As you may have heard in the news over the past few weeks, the PPP loan program has exhausted all funds that Congress has approved. For some small businesses this end of funding meant they were not able to get a much-needed PPP loan. Further, even those who did get a PPP loan may not have been able to get a second PPP loan. While the PPP program has ended, there continues to be some great tools from the SBA to assist small businesses while we continue to exit the pandemic.
The first program is the targeted EIDL Advance. This program allows for a direct grant of up to $10,000 for hard-hit small businesses in certain geographic and low-income areas. This grant is direct from the SBA and in most cases does not have to be paid back. For more details an to apply please click here.
The second program Shuttered Venue Grant. This program allows for a direct grant for live venue operators and live venue promotors. As with the EIDL Advance, this likely will not have to be repaid and is funds directly from the SBA. More details can be found here.
Lastly, one of the largest programs, is the Restaurant Revitalization Fund (RRF) from the SBA. The RRF allows for grants to support the operations of restaurants, bars, breweries, distilleries, food trucks, wineries, tasting rooms, and other similar businesses. The RRF grants will also likely not have to be repaid and are direct from the SBA. Applications are open and on a first come first served basis. For more details, please click here. The SBA application can be accessed at www.restaurants.sba.gov.
In addition to these programs from the SBA, there are often small grant programs available in your local area. Many municipalities have set up loan funds or grant programs, while smaller than the SBA, do allow for funding small business for recovery as we exit the pandemic. In our area we have seen programs started by the City of Milwaukee, Ozaukee County, and Waukesha County to name a few.
As our world continues to start to get back to normal and you look to navigate these programs, please do not forget that your PyraMax Bank is a wealth of knowledge. As community bankers we believe in assisting however we can. As we have seen countless times over the past year, a casual conversation can yield great results.