Money

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% 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.

SVOG Details

The Southern Opportunity And Resilience (SOAR) Fund provides flexible, affordable capital to small businesses and nonprofits across the Southeast U.S. to help them navigate and rebuild from the COVID-19 economic crisis.

SOAR works with and through local Community Development Financial Institutions (CDFIs) and aims to lend $150 million or more to businesses and nonprofits with fewer than 50 employees in a 15-state region.

For more information and to apply, visit TheSoarFund.org.

Arkansas small businesses suffering economic injury due to coronavirus (COVID-19) are eligible to apply for low-interest SBA loans, including the EIDL Advance up to $10,000.

SBA is accepting applications from all small businesses impacted by COVID-19. Applications already submitted will continue to be processed on a first-come, first-served basis. To apply: covid19relief.sba.gov/#.

See our fact sheet for the documentation and information you will need to apply. (Espanol)

Due to coronavirus, SBA borrowers qualify for temporary debt relief. SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and microloans in regular servicing status as well as new 7(a), 504, and microloans disbursed prior to Sept. 27. Not available for businesses that get PPP or EIDL.

Contact ASBTDC for more information.

Debt Relief Details

The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program, or PPP.

PPP has closed to applications.

The program was designed to assist any small business with fewer than 500 employees, including sole proprietorships, independent contractors, and self-employed persons. Businesses can use Paycheck Protection Program funds for payroll, employee benefits, rent, mortgage interest, and utilities. All or part of the loan may be forgiven, if businesses meet certain criteria.

The Paycheck Protection Program Flexibility Act signed into law June 5 made several changes to PPP, such as lowering the minimum portion of PPP funds that must be spent on payroll from 75% to 60% for loan forgiveness.

PPP2: The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act authorized up to $284 billion to assist eligible businesses. The new provisions included funding opportunities such as the First and Second Draw Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers.

For the latest information, see sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

The American Rescue Plan Act signed in March 2021 established the $28.6 billion Restaurant Revitalization Fund to provide relief for restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.

RRF applications are closed.

See our Restaurant Revitalization page for more information.

The Federal Reserve created the Main Street Lending Program. The program aims to make credit available for small and medium-sized businesses that were in sound financial condition prior to the onset of COVID-19 so businesses can maintain their operations and payroll until conditions normalize.

See our fact sheet for a comparison of the loan options available through the program.

The Internal Revenue Service has posted Frequently Asked Questions about when to file and pay taxes.

The Employee Retention Tax Credit is designed to encourage businesses to keep employees on the payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.