January 20, 2021 - News | Updates | Events | Opportunities
From your partners at Explore Asheville CVB

Webinar recording: "Update on New PPP Funding for Local Businesses"

The federal COVID-19 recovery package passed by Congress in late December contains significant benefits for small businesses and the tourism community. Provisions include a second round of forgivable Paycheck Protection Program (PPP) loans.

Yesterday, Explore Asheville hosted a webinar on new PPP funding opportunities, presented by experts from Mountain BizWorks. Mike Ames, Business Coach & PPP Specialist, and Elizabeth Porter, PPP Underwriting Specialist, shared what they know, what you should expect, anticipated timelines, where to find resources, and how to participate. The event also included attendee Q&A.

Shuttered Venue Operators Grant (aka "Save Our Stages")

Another program established as part of the COVID relief package is the Shuttered Venue Operators (SVO) Grant program, which includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance. (This was previously known as "Save Our Stages.")

Eligible applicants may qualify for SVO grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. Entities eligible to apply include:

• Live venue operators or promoters
• Theatrical producers
• Live performing arts organization operators
• Relevant museum operators, zoos and aquariums who meet specific criteria
• Motion picture theater operators
• Talent representatives

Important to note: You can only apply for an SVO grant OR a PPP loan, so experts suggest that before submitting an application, you research both programs to determine which will provide more relief to your organization.

Other resources for COVID relief for small businesses from SBA

Other COVID relief from the US Small Business Administration (SBA) includes:

• Economic Injury Disaster Loan Program (EIDL): Designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.
• SBA Express Bridge Loans: If a small business has an urgent need for cash while waiting for decision and disbursement on an EIDL, they may qualify for an SBA Express Disaster Bridge Loan.

The U.S. Travel Association has also compiled resources, fact sheets, and FAQs on COVID relief. Find their relief toolkit here.