Coronavirus (COVID-19):

Small  Business & Loan Resources

What you need to know.


Paycheck Protection Program - Extended via Economic Aid Act, Effective 1/6/2021

On December 27, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was signed into law, providing an unprecedented level of emergency assistance for individuals, families, and businesses affected by the coronavirus epidemic.

The legislation includes an extension of the Paycheck Protection Program administered through the SBA for over $284 billion in loans to eligible entities, with such loans being subject to forgiveness under certain circumstances.

The loans may be used for a variety of purposes, including payroll costs, rent, utilities, mortgage interest (not principal), and other operating expenses. Your business must have been operating on or before February 15, 2020 to qualify.

Learn more about the details of the PPP Loan in our FAQ.


SBA's Economic Injury Disaster Loans (EIDL)

The SBA Disaster Assistance Program is for existing, operating businesses. You can receive an EIDL and a PPP loan, if eligible. The deadline for this program was extended to Dec 31, 2021.

MUST apply directly to SBA:

To apply for the loan: CLICK HERE 

Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid Act. The Targeted EIDL Advance provides funds up to $10,000 to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Only prior applicants will be considered- NO new applications. SBA will reach out directly to those who qualify from an official government email with an ending. Do NOT send sensitive information via email to any address that does not end in Applicants MUST meet ALL of the following:

  • Be located in a low-income community as defined in section 45D(e) of the Internal Revenue Code. Additional details on how SBA will identify low-income communities will be available soon on
  • Demonstrate more than 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later
  • Provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30% reduction

SBA will first reach out to EIDL applications that already received a partial EIDL Advance (i.e. between $1,000 - $9,000). Next, SBA will reach out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants must meet the qualifications above AND have 300 or fewer employees.

All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant's behalf.

SBA will reach out to you if you qualify!


SBA Debt Relief

Section 1112 Payments


This program was extended under the Economic Aid Act for the SBA to cover monthly loan payments (principal, interest and any associated fees) for a number of months for eligible borrowers that qualify.


** SBA has determined that the $3.5 billion that was appropriated is insufficient to make the payments for the periods authorized. SBA has developed a plan to reduce the number of months provided for each category of loans described below while ensuring that all amounts made available for the payments are fully expended. Under the plan, SBA will make the payments as described below (Adjustment Plan). This Adjustment Plan is effective immediately and will be applied to the Section 1112 payments that SBA makes beginning with the payments made in February 2021.


 General Terms

  • The new Economic Aid Act extended this program for SBA to pay the principal, interest and associated fees for eligible Borrowers
  • Eligibility is now based on when the loan was approved (received an SBA loan #), instead of when fully disbursed
  • Payments will be covered when the loan is fully disbursed (or if already in regular servicing status, when the next payment is due)
  • No action required from the borrower and instead the Lender is required to identify and submit these eligible loans to SBA
  • Since limited funds were made available by Congress, certain Borrowers were prioritized to receive additional payment support over others. Below is how it’s broken down.

Newly Eligible First Round

  • Any 7a or 504 loan that was approved on or before 9/27/2020, but fully funded after 9/28/2020 is eligible
    • SBA will cover 3 months of payments once the loan is fully disbursed
  • Any 7a or 504 loan that was approved and fully funded on or before 9/27/2020 is eligible
    • SBA will cover 6 months of payments

Second Round

  • For loans approved before 3/27/2020 that are fully funded, SBA will:
  • Cover 2 months of payments beginning on or after February 1, 2021, capped at $9k/month
  • SBA will cover an additional 3 months immediately following the end of the 2-month period for Borrowers assigned a NAICS code beginning with:
    • 61 (Educational Services), 71 (Arts, Entertainment and Recreation), 72 (Accommodation and Food Services), 213 (Support Activities for Mining), 315 (Apparel Manufacturing), 448 (Clothing and Clothing Accessories Stores), 451 (Sporting Good, Hobby, Book and Music Stores), 481 (Air Transportation), 485 (Transit and Ground Passenger Transportation), 487 (Scenic and Sightseeing Transportation), 511 (Publishing Industries), 512 (Motion Picture and Sound Recording Industries), 515 (Broadcasting), 532 (Rental and Leasing Services), or 812 (Personal and Laundry Services)
  • For new loans approved between 2/1/2021 and 9/30/2021, SBA will cover 3 months of payments
  • No Second Round Payments for Loans Approved between 3/27/2020 and 9/27/2020 as stated in the Adjustment Plan released by SBA on 2/16/2021 (since already received payments under the First Round)

Ineligible Loans

  • Loans in liquidation status
  • Loans in delinquent status more than 120 days
  • Borrower (entity) that received payments for a loan approved 3/27/2020- 9/27/2020 can’t receive payments for an additional loan under that same entity beginning on or after 2/1/2021. This one-loan limitation does NOT apply to affiliates of the Borrower (entity)
  • Loans approved on or after 9/28/2020 and ending on 1/31/2021. Lenders are prohibited from cancelling a loan approved during this period and resubmitting a loan for a similar purpose on or after 2/1/2021 in order to obtain the covered payments for the Borrower. Lenders are also prohibited from refinancing a loan on or after 2/1/2021 that was approved beginning on 9/28/2020 and ending on 1/31/2021 to obtain the covered payments.
    • If you are ineligible based on the above statement, we encourage you to join the Franchise Action Network (HERE) through IFA and reach out to your state and local legislatures to try and push a revision

SBA 7(a) Incentives

The Economic Aid Act includes some incentives for new 7(a) SBA loans, including:

  • Waived SBA guaranty fee (typically 3-3.5% of the guaranteed portion of the final loan amt)
  • SBA will now guarantee up to 90% of the loan amount, reducing some of the risk for lenders for new SBA loans approved between 12/27/2020 and 9/30/2021

These incentives should incentivize lenders to continue lending and may result in more opportunities; however, the SBA Standard Operating Procedures (SOP) for approval and funding still apply, so borrower qualifications for SBA eligibility are still the same.


The American Rescue Plan Act's Small Business Assistance and Support

The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries including:

  • $7.25 billion added to the Paycheck Protection Program and expanded eligibility to additional nonprofits and digital news services
  • Additional funds were allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG.  This was established in the Economic Aid Act in December and will open for applications on April 8th.  This aid will provide a much-needed lifeline for live venues, museums, movie theaters, and other venue-type businesses.
  • $15 billion added to the Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
  • $28.6 billion for the Restaurant Revitalization Fund offering industry-focused grants excluded from taxable income, with all expenses paid being deductible for tax purposes too.  An eligible entity may receive a grant equal to the amount of its “pandemic-related revenue loss.” Pandemic-related revenue loss is generally determined by subtracting 2020 gross receipts from 2019 gross receipts. An entity’s pandemic-related revenue losses are reduced by any PPP loans (first- and second-draw) received. Total grant amounts are limited to $10 million for each affiliated restaurant group and further limited to $5 million per physical location.
    • The Restaurant Revitalization Fund is currently operating under an invite-only testing period. However, 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. For more information about the program, eligibility, and the application process visit the SBA's page
  • $100 million to establish a Community Navigator Pilot Program.  Grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources. 


Please note this information is based on our understanding of the new law. The Treasury and SBA will continue to provide guidance and clarify provisions, as they did multiple times with the first round of PPP and other stimulus programs. The information presented herein can and likely will change. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. We encourage you to consult with your lawyers, CPAs, PPP Lender, and Financial Advisor.