Update on Small Business Relief

As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.  Second draw applications are being accepted until March 31, 2021.

• Paycheck Protection Program Second Draw Borrower Application Form 

Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses.

Here’s everything small business owners need to know now:

How Do These Changes Impact My Existing PPP Loan? 

I Exhausted My Initial PPP Loan, How Does This Help Me? 

What If I Never Received a PPP Loan? 

Which Changes to Other Programs That May Help My Small Business Have Been Changed? 

• Expanded Employee Retention Tax Credit 
• EIDL Grants 
• Grants for Shuttered Venue Operators 
• SBA Loan Debt Forgiveness 

CLICK HERE for the Strategy for Success Webinar explaining the Business Funding Grants

Arizona Small Business Rent and Mortgage Relief Grant
The program will provide rent and mortgage assistance to small Arizona businesses that were required to pause operations by Executive Order 2020-43. The program will provide grants for up to two months of rent and mortgagae payments due by small businesses.  The maximum award will be $25,000.  Grants will be prioritized for businesses that are most in need of the funding to meet their rent or mortgage oblications and do not have access to other financial support. Click here for more information.

I Choose Chandler Business Hiring & Retention Program
The City of Chandler is providing businesses in industries most impacted by the effects of COVID-19 with grants up to $10,000*, based on their employee retention and hiring. The I Choose Chandler Business Hiring and Retention Program will provide qualifying businesses with $1,300 per employee retained or hired since Dec. 31, 2019, up to a maximum of $10,000.  Click here for more information.

Apply for Maricopa County Small Business Relief Grant
Small businesses within Maricopa County that are not within the cities of Phoenix or Mesa can apply for COVID-19 relief grants up to $20,000. Click here for
the application link.

Apply for Chandler PPE Reimbursement Grant
To assist small businesses with costs incurred from purchasing personal protective equipment (PPE) qualifying Chandler businesses can apply for a "Choose Chandler" grant in amounts between $100 and $500. Click here to apply.

Frequently Asked Questions about PPP Loan Forgiveness
The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing guidance to address borrower and lender questions concerning forgiveness of PPP loans. Click here for information.

Apply for EIDL Loans for Small Business
EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Click here to apply.