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The original item was published from 4/27/2021 1:33:01 PM to 5/30/2021 12:00:02 AM.

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Economic & Community Development News

Posted on: April 27, 2021

[ARCHIVED] 04/27/21: May 3rd-Restaurant Revitalization Fund Opening / PPP, SVOG, EIDL & More...

Trumbull Economic Development

SBA Administrator Guzman Announces Application Opening for $28.6 Billion Restaurant Revitalization Fund

Fund prioritizes direct relief to women, veterans, and socially and economically disadvantaged individuals, and includes $9.5 billion in set-asides for smaller businesses

SBA Administrator Isabella Casillas Guzman today announced the U.S. Small Business Administration will begin registrations on Friday, April 30, 2021, at 9 a.m. EDT and open applications on Monday, May 3, 2021, at noon EDT for the Restaurant Revitalization Fund. The online application will remain open to any eligible establishment until all funds are exhausted. 

“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here,” said Administrator Guzman. “The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are. And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”

To view the complete Press Release click here:   https://www.sba.gov/PressReleaseRRFapplicationlaunch

Get access to the RRF details at an info. session 


Wednesday, April 28 @ 10am (Spanish speaking event)

https://www.sba.gov/RRFenespanol

Wednesday, April 28 @ 2pm (Chinese/Mandarin speaking event)

https://www.eventbrite.com/RRFmandarin

Thursday, April 29 @ 9:30am in collaboration w/ the CT Small Business Development Center

https://ctsbdc.uconn.edu/news_events/restaurant-revitalization-fund-overview-april-29/

Friday, April 30 @ 11am in collaboration w/ the Community Economic Development Fund

https://www.cedf.com/training/2021/04/30/restaurant-revitalization-fund-opening/

Wednesday, May 5 @9:30am in collaboration w/ the Women's Development Business Council

https://May5/RRFopening/WBDC

Thursday, May 6 @ 9:30am in collaboration w/ the CT Small Business Development Center

https://ctsbdc.uconn.edu/news_events/restaurant-revitalization-fund-overview-may-6/

Click the links below to get more information about the program.

Shuttered Venues Operators Grant

The U.S. Small Business Administration reopened the Shuttered Venue Operators Grant application portal yesterday, April 26, 2021, at 12:30 p.m. EDT for operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief.

SBA’s collaboration with several live venue, cultural and related industry organizations has been vital to the agency’s understanding of the user experience for potential SVOG applicants, and the SBA will continue to partner with them through the application and grant awarding processes.

For more information and to view applicant resources, visit www.sba.gov/svogrant. For Shuttered Venue Operators Grant application portal technical assistance such as a password reset, browser suggestions, or how to use the multi-factor authentication with an app and the QR code, applicants can call 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 and follow the prompts to SVOG assistance. The call center is open today from 8 a.m. to 8 p.m. and, starting Saturday, April 24, the center will be open 24 hours a day through Monday evening at 8 p.m. 

Paycheck Protection Program (PPP) loans for Connecticut  topped $3 billion as of 4/25/2021! 

The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.

SBA is currently offering PPP loans until May 31, 2021. President Biden recently announced program changes to make access to PPP loans more equitable. If you have not yet applied for a PPP click on the links below.

Find a lender:

2. Identify a loan:

  • First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you.
  • Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.

To find data and reports related to Paycheck Protection Program click below:  

Economic Injury Disaster Loan - EIDL

The U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance – called Supplemental Targeted Advances – on April 22, 2021 that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the American Rescue Plan Act on March 11, 2021.

Effective April 22, the SBA modified the Targeted EIDL Advance application process to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance.  SBA will contact eligible business entities to apply and applications will be processed on a first-come, first-served basis. To qualify for the Supplemental Targeted Advance, an eligible business entity must be in a low-income community, suffered greater than 50 percent economic loss, and have 10 or fewer employees.

For details about the Targeted EIDL Advance and Supplemental Targeted Advance program, please visit SBA.gov/eidl. Eligible entities can email questions about the SBA Targeted EIDL Advance and Supplemental Targeted Advance to TargetedAdvance@sba.gov, COVID-19 EIDL disaster loan payment questions to DisasterCustomerService@sba.gov, and contact SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

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