- Business Grants
Paycheck Protection Program and Economic Injury Disaster Loan
The Federal Government and the Small Business Administration have reopened and funded the Paycheck Protection Program. If you already received a PPP loan, the Economic Aid Act allows you to "double-dip," and apply for additional relief. The so-called “second draw” rule of the reauthorized PPP allows applications from entities that suffered at least a 25 percent reduction in gross receipts during at least one quarter of 2020 compared to the same quarter of 2019.
If you didn't apply in 2020 and your business has been negatively impacted by the pandemic, you can apply under rules similar to previous rounds.
In both cases, loan forgiveness guidelines are less onerous than they were in the past.
Congress made other changes that aim to assist businesses and ensure rural, minority-owned, and small companies have access to funds. Publicly-traded companies are no longer eligible, and financially-underserved small businesses will receive a set-aside portion of the overall allocation through nonprofit lenders known as Community Development Financial Institutions (CDFI). Nonprofits, independent contractors, and sole proprietors are also eligible.
Below are links to the SBA application processes. If you need assistance applying or would like to speak to someone locally about the program, please reach out to our local Small Business Development Center at 505-566-3528 or SBDC@sanjuancollege.edu.
Paycheck Protection Program:
Please note, that all such programs are on a first come, first served basis. Please apply as soon as possible to ensure you receive timely assistance.