The Payment Protection Program is Over! What’s Next?
With its track record of faithfully serving Americans, the Payment Protection Program (PPP) has closed its doors. It officially ended on June 1st as the program itself ran dry of funding. At the end of May, the Small Business Association (SBA) closed its online portal due to high demand
This is an initiative worth almost a trillion dollars! And the funding was to protect America’s businesses from collapse due to the pandemic. Indeed, it enjoyed significant success! But not all businesses that were in need of support really got the relief they needed. For this reason, the SBA has had a tough year having been the target of criticism and fraud claims.
With PPP being a closed chapter in the SBA’s record, many American business owners have been wondering what’s next? Though the nation’s economy is well on its way to economic recovery, many businesses are still in dire need of financial support. Though many may know about the PPP, perhaps the SBA’s other generous funding initiatives are worth some attention.
Businesses that missed out on PPP loans now have the chance to look at the interesting alternatives that SBA has to offer. You will find that there are many opportunities and Economic Injury Disaster Loans that can help you during these hard times. If you’re a business owner struggling on the brink of collapse, this could be the helping hand that you will need.
Do You Own a Struggling Restaurant?
Deleted: There’s no line of work more honorable in America than feeding America! As delicious as that may sound, we’ve got something even more tantalizing! The Restaurant Revitalization Fund (RRF) could save your restaurant business! How can it do that? It’ll provide you with the financial support that you need to pull through these hard times. Now, you may be asking how much help you’re going to get? The good news is that it could be a maximum of $10 million per business, depending on your gross revenue. What’s even better is that repayment is not required, provided that the funds were used for acceptable expenditures (avoiding layoffs, paychecks, etc.).
So who do you have to be to qualify? Your business can be any one of the following for you to qualify for the loan:
- Restaurants
- Bakeries
- Food stands, food trucks, food carts
- Hotels or inns
- Catering businesses
- Beverage production companies/facilities
How Do I Apply for RRF?
If you’re interested in applying for RRF, then you should go to any SBA-recognized Point of Sale (POS) vendor. As an applicant that plans to work with a POS provider, you can use Clover, Toast, and Oracle. NCR Corporation (Aloha) is also acceptable.
You can also apply on the SBA’s online application portal. This process is more straightforward and direct. All applicants should note that SAM.gov registration is not compulsory. DUNS or CAGE identifiers are not required as well. Want a cheat sheet? No problem! You’ll get to find a sample application that’ll help you out when filling your form.
There is also a wealth of information that you’ll find on the Restaurant Revitalization Funding Program Guide. Be sure to make use of this reference so that your application process goes smoothly!
Working in the Venue Business?
Anybody who has been working in the venue business took terrible losses during this recent pandemic. With fears about the virus spreading, US consumers are avoiding places where social gatherings or events may take place. It is for this reason that the venue businesses are suffering!
But the SBA has a trick up its sleeve! The Shuttered Venue Operators Grant (SVOG) Program is here to help venue businesses that have shattered! Having up to $16 billion in grants, it is well-equipped to provide the much-needed support.
Interested in applying? All you have to do is use the Shuttered Venue Operators Grant Application online portal. If you ever have any trouble, technical support is always available and their contact details are on the SBA website. To ensure that the application process is successfully completed, it is essential that applicants double-check that they have all the required documents. Accuracy is the key principle that all applicants have to follow when completing the form. Providing false information could have consequences.
