New Grant Opportunities Provided for Small Biz

New Grant Opportunities Provided for Small Biz
Posted on 06/16/2020

BusinessIndependent contractors, freelancers and gig workers are eligible to receive up to $10,000 under the Small Business Administration (SBA) Economic Injury Disaster Loan grant program. The grant program went into effect on June 15 after a two-month hiatus and is part of the larger Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law in March.

Small businesses and agricultural businesses also may apply for the grant, equal to $1,000 per employee of the business up to a maximum of $10,000.

Applicants must fill out a SBA application requesting an Economic Injury Disaster Recovery Loan, which provides for the advance even if the loan is not granted.

The loan program has been on hold since April due to funding issues. A new infusion of funding from Congress gave the grant program new life.

Grantees must have been in business as of Jan.31, 2020. The grants are available until December 16, 2020, but the SBA will quickly run out of money, so you should apply as soon as possible.

The following are eligible for the grant:

  • Independent contractors
  • Freelancers
  • Sole proprietorships, with or without employees
  • Gig workers
  • Small businesses with less than 500 employees
  • Agricultural businesses

Visit SBA for more information and an application.