Steps to Prepare For New Federal Funding Programs

Source: Oregon.gov

The American Rescue Plan has earmarked billions of dollars to support small businesses to recover from the impacts of the COVID-19 pandemic. It is anticipated that programs, including the new Restaurant Revitalisation Fund (RRF) and Shuttered Venue Operators Grants (SVOG), will be available sometime in April. Attached you will find an overview of the RRF and a SVOG checklist for reference. For information about other programs and new timelines, please visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options as this will be updated reguarly with new information.

While waiting for these funds to become available, to prepare your business to apply for either the Restaurant Revitalisation Fund or Shuttered Venue Grants you need to register for the federal System for Award Management (SAM). Here is a video from the SBA that helps walk you through each of the steps, also noted here for you:  

• Sign up to receive a DUNS number. The DUNS number assignment is free, but it is required for all businesses who want federal contracts or grants. This typically takes 1-2 days to process and is free. 
• Create a login.gov user account. This login account will allow you interact with the US Small Business Administration (SBA) and other federal agencies. 
• Register with SAM. It can take up to 2 weeks to be fully set up on SAM. Additional delays may occur due to the volume of applicants that will be trying to prepare to access the new round of funds.You will need your login.gov email, DUNS number, and standard business info such as your Articles of Incorporation, Taxpayer Identification Number (TIN) and Taxpayer Name, etc.

Please ensure you have your business information (including financials) in order so you can provide necessary documentation for program application. If you need assistance with these processes, don’t hesitate to reach out to one of the Oregon Small Business Development Centers for free business counseling that can help you navigate these steps! 

Additionally, MCEDD and the SBDC’s Capital Access Team are hosting a training on the new funding resources to be held April 6th. Please join them for overviews of these programs and a chance to ask questions!  Registration can be found here.