Making matters worse is the nature of the coronavirus pandemic (COVID19). Many industries dominated by small businesses happen to be those, like retail, that rely on in-person contact. The good news is there are small business stimulus and relief options available to individuals and businesses that have been negatively affected by the pandemic. The challenge is finding the ones you’re eligible for and checking all the boxes you need to qualify. To help you navigate your relief options for small business, we’ll run through six of the top small business stimulus grants available in 2021.
5 Stimulus Grant Options for Business Owners in 2021:
1. Targeted Economic Injury Disaster Loan (EIDL) AdvanceThe COVID relief bill passed in December 2020 made a new set of grants available for qualifying businesses. This grant is called the Targeted EIDL Advance and awards up to $10,000 if your business meets certain criteria. To be eligible for this grant you must:
- Employ no more than 300 employees
- Have suffered an economic loss greater than 30 percent
- Be located in a low-income community
2. Shuttered Venue Operators (SVO) GrantThe SVO grant awards 45 percent of an applicant’s gross earned revenue with a cap of $10 million per business. This grant was made available by the December 2020 COVID relief bill and applications are open on the SBA website. Entities eligible for this grant 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, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
3. The Barstool FundThe Barstool Fund is a private initiative started by David Portnoy, the founder of Barstool Sports. To be eligible for a grant from The Barstool Fund there are two requirements:
- Your business has been negatively impacted by Covid-19.
- Your business is maintaining employee retention by continuing to pay staff.