Targeted Economic Injury Disaster Loan (EIDL) Advance payments, including NEW $5 billion for supplemental Targeted EIDL Advance payments for those hardest hit
  • NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants   
  • NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.

Biden Administration takes steps to promote equitable access to SBA relief

On Monday, February 22, President Biden announced the following changes to SBA’s coronavirus relief programs to ensure equity:

Specifically, on Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.

SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:

  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal; 
  • Eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
     

A critical goal from Congress for the latest round of PPP was to reach small and low- and moderate-income (LMI) businesses who have not received the needed relief a forgivable PPP loan provides. Congress set a $15B set-aside for small and LMI first draw borrowers. With existing policies, the current round has only deployed $2.4B to small LMI borrowers, in part because a disproportionate amount of funding in both wealthy and LMI areas is going to firms with more than 20 employees. The less than 20 exclusivity period combined with the changes to expand access for sole proprietors, ITINs, returning citizens, and student loan debt will help us achieve Congressional goals.

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