COVID-19 Economic Injury Disaster Loan
This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. For more information, click here
Shuttered Venue Operators Grant
The Shuttered Venue Operators Grant program was established in the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and amended by the American Rescue Plan Act to provide over $16.2 billion in economic relief to target industries. This SVOG portal is now open to receive applications.
For more information and to apply, click here.
West Virginia Small Business Training Opportunities
provided by the Small Business Administration WV District Office
|June Training Schedule |
Forgiveness Form Freak-out: 3508 S Every Tuesday in June at 9 am EDT
Forgiveness Form Freak-out: 3508 EZ Every Tuesday in June at 10 am EDT
Forgiveness Form Freak-out: 3508 Every Wednesday in June at 9 am EDT
Top 5 things you need to know about EIDL Every Wednesday in June at 12 pm EDT
Q&A with SBA – Lenders Every Thursday at 11 am EDT
Q&A with SBA – Small Businesses Every Thursday at 12 pm EDT
SBA Surety Bonds Thursday, June 10, 2021 at 11 am EDT
Reconsideration Round Up Every Friday in June at 10 am EDT
Getting Registered into the System for Awards Management Friday, June 11, 2021 at 10 am EDT
Boots to Business Reboot Two Day Event – June 17 & 18 from 8:00 am – 12:30 pm EDT
Full Schedule of WV SBA Trainings
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
SBA and Treasury Announce
New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, has posted a revised, user-friendly Paycheck Protection Program loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new “EZ” version of the forgiveness application applying to borrowers who:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%
Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
- Click here to view the EZ Forgiveness Application.
- Click here to view the Full Forgiveness Application.
Frequently Asked Questions on PPP Loan Forgiveness
Click here for Paycheck Protection Program (PPP) Frequently Asked Questions (FAQs) on Loan Forgiveness
Borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.
A new PPP factsheet for borrowers has been created. Please click here to review.
Click here for full fact sheet!
To stay informed go to: https://www.sba.gov/updates and sign up for their newsletter.
To learn more about the relief options available for your business, click here.
Additional information on the CARES Act can be downloaded below:
Keep up to date on the latest updates from our state office. https://dhhr.wv.gov/COVID-19/Pages/default.aspx
The New River Gorge Regional Development Authority received $750,000 in loan fund recapitalization for their revolving loan fund as part of the Appalachian Regional Commission COVID relief investments. This additional funding will be awarded to businesses who have been suffering during the COVID-19 pandemic. To get the application process started, click here.
Local Initiatives Support Corporation (one of the country’s largest social enterprises) and its partners are providing grants to small businesses during this challenging period. Grant applications are accepted in rounds. There isn’t a current round of applications being accepted. This program supports small businesses and enterprises, especially those in under-served communities, including entrepreneurs of color, women and veteran owned businesses that often lack access to flexible, affordable capital. Applications will be reviewed based on criteria designed to prioritize particularly challenged businesses. For more information, click here.
The HartBeat of Main Street Grant Program was created by the Hartford Small Business Insurance and Main Street America. This initiative is designed to support brick-and-mortar businesses as they enter the next phases of reopening across the country, while also helping to revitalize and strengthen older and historic Main Street and commercial districts. As an applicant, you may apply for any amount between $5,000 and $15,000 USD. Final awards will be determined on a case by case basis. For the most current information and to apply, visit https://www.mainstreet.org/howwecanhelp/hartbeat.
Facebook is offering $100M in cash grants and ad credits through their Small Business Grants Program. Learn more.
JPMorgan pledged $50 million global philanthropic commitment to support communities and people hit hardest by this public health crisis, including $2 million to existing nonprofit partners and $8 million to assist small businesses. Learn more.
Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date. Learn more.
The James Beard Foundation is launching a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need. Learn more.
MainVest, a crowdfunding platform, announced its new Main Street Initiative: a $2,000, zero-interest, 120 day loan for restaurants or other brick and mortars affected by the shutdown. Learn more.
CO.STARTERS Recovery Guide: This is an amazing group of resources from our training partner, Co.Starters.
COVID-19 Main Street Resources: Guidance resources for your community.