Team Outdoorsy
by Team Outdoorsy
Posted April 15, 2020

There’s no way getting around it; your RV businesses (and the travel industry in general) are facing unprecedented economic disruption from the Coronavirus (COVID-19) outbreak. And just how much is this pandemic affecting U.S. small businesses? 

In a wide sweep across the country, businesses of just about every size and industry are seeing radical changes in critical business areas like: 

  • Access to capital
  • Workforce reductions
  • Market demand
  • Inventory shortages
  • Ability to plan ahead

To help stimulate, save, and relieve small business owners across the country, the President recently signed into law the CARES Act, which provides $376 billion in relief for American workers and small businesses. These funds created new temporary financial aid programs, most of which are administered by the U.S. Small Business Administration

During these challenging times, we want to equip our owners with as many tools as possible to not only survive the COVID-19 landscape but to come out on the other side a stronger leader and business owner. In this guide, we’ll break down the options you have for COVID-19 financial assistance as an RV rental business owner. 

SBA’s Coronavirus (COVID-19) Financial Relief Programs: 

  1. Paycheck Protection Program (PPP)
  2. Economic Injury Disaster Loan Advance (EIDL)
  3. SBA Express Bridge Loans
  4. SBA Debt Relief

Let’s dig into these a little further. 

What is the Paycheck Protection Program? 

Editor’s Update: As of a 4/16 government report, the SBA is not currently accepting any more applications for the PPP due to the depletion of program funds. We will update this article as new information comes in regarding the status of the Paycheck Protection Program.

The Paycheck Protection Program is a loan designed to enable and encourage small businesses to keep their employees on staff. And guess what? These loans are totally forgivable as long as employees are kept on for at least eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

If your RV business needs help covering its payroll expenses, you can apply through an existing SBA 7(a) lender. Other regulated lenders can also distribute these loans if they’re enrolled in (and approved by) the program. Make sure to check with your local lender to see if they’re a PPP-participating lender.

Is your RV business eligible for the Paycheck Protection Program? 

Here’s who qualifies, according to the SBA website: 

  • Any small business with under 500 employees
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and the self-employed


What is the EIDL Loan Advance Grant

Under the EIDL Grant, approved business owners can receive an Economic Injury Disaster Loan Advance of up to $10,000. This advance could help your RV business get some economic relief if you’re experiencing a temporary loss of revenue. And because this initiative is a grant by law (and not a loan), you won’t have to pay back this advance. 

Who Can Apply for the Loan Advance?

This program is for any of the following affected by COVID-19:

  • any small business with less than 500 employees
  • sole proprietorships, independent contractors and the self-employed
  • private non-profit organizations
  • 501(c)(19) veterans organizations

You can apply for COVID-19 Economic Injury Disaster Loan and loan advance on the SBA’s website

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If your RV business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, you may qualify for an SBA Express Disaster Bridge Loan.

Express Bridge Loan Terms

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

Business owners can apply for an Express Bridge Loan through March 13, 2021. Because it’s an express loan, the SBA has stated that you should receive the funds within 45 days of approval, and no later than 90 days.

However, the loan must be used for working capital and can only be used to cover operational expenses to support the survival or the reopening of your small business.

As of publication, these were the main sources of COVID-19 financial relief from the SBA. If the government decides to release more funds or create new programs, we’ll make sure to update our owners!

If you’re interested in learning more about the application process for any of these loans, check out the SBA’s section on Coronavirus relief options.

Team Outdoorsy


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