Loans, Grants & Financial Information
Discover loans and funding options available to small businesses
On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA) which included multiple tax law changes and the Coronavirus Response and Relief Supplemental Appropriations Act, a $900 billion pandemic relief provision. President Trump signed the CAA into law on Dec. 27.
In passing this latest round of coronavirus relief measures, Congress aimed to expand programs first introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA). For example, CAA adds $300 to extended weekly unemployment benefits and provides more than $300 billion in aid for small businesses. It also ensures tax deductibility for business expenses paid with forgiven PPP loans. The CAA also features several non-COVID-19-related tax provisions that had been set to expire at the end of 2020.
A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.
The Michigan COVID-19 Safety Grant Program awards small businesses matching funds – up to $10,000 – to decrease the risk of COVID-19 spread through safety and health-related equipment purchased and training in response to COVID-19. The goal of the program is to create a safer and healthier work environment and reduce the risk of exposure to COVID-19 for Michiganders.
In this round of the safety grant application, a designated $500,000 is available for non-in-home, licensed childcare providers. The remaining portion will be distributed on a first-come, first-served basis.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
If you are a small business owner in need of help due to the impacts of COVID, you can submit your application at: TheBarstoolFund.com/apply
If you are able to help, you can make a tax deductible contribution to support small businesses featured here by clicking “Contribute to the Fund.” You can also support small businesses by purchasing one of the shirts here.
100% of the net proceeds will go towards supporting small businesses.
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19. Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the pandemic. Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
If an applicant accepted a loan for less than the full amount originally offered, the application will have up to two years after the date of the loan promissory note to request to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.
The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, 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.