To assist hospitality-related businesses in Delaware that have been economically impacted by Coronavirus (COVID-19), the Division of Small Business is launching the Hospitality Emergency Loan Program (HELP).
The state will be making available no-interest loans of up to $10,000 per business per month to help the estimated 2,700 affected Delaware businesses in the hospitality industry cover immediate, unavoidable expenses over the next few months.
The program is open to businesses with less than $1.5 million in annual revenue that have been in business and operating with revenue for at least 12 months.
The loans carry a 10-year term with payments deferred for 9 months.
They can be used for a wide range of expenses, other than payroll costs.
To be eligible, the business must operate in one of the four-digit NAICS industry codes listed below:
- 7225 Restaurants and Other Eating Places
- 7224 Drinking Places (Alcoholic Beverages)
- 7223 Special Food Services
- 7211 Traveler Accommodations
- 7139 Other Amusement and Recreation
- 7131 Amusement Parks & Arcades
- 7121 Museums and Historical Sites
- 7113 Promoters of Performing Arts
- 7112 Spectator Sports
- 7111 Performing Arts Companies
- 4879 Scenic and Sightseeing Transportation, Other
- 4872 Scenic and Sightseeing Transportation, Water
- 4871 Scenic and Sightseeing Transportation, Land
- 3121 Beverage Manufacturing
- 3118 Bakeries and Tortilla Manufacturing
Applications will be available online later this week. Visit delbiz.com/coronavirus for updates.
In the meantime, gather the documents you will need:
- proof the business has been in operation and generating revenue for at least 12 months
- income statement showing the business has no more than $1.5 million in annual revenue
- bills for which payment is sought, including proof the business has been current for at least 80 percent of payments over the past 12 months and not past due in the month prior to the current month for which the business is applying for relief (proof of payments or a letter to the entity for which the money is due)