The SBA 7a program is a small-business loan program that helps businesses with start-ups, expansions, and other needs. The maximum loan amount available through the SBA 7a program is $5 million.
In the wake of COVID-19, The Economic Injury Disaster small business Loan program offers a solution for businesses in need. By providing accessible capital, it helps these companies recover from their coronavirus economic impacts quickly while also preserving jobs that were lost due to the pandemic’s effects.
Huge news for small businesses communities still recovering from the pandemic: SBA Administrator Isabel Guzman revealed major enhancements to the COVID-19 EIDL Economic Injury Disaster Loan program.
Restaurant Industry related businesses like yours are eligible for funding equal to your COVID-19 pandemic-related revenue losses, up to $10 million per business and $5 million per location.
Over 100,000 restaurants have closed permanently across the U.S. as the industry struggles with the devastating impact of the COVID-19 pandemic.
The Restaurant Revitalization Fund (RRF) provides up to $10 million per business to help restaurants, food, and beverage businesses remain open during the COVID-19 pandemic.
Restaurants have remained in the Top Five most impacted industries by COVID-19. The Restaurant Revitalization Fund (RRF) provides funding to help restaurants, food, and beverage businesses keep their doors open.
The SBA has stopped accepting new applications for the Paycheck Protection Program from most lenders, almost a full month ahead of the loan’s application deadline.
Senator Ben Cardin, Chairman of the SBA Committee, introduced a new bipartisan bill that will benefit farmers, ranchers, and self-employed individuals, allowing eligible borrowers to recalculate their PPP loans, potentially increasing the amount.
An Overview of the SBA COVID-19 Relief Program. SBA plans to start a $28.6B “phased” launch in April for the Restaurant Revitalization Fund.