You may be eligible for more pandemic grants and loans
Many companies and individuals deplore the end of the programs that supported them financially during the pandemic. But the well is not dry – there is a lot of money left in the state coffers for small business grants.
At the end of the year, businesses will lose the ability to apply for an Economic Disaster Loan (EIDL) from the US Small Business Administration. Other federal programs are also expiring, including the $ 500 per month child tax credit; student loan payment suspensions were expected to end soon, but have now been extended until May.
This is where states come in. Even though you have received funds in the past, more and more programs are coming online to distribute money which in many cases seems to be plentiful. In New York, for example, the $ 800 million Pandemic Small Business Recovery Grant program had spent just $ 190 million by the end of September, according to an agency report. New York is also awaiting federal instructions to open a $ 377 million small business credit initiative.
To find out what other states are doing, check out Inc’s guide. Kansas. Some large cities also make funds available. Los Angeles recently declared it distributes $ 25 million via $ 5,000 “return checks” to 5,000 companies, and Illinois announced a new $ 250 million program in August. The combination of new programs and the remaining funds from existing programs means that every business should check to see what they might be eligible for at the national and local levels.
Applications are still open for these similar grants and loans in many states and locations across the country, often funded by federal dollars allocated during the peak of the pandemic. Eligibility varies by location. For Los Angeles, its $ 5,000 grants will be distributed through a “weighted lottery” and will exclude certain drug, alcohol and gun related businesses, as well as national franchises.
In some places, the grants are intended for hard-hit sectors, such as hospitality and entertainment, or for medical research. In New York, for example, there is a $ 40 million program specifically “to encourage and accelerate the development and commercialization of solutions to serious infectious disease threats.”