Here's a quick update on everything you need to know from the past week when it comes to SBA's programs as well as other small business funding information. Here's a recap we did earlier in the week as well.
Targeted EIDL Grants
Decisions are being made faster, although the process overall is still slow. According to our poll from last week (5.3K respondents), only 21% of people haven't been invited. Thats down from closer to 50% 3 weeks ago. If you're still waiting for an invite or a decision, here are some tips.
Of those invited to apply for Targeted EIDL grants — that's the full $10,000 EIDL Grant (more formally known as an EIDL Advance) — 1/3rd have received a decision.
Of those that have received a decision, 60% have been approved and 40% have been denied. This is a significantly higher denial rate than we expected, and here are the reasons for Targeted EIDL Grant denials.
On Friday, April 16th, the SBA announced they will start accepting emails for those denied who want a re-evaluation. Here's how to request a re-evaluation. As of now the SBA has not opened up the Targeted EIDL Grant program for new applicants, but if this changes, we will let you know.
Supplemental $5,000 Targeted EIDL Grants
The latest stimulus bill approved $15 billion in additional EIDL Grant funding. According to our SBA contact, to be eligible for this, you will need to have been invited to and filled out the Targeted EIDL Grant application, and be considered eligible for the Targeted EIDL grant.
The SBA contact told us that they expect to release more information about the Supplemental $5,000 Targeted EIDL Grants sometime this coming week, April 19-23.
EIDL Loan Increases
On April 6, the SBA announced they were increasing the EIDL Loan limit from $150,000 to $500,000 and allowing businesses to receive an EIDL Loan for the working capital amount of up to 24 months of economic injury. Previously it was for 6 months of economic injury.
In order to be eligible, you first need to email the SBA expressing your interest in an increase. Our SBA contact has told us that EIDL loan increase applicants can expect to hear next steps by the week of April 26.
📌 Pro-tip: We've just released a EIDL Loan Increase Tracker.
Shuttered Venue Operators Grant
On April 8, the SBA opened — then closed — the SVOG portal. Technical issues were found, and since then the SBA has been working with its vendors to fix this. As of Friday April 16, the SBA has reported they are still working on fixing the issues and testing them. They anticipate announcing a re-opening date this coming week.
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.
SVOG applicants will need to deduct any PPP loan amount from their applied SVOG request.
Restaurant Revitalization Fund
On Friday April 16, the SBA announced more details about the RRF, which will help restaurants with grants (similar to the SVOG, with the total amount to deduct any approved PPP amount).
The SBA has said within the next 2 weeks they will start a seven-day pilot period for the RRF application portal and conduct extensive outreach and training on how to apply, application requirements and where to apply. Participants in this pilot will be randomly selected from existing PPP borrowers in priority groups for RRF and will not receive funds until the application portal is open to the public.
We'll be adding more details, including sample applications and tips on applying soon.
Paycheck Protection Program
The PPP program continue to progress and over $232 billion has been approved in this round. We continue to hear reports of lender delays and SBA delays, but overall things are improving.
If you're still waiting to apply, you now have until the end of May to apply, after the latest rule changes. However, as of April 19, over 85% of the funding has already been approved. If you're considering applying, it's best to do so sooner rather than later. Here are our two partner lenders: Bluevine and Funding Circle.
Additional Grants and Loans
This week we have covered several new grant and funding opportunities. These include grants in a handful of states as well as grants for minority or women owned businesses. Specifically, we featured $500 grants for service businesses, as well as government grants of up to $50,000 for some business owners.
📌 Pro-tip: Join nearly 100,000 others getting early access to grants and other funding opportunities. See New Grant Opportunities
"I can't recommend Skip Plus enough. It is so wonderful to have the confidence that the Skip team is researching for me and they'll alert me if I need to take action on grant opportunities. -Stephanie J, Los Angeles, CA
"Thank you Skip for keeping me informed on grants and loans. It seems like you're adding new features every single week. Big help for my shop in Atlanta — thank you again." -Danielle K, Atlanta, GA