SOURCE: SBA.gov
The options for you to take advantage of the COVID-19 Relief Programs offered by the SBA can be a bit confusing. We've listed a summary of the criteria below to meet when considering different funding options.
NOTE: All programs are currently accepting applications. Apply ASAP.
Paycheck Protection Program
First Draw PPP borrowers may be eligible to apply for Second Draw PPP loans
May apply if received a PPP loan prior to applying for SVOG. If PPP loan received on or after Dec. 27, 2020, the amount will be deducted from SVOG.
May apply for EIDL, but cannot be used for the same purpose/costs as PPP
Shuttered Venue Operators Grant
May not apply for PPP loan after receiving SVOG
May be eligible to receive a supplemental SVOG award
May apply for EIDL, but cannot be used for the same purpose/costs as SVOG
Economic Injury Disaster Loan
May apply for PPP, but cannot be used for the same purpose/costs as EIDL
May apply for SVOG, but cannot be used for the same purpose/costs as EIDL
The same business cannot apply for more than one EIDL
Restaurant Revitalization Fund
PPP loans received by the RRF applicant will affect the applicant’s funding calculation
Entities that have a pending application for or received an RRF are not eligible to apply for Shuttered Venue Operators Grants
May apply for EIDL and RRF
The same business cannot apply for RRF more than once
For assistance with applying to any of the programs listed above, please go to https://njsbdc.com/CapitalTeam.
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