April 23, 2020 Update on Small Business Loans and Grants

Here is the latest update on loans and grants for small businesses:

1. Small Business Administration Lending: We’re happy to share that our political leaders are very close to adding an additional $310 billion to the Paycheck Protection Program, $50 billion to the Economic Injury Disaster Loan (EIDL) program and $10 billion for EIDL grants.

EIDL is administered directly through the SBA. Details can be found at www.sba.gov/funding-programs/disaster-assistance. If you have already applied for an EIDL loan or grant, you can get updates by contacting the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov

To gain access to a loan through the Paycheck Protection Program (PPP), you must work with a Small Business Administration (SBA) approved lender. If you have already submitted an application, we recommend reaching out to the lender to ensure your application is complete and ready when this second round of funding becomes available. If your preferred lender is not offering these loans, you can find a list of approved lenders at www.sba.gov/paycheckprotection/find. You may also be able to work with an approved Community Development Financial Institution (CDFI). Details at https://cdfi.org/

2. LISC’s Rapid Relief & Recovery Fund: Thanks to a $2.5 million investment from Verizon, LISC is offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available. The application period is now open. Details and application at https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/verizon-small-business-recovery-fund/

Your application must be completed by Tuesday, April 28th, 11:59 p.m. ET. Before completing the application, we recommend you review our Grant Information Overview and FAQ.

3. Facebook Small Business Grants Program: "We [Facebook] know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time." Applications for DC Businesses is live: https://www.facebook.com/business/boost/grants