Payroll Protection Program (PPP)
On March 25, the U.S. Senate passed H.R. 1799, which will extend
the PPP application deadline (currently March 31, 2021) two months, to
May 31, 2021, and provide an additional 30 days, after May 31, for the
SBA to process pending applications.
Economic Injury Disaster Loan (EIDL)
The SBA is increasing the maximum amount small businesses and
non-profits can borrow through its EIDL program. Starting the week of
April 6, the SBA is raising the loan limit from 6-months/$150,000 max
loan to 24-months/$500,000 max loan.
Restaurant Revitalization Fund (RRF)
SBA expects a "phased launch" of the $28.6 billion RRF grant
program to begin in April. During the first 21 days, SBA will give
priority to women-owned, socially- and
economically-disadvantaged-owned, and veteran-owned small businesses.