SBA Covid Resources
The DC Women’s Business Center created this resource page to assist entrepreneurs in the District of Columbia’s metropolitan region. This page includes information and resources for entrepreneurs starting a business and for existing businesses who have been impacted by the national pandemic following the outbreak of COVID-19.
For assistance, please register for a one-on-one counseling session with our small business counselor by scheduling an appointment here.
COVID-19 Federal Relief
The American Rescue Plan Act signed into action in March expanded critical small businesses relief for entrepreneurs and small businesses by providing extensions and more funding to the Paycheck Protection Program, Shuttered Venue Operators Grant, Targeted Economic Injury Disaster Loan and created a new Restaurant Revitalization Fund.
New businesses that started after February 2020 are not eligible to apply for the EIDL or PPP. However, SBA has other loan programs and are authorized through the CARES Act to pay monthly principal, interest, and any fees that borrowers own for 6 months, capped at $9,000. Borrowers can apply directly, online. In addition national and local small business grants for women and small businesses can be found on the DC Women’s Business Center’s grant page.
For more information and to learn more about debt relief and other assistance administered by the Small Business Administration check the links below:
Paycheck Protection Program
The Paycheck Protection Program is a forgivable loan designed for sole proprietors, independent contractors and any small business that experience decreased revenue as a result of the pandemic. The loan is forgivable if for payments on business mortgage or rent obligations, utility payments, payroll costs, business software, property damage and other related business and payroll expenses. The deadline to apply is May 31st!
Learn more about the Paycheck Protection Program, updates to the Paycheck Protection Program and covered expenses and how and when to apply for loan forgiveness.
NCRC Community Development Fund
The NCRC Community Development Fund, Inc. (NCRC CDF) is a U.S. Treasury-certified Community Development Financial Institution, with the mission to provide loan capital that expands access to affordable homeownership and helps black, brown and woman-owned businesses thrive. The NCRC Community Development Fund is assisting new and previous PPP borrowers seeking loans. Check the link below to apply today: www.communitydevelopmentfund.org/.
Shuttered Venue Operator Grant
The Shuttered Venue Operators Grant administered by the Small Business Administration is currently accepting applications. The SVOG program will provide grants to live venue operators, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, and talent representatives who demonstrate at least a 25% reduction in revenues as a result of the pandemic and was fully operational on February 29, 2020. The application opened on April 8, 2020 but is temporarily suspended, applications will be processed on a first come, first serve basis. Check the links below to learn more and register for an account to apply:
Restaurant Revitalization Fund
The Restaurant Revitalization Fund administered by the Small Business Administration has not currently opened to accept applications. The RRF will provide industry specific grants to entrepreneurs working in the food industry that experience decreased revenue in 2020 compared to 2019 or to cover the cost of eligible business expenses if not opened for all of 2020.
SBA will prioritize applications from women and minority-owned businesses for the first 21 days. Get your 2019 and 2020 tax returns ready! 3 Things to Know About the Restaurant Revitalization Fund
COVID-19 Economic Injury Disaster Loan
The COVID-19 Economic Injury Disaster Loan administered by the Small Business Administration is a low interest loan with long term repayment options for eligible small businesses and nonprofits. The EIDL provides working capital and general operating expenses with a 30 year repayment option to borrowers who have experienced financial loss. The deadline to apply is December 31, 2021. For more information check the links below:
Resources for Entrepreneurs
Whether your small business is well-established, just starting out, or somewhere in between, having a dedicated website and understanding the best practices for digital marketing is a must.
How to Take Your Small Business Online
Tips for Adapting Your Business’s Marketing Plan in the Era of COVID-19
A company’s reputation is subjective and based on public perception. An opinion of a business may (or may not) be accurate, but in either case, it can drive the behavior of consumers, employees, investors, and regulators.
How Businesses Can Minimize Their Reputational Risk
The national pandemic brought on by the outbreak of COVID-19 drastically impacted our economy. These resources will guide through tips and resources for managing financial impacts from the crisis.
From COVID-19 to Hurricane Season: Disaster Preparedness for Small Businesses
How to Keep Your Small Business Going During a Crisis
Closing Your Business – A Managed Approach
Reopening Your Small Business – Q&A with SCORE Mentors