5/3/21 UPDATE: SBA COVID-19 Relief Cross Program Eligibility

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.



PPP Recipient

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


SVOG Recipient

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


COVID -19 EIDL Recipient

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


RRF Recipient

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.



READ MORE:

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/cross-program-eligibility-sba-covid-19-relief-options

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