Recovery Financing Tools
Restaurant Revitalization Fund (RRF)
This new program from the SBA provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Registration opens on Friday, April 30, 2021. Click here to learn how to apply and for more details see this presentation from the latest SBA webinar on the program.
Shuttered Venue Operators Grant (SVOG) Program
The SVOG program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. The SVOG targets assistance to Live venue operators or promoters, theatrical producers, live performing arts organization operators, relevant museum operators, zoos and aquariums who meet specific criteria, motion picture theater operators, talent representatives and more.
Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. The application portal opens on April 8, 2021. The application and more program information can be found here.
WWBIC COVID-19 Fast Track Loan Program
This new WWBIC program is focused on existing businesses looking for business financing during COVID-19. Business owners have two options to pick from depending on their needs: a line of credit up to $10,000 or a term loan up to $15,000. Click here for more information, eligibility requirements, and the application.
Kiva has expanded lending terms and eligibility to help small businesses impacted by the pandemic. Downtown businesses in our communities that are women-, minority- and/or veteran-owned are also eligible for a 50% match from WEDC to expedite their loan. Encourage your businesses to apply, and/or sign up to be a lender yourself here.
Wisconsin Department of Workforce Development
Unemployment COVID-19 Public Information for the Wisconsin Department of Workforce Development. Click here for more info or apply for benefits online here.