Shuttered Venue Operator Grant & Restaurant Revitalization Fund: If any businesses are planning on seeking funding through either the Shuttered Venue Operator Grant or through the Restaurant Revitalization Fund they will need to be registered in SAM prior to applying. The steps to apply with SAM are below:
- First, you will need to establish a User Account with the Government. This can be done on the website: Login.gov The process is very easy.
- Second you will need to sign up for a DUNS number. This can be done on a website: fedgov.com (A DUNS number is a nine-digit number used to register a business with the Federal Government for Contracts or Grants. Since the RRF is a grant, this will be a requirement. It could take a day or two to obtain this number so I would recommend applying for this number right away.
- Third, use your login.gov user account and your DUNS number to register with sam.gov. SAM stands for System for Awards Management which is used by the Federal Government.
- WARNING: Beware of scams when registering with SAM, you do not need to pay anything to complete your registration.
Economic Injury Disaster Loan: The SBA is increasing the maximum amount of EIDL funding a business can get from six months of working capital capped at $150,000 to 24 months of working capital capped at $500,000.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
Paycheck Protection Program: The Paycheck Protection Program has been extended until May 31. Most lenders are reopening their applications today if they have not done so already.
Maryland Department of Commerce Grant: The Commerce Department will be running a number of different grant programs in the coming weeks. The first, the COVID-19 RELIEF Grant Program is set to open (3/30/21) at 9:00 AM and the grant program is first come first serve so it is very important that applications be submitted as quickly as possible.