The Upper Cumberland Development District has updates to the PPP Program and a Shuttered Venue Operators Grant Opportunity.
The Paycheck Protection Program is being refueled with $284 billion in funds. Businesses that already received a PPP loan will be eligible to get a second one under the new terms. Some of the PPP funds will be set aside for the smallest businesses and community-based lenders. The application process opened Jan 11, 2021 and we encourage business owners to apply asap! Our SDBC team is happy to answer questions or assist local businesses with the process and can offer many other valuable resources.
Tyler Asher, SBDC Director can be reached at 931-261-0421 and Maegan Smith, Business Development Specialist can be reached at 931-255-1066.
* A free webinar is scheduled for Jan. 28, 2021 at 9:00am CST. Participants must register for the Paycheck Protection Program-Second Draw- What We Know webinar at the following link. What We Know Webinar
NEW** Shuttered Venue Operators Grant Opportunity
Emergency assistance for eligible venues affected by the COVID pandemic. The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.Eligible applicants may qualify for SVO 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.
Eligible entities include: 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 each business entity owned by an eligible entity that also meets the eligibility requirements.
Other requirements of note:
Must have been in operation as of Feb. 29, 2020 and Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020. Additional details will be announced in the upcoming weeks.