Pinnacle offices in the National Capital region are closed today due to inclement weather. All office and weather updates will be posted to PNFP.com/Weather.
Pinnacle offices in the National Capital region are closed today due to inclement weather. All office and weather updates will be posted to PNFP.com/Weather.
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.
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:
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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