List of SBA PPP loan alternatives. The Small Business Administration (SBA) Paycheck Protection Program (PPP) application deadline has past.
The Small Business Administration‘s Paycheck Protection Program (PPP) stopped accepting new applications in May 2021. If you’re a small business owner seeking PPP loan alternatives for your business or for your clientele in specific vertical markets, here are some potential SBA options:
1. COVID-19 EIDL: This loan provides economic relief to small businesses and non-profit organizations currently experiencing a temporary loss of revenue. EIDL is short for Economic Injury Disaster Loan.
2. Restaurant Revitalization Fund: This program provides assistance for eligible restaurants, bars, and other food service businesses impacted by COVID-19. MSPs and IT service providers that support restaurants should keep in mind that the fund covers day-to-day restaurant expenses — including things like marketing, accounting, equipment, licensing, and fees — though this only includes costs associated with regular activities, ParTech notes.
3. Shuttered Venues Operators Grant (SVOG): The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance.
Eligible applicants may qualify for grants equal to 45{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. Roughly $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
- Museum operators
- Motion picture theater operators (including owners)
- Talent representatives
4. SBA Debt Relief: SBA offers debt relief to existing SBA loan borrowers whose businesses have been impacted by COVID-19.
This grid summarizes the various SBA COVID-19 relief options, and associated criteria to meet when considering each funding option.
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