Here's a Friday January 22nd round up of all the SBA Funding programs and any action you need to take. We hope you have a great weekend.
Targeted EIDL Grants
The SBA announced on Tuesday rules to the EIDL grant program. They will first contact previous applicants in low-income communities regarding "topping-up" to the full $10,000. They will then contact previous applicants who didn't receive any funding regarding the $1,000 per employee grant.
They do not mention any other qualifications, but we suspect, if there is money left over — which there should be based on our back-of-the-envelope calculations — they may accept first time EIDL grant applicants or increase the amount given outside of the "Targeted EIDL Grant" bucket.
📌 Action: No Action Needed
Paycheck Protection Program First and Second Draws
Hundreds of thousands of PPP first draw and second draw loans have been approved. Above is what you'll get after a couple days when you've submitted via our PPP partner Bluevine — and you can also apply via Funding Circle and Credibly.
According to our data, around 50% of businesses interested in the PPP have already applied. Many of these businesses will get their loans if not by today then sometime next week, based on average timelines. Next week we expect the SBA to release more data on early applications.
📌 Action: Apply If You Haven't
Shuttered Venue Operators Grant
The SBA also released detailed on their Shutter Venue Operators (SVO) Grant program this week. There is $15 billion for this program and you cannot use this AND PPP, so check to see if you qualify for this. If you do, it is likely significantly more than the PPP.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earning 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.
Eligible entities include:
- 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
You can read more here on the SBA website
📌 Action: Check Eligibility and Compare with PPP
City and State Level Grant Programs
Currently 15 states have some type of grant programs and many cities and counties also have available grant programs. We expect many states to add grant programs in the coming weeks and months, especially with the third stimulus package.
When city and state grant programs are released, we'll send them to Skip Plus members first. If you already a Skip Plus member no action needed. If you're not, you can start a free 15 day trial here. We'll email you and message you when new grants become available.
📌 Action: Get Early Grants Access