What SBA Covid-19 Programs Am I Eligible For?

With Covid-19 changing business operations for most of 2020 and 2021, many business owners have turned to SBA programs like the Paycheck Protection Program for financial relief. What gets complicated is when one business is looking to qualify for more than one program – but don’t worry, we’ve put together a brief cross-eligibility guide designed to help streamline the process of finding out what you’re eligible for.

On the top of the table, you’ll see a few of the Covid-19 relief programs available. On the left, choose which program you’re currently a recipient of, or what you’re hoping to apply for. Check it out:

 

Paycheck Protection Program (PPP) Applicant Shuttered Venue Operators Grant (SVOG) Applicant COVID-19 Econoic Injury Disaster Loan (EIDL)  Applicant Restaurant Revitalization Fund (RRF) Applicant
PPP recipient First Draw PPP borrowers may be eligible to apply for Second Draw PPP loans May apply for SVOG if received a PPP loan; if PPP loan received after Dec. 27, 2020, the PPP loan amount will be deducted from the SVOG. May not apply for PPP after receiving SVOG May apply for EIDL and PPP, but cannot be used for the same purpose/costs PPP loans received by the RRF applicant will affect the applicant’s funding calculation
Shuttered Venue Operators Grant (SVOG) Recipient May not apply for PPP loan after receiving SVOG May be eligible to receive a supplemental SVOG award May apply for EIDL and SVOG, but cannot be used for the same purpose/costs Entities that have a pending application for or received a Shuttered Venue Operators Grant are not eligible to apply for RRF
Economic Injury Disaster Loan (EIDL) Receipient  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 May apply for EIDL and RRF
Restaurant Revitalization Fund (RRF) recipient 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

 

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

Revenued and the Paycheck Protection Program (PPP)

When it became clear in 2020 that federal funding would become the most pressing need for small businesses because of the Covid-19 pandemic, Revenued teamed up with a leading fintech bank to underwrite and process Paycheck Protection Program (PPP) loan applications.

Throughout 2020 and 2021, we’re proud to have been able to provide a total of $4 B in PPP approvals helping more than 113,000 US businesses.

Apply for the Employee Retention Credit (ERC) through Revenued

The Employee Retention Credit (ERC) is a tax credit available for small business owners, LLC’s, S-Corps or 1099 employees. Similar to the $1,200 stimulus check taxpayers received, this credit is designed to help small businesses during these trying times.

Find Out if Your Business Qualifies

It’s a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.

To find out if your business qualifies for the ERC, fill out this form today

To learn more about the ERC and find out if it’s something your business qualifies for, please call us at  +1-877-662-3489 or email [email protected] and one of our 5-star customer service representatives will be happy to assist you.

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