Business Resources for COVID-19
Shuttered Venue Grant Program: The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned 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:
Click here for more information.
At Your Side Small Business Grant Program: As small businesses continue to weather the challenges of the pandemic, Main Street America has teamed up with Brother International on a grant program to provide support. The “At Your Side” Small Business Grant Program will provide funding to brick-and-mortar small businesses in designated Main Street districts as they work to adapt to COVID-19 and prepare for the next phases of reopening across the country, while also helping to revitalize and strengthen older and historic commercial corridors. Applications will open 11 am on Thursday, January 21 and continue to be accepted through Thursday, January 28 at 6:59pm. Grants of $5,000 to $10,000 will be awarded on a competitive basis. Applicants must operate in a “brick and mortar” storefront located in an Accredited or Affiliate Main Street America community. In La Grange, businesses in the downtown Main Street district qualify. Click here for small business eligibility requirements, judging criteria, and a preview of the application.
PPP Loans Round 2 Now Available: The latest CVOID relief bill has provided funds for a second round of PPP loans. In a nutshell, you may be eligible for a forgivable PPP loan in this round whether you took advantage of the first go around or not. If this will be your first time to apply and receive a PPP loan, this will be considered your first draw. If you applied for and received a PPP loan during the spring, summer or fall of 2020, this will be your second draw. All of our local banks are participating and currently taking applications. For all the information on this forgivable loan program, click here.
Key Updates Include:
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
EIDL Loans Application Deadline Extended: The SBA has extended the deadline to apply to EIDL loans for COVID to December 31, 2021 with the new COVID bill that passed in December. The grant/advance portion of the program is no longer available as they didn’t allot any additional funds for this part. However, small businesses and non-profits can still apply for the EIDL loan using a streamlined online application. The interest rate is 3.75 % for small businesses and 2.75% for non-profits. Also, payments can be deferred for up to 1 year. Click here for all the details and application.
New Program Available for Women-Owned Businesses: SBA has announced Ascent, an interactive digital platform packed with resources women business owners need to set, and achieve, their business goals. Ascent is designed for the “missing middle” — growth-oriented women entrepreneurs who are beyond the start-up phase and already generating revenue yet looking to grow and scale. Most learning resources for business owners focus on either start-ups or mature businesses. Ascent is here to change that! During these challenging times, SBA’s Ascent can also help you elevate your business with research-backed tips and strategies. Within Ascent, you can examine both internal (strengths and weaknesses) and external factors (opportunities and threats) that may have arisen because of COVID-19 to help you set up a comprehensive recovery strategy. And Ascent is a resource you can turn to again and again, as your business grows and your needs change. Click here for more information and to join Ascent today!
Top Business Trends for 2021: For small businesses across America, 2020 has been one of the most challenging years in history. Despite the coronavirus pandemic, small business owners have been resilient, pivoting, and adapting their business models to navigate continually changing conditions. With the new year on the horizon, there are potential new opportunities to take advantage of and ways to adapt to challenges you may face. Here are a few business trends that are likely to dominate in 2021, along with tips on how to position your business for growth. Click here to learn more.
VISA Business and Economic Insight Reports: VISA’s latest US Economic Outlook – Click here to download the report. Also, VISA says that consumers show optimism about the future, but remain bogged down by the present. Click here to learn more.
Free Small Business Tools and Resources through SCORE:
CENTER FOR DISEASE CONTROL AND PREVENTION
SMALL BUSINESS ADMINISTRATION
FEDERAL GOVERNMENT ASSISTANCE