We’re performing scheduled maintenance on Sunday, Mar. 22 from 12 a.m.–6 a.m. CT / 1 a.m.-7 a.m. ET. During this window, balances will not be updated real-time in online banking, mobile banking or Pinnacle Anytime, and you cannot move money between accounts or send money with Zelle. We apologize for the inconvenience and thank you for your patience.
SBA Relief Programs
The SBA is offering grants and federal disaster loans for working capital to certain small businesses suffering substantial economic injury as a result of the coronavirus.
- Shuttered Venue Operators Grant – For live performing arts organization operators, museum operators, motion picture theater operators (including owners), talent representatives, theatrical producers
- Restaurant Revitalization Fund – For small restaurants, caterers, food trucks, concessions operators, brewpubs, wineries and similar small businesses that have been hard-hit by the pandemic
- Economic Injury Disaster Loans – For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations
These programs come directly from the SBA, and applications will be made through the SBA, not Pinnacle. Still, your Pinnacle financial advisor can answer your questions, help you gather the required materials and help determine how they fit into your overall needs.
Watch this Pinnacle Webinar with LaTanya Channel, SBA's Tennessee director to get more information and answers to many of your questions.
More helpful videos on these programs:
- Restaurant Revitalization Fund
- Shuttered Venue Operators Grant
Shuttered Venue Operators Grant
Grants for up to 45 percent of gross earned revenue (up to $10 million) to be spent on payroll, rent, utilities, scheduled mortgage and debt payments, worker protection costs, independent contractor payments, other business and administrative costs, state and local taxes. Total amount depends on many factors, including how much you took in PPP loans.
To learn more, read this fact sheet and visit the SBA website.
Restaurant Revitalization Fund
Grants for up to $5 million per location (no more than $10 million per applicant and any affiliated business) to be spent on business payroll costs, payments on any business mortgage obligation, business rent payments, business debt service, business utility payments, business maintenance expenses, construction of outdoor seating, business supplies, business food and beverage expenses, covered supplier costs and business operating expenses.
To learn more, read this fact sheet and visit the SBA website.
Economic Injury Disaster Loans
Loans up to $2 million available that can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. It comes with requirements for size (must be a small business), type of business and financial resources requirements. The business must have suffered working capital losses due to the declared disaster, not due to an unrelated downturn in the economy or other reasons.
To learn more, read this fact sheet and visit the SBA website.
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