Staff Contribution

Below are a couple of breaking updates on COVID-19 specific funding programs:
US Congress extends Paycheck Protection Program (PPP) deadline to May 31
  • In addition to the two-month extension, they are providing an additional 30 days, after May 31st, for the Small Business Administration (SBA) to process pending applications.
  • For more information about PPP please click here. 
SBA updates Restaurant Recovery Fund
  • The SBA expects a “phased launch” of the $28.6 billion Restaurant Revitalization Grant program to begin in April, over the next 30 to 45 days. This is the first timeline provided by the SBA. We will share more information as it becomes available.
  • For more information about how PPP interacts with the new Restaurant Revitalization Fund please click here.
EIDL increases maximum eligible amount to $500,000
  • The SBA is increasing the maximum eligible amounts for Economic Injury Disaster Loans (EIDLs).
  • Beginning April 6, recipients (including those who previously received an EIDL) can access up to $500,000. The previous limit was $150,000.
  • Businesses that previously received an EIDL are not required to submit a request for an increase, as the SBA is expected to “reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date.”

For more information on the status of reopening in New Bedford and other important news, visit New Bedford’s COVID-19 page.

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