Business Resources
SBA Paycheck Protection Program
The Paycheck Protection Program reopened on January 11, 2021 for new first draw and second draw loan applications. Learn more about the Paycheck Protection Program from the Small Business Administration here.
- PPP Relaunch Overview (January 2021)
First Draw
- Top-line Overview of PPP First Draw Loans
- How to Calculate First Draw PPP Loan Amounts by Business Type
- Form 2483 – First Draw Borrower Application (Updated 1/8/21)
- Form 2484 – First Draw Lender Guaranty Application (Updated 1/8/21)
Second Draw Forms
- Top-line Overview of PPP Second Draw Loans
- Form 2483-SD – Second Draw Borrower Application (Released 1/8/21)
- Form 2484-SD – Second Draw Lender Guaranty Application (Released 1/8/21)
Loan Forgiveness
- Form 3508 - Loan Forgiveness Application
- Form 3508S - Loan Forgiveness Application
- Form 3508S may be used by borrowers who received a PPP loan of $150,000 or less.
Form 3508EZ - EZ Loan Forgiveness Application
- FAQs on Loan Forgiveness (updated 10/13/20)
- Forgiveness Instructions
- Borrower Disclosure of Certain Controlling Interests
General Information
- Program Overview
- Program FAQs (updated 6/25/20)
- Guidance on Accessing Capital for Minority, Underserve, Veteran, & Women-Owned Business Concerns
- Information for Borrowers
- Information for Lenders
- Calculating Maximum Loan Amount
SBA Restaurant Revitalization Fund
The Restaurant Revitalization Fund provides grants to restaurants facing financial losses due to COVID-19. 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.
- Program Overview
- Application Portal - opens 5/3 at 12:00 pm
- Program Guide
I urge businesses to take advantage of the recently extended employee retention tax credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
Under recently passed legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021. Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.
Employers are eligible if they operate a trade or business during January 1, 2021, through June 30, 2021, and experience either:
- A full or partial suspension of the operation of their trade or business during this period because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
- A decline in gross receipts in a calendar quarter in 2021 where the gross receipts of that calendar quarter are less than 80% of the gross receipts in the same calendar quarter in 2019 (to be eligible based on a decline in gross receipts in 2020 the gross receipts were required to be less than 50%).
For 2020, eligible employers that received a PPP loan are permitted to claim the employee retention credit, although the same wages cannot be counted for both.
SBA Shuttered Venue Operators
The SVO program provides grants to shuttered venues equal to 45% of their gross earned revenue. Eligible entities include: museum operators, performing arts organization operators, motion picture theater operators, talent representatives, thetatrical producers, and live venue operaters/promoters.