Category: SBA

Are you eligible for Paycheck Protection Program (PPP) loan forgiveness?

First Draw PPP Loan forgiveness terms

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

Second Draw PPP Loan forgiveness terms

Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained as required for the First Draw PPP loan
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs

How and when to apply for loan forgiveness

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

For more information, visit https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness

National Small Business Week Virtual Summit – Sept. 13-15

Event Time: 11:00am – 6:00pm ET/8:00am – 3:00pm PT

Join the SBA September 13 – September 15, for the National Small Business Week Virtual Summit to learn new business strategies, meet other business owners, and chat with industry experts. This free online event will include educational webinars, updates on resources for small businesses, and a networking chat room for business owners and aspiring entrepreneurs.

“This year we’ll be spotlighting the resilience of our nation’s entrepreneurs and the renewal of our small business economy as we build back better from this once-in-a-generation economic crisis.” – Administrator Isabella Casillas Guzman

Register here – https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=5B16BB3D-BC6D-4177-9AE2-A8BF674E851C&AffiliateData=SBALandingPage&Referrer=https%3A%2F%2Fwww.sba.gov%2F

Woman-Owned Small Business (WOSB) Certification (Virtual Conference)

August 18,  2021 

9:00 am – 12:00 pm CST

Hosted by:

SBA Louisana District  Office and Louisana Small Development Center (LSBDC) at Southern University

             

***VIRTUAL CONFERENCE***

   Join us for SBA Women Owned Small Business (WOSB) Certification Virtual Conference as you will hear from Small Business Administration regarding the certification processes, procurement opportunities, funding opportunities, technical assistance providers, small businesses and a panel discussion addressing “Lessons Learned Through the Pandemic and from Other Disasters.” The federal government’s goal is to award at least five percent of all federal contracting dollars to women-owned small businesses each year. To help provide a level playing field for women business owners, the government limits competition for certain contracts to businesses that participate in the Women-Owned Small Business (WOSB) Federal Contracting program.

To register, visit – http://www.sba.gov/la

              Small Business Events Calendar

  FREE and Open to the Public 

SBA announces deadline to all eligible Shuttered Venue Operators Grant (live entertainment small businesses, nonprofits, and venues)

New applications will be accepted until 𝟭𝟭:𝟱𝟵 𝗽.𝗺. 𝗣𝗧 𝗼𝗻 𝗙𝗿𝗶𝗱𝗮𝘆, 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬. The SVOG program has so far awarded $8.4 billion in grants to more than 10,800 businesses to assist in getting the nation’s cultural institutions, which are critical to the economy and were among the first to shutter, #BackOnTrack.

While the application portal will close to new applicants, SBA will continue delivering economic aid to help venues recover by providing critical relief through the supplemental awards program. Later this month, SBA will open the program for supplemental SVOGs for 50% of the original award amount, capped at a total of $10 million (initial and supplemental combined). Details will be announced at a later date.

Additionally, SBA is currently accepting, by invitation, applications for reconsideration of award amounts and appeals. This gives applicants a chance to prove their eligibility and reverse a prior decision. Should the need arise, the SBA may reopen the portal or make other adjustments to best meet the needs of small businesses.

📱 For SVOG technical assistance, call the Disaster Assistance Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing, at 1-800-877-8339.

🔎 For individual guidance on SVOG applications, reach out SCORE Mentors, America’s SBDC, AWBC, Veterans Business Outreach Center or other SBA resource partner near you: https://lnkd.in/daGxYnS

🔗 Learn more about COVID19 relief options for small businesses: https://www.sba.gov/relief

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal

PRESS RELEASE

New portal will streamline applications for loans $150K or less for over 6.5 million businesses

WASHINGTON – The  U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman.  “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”

This new change will help rush relief to over 6.5 million smallest of small businesses which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021.  Lenders are required to opt-in to this program through https://directforgiveness.sba.gov. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.  Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. – 8 p.m. EST.

“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”

Paycheck Protection Program Summary

  • Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.

In 2021:

  • SBA approved over 6.5M loans totaling over $275B
  • The average loan size was ~$42 thousand (compared to $101 thousand in 2020)
  • 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020.)
  • 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)

Direct Forgiveness Summary

  • Over 600 banks have opted in to direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)

“As one of the leading PPP lenders in the nation, Customers Bank is proud to partner with SBA to deliver responsive digital loan forgiveness service to the small business borrowers,” said Sam Sidhu, President & CEO of the bank.  “The streamlined and efficient SBA PPP loan forgiveness portal will help borrowers and lenders move forward with economic growth and job creation following the pandemic.  We encourage other lenders to join Customers Bank and opt-in to the SBA portal.”

Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever.  View the Interim Final Rule on PPP Forgiveness.

Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, please visit www.sba.gov/relief.

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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Webinar Series: Getting Your Business Back on Track

SBA and PPSI Educational Webinar Series, Getting Back on Track: Help is Here

The SBA and Public Private Strategies Institute are hosting several webinars from July to August to help you get your business back on track. Join us for our next webinar on July 29, 2021 at 2:00 p.m. EDT to:

  • Hear about what steps you can take now to learn and take advantage of new and existing programs that are available at the SBA
  • Get an update regarding programs and recent policy announcements made by the Biden-Harris Administration
  • Have your questions answered by SBA Leadership and small business experts
  • Learn how you can become a vaccine leader in your community
  • Discover tools and resources you can use to take your business digital

The webinars in this series are open to any small business owner and leader. They are divided geographically by SBA regions and feature guest speakers from the corresponding areas. However, the majority of the information pertains to a national audience, so you may register for a webinar outside your location.

Register

COVID EIDL: Small Business Relief & Recovery Seminar

Photo of Veronica Pugin with text COVID EIDL Small Business Relief and Recovery Webinar

The U.S. Small Business Administration’s Office of Capital Access will host a small business webinar series with Public Private Strategies Institute on the COVID Economic Injury Disaster Loan (EIDL) program. The program was designed to help hard-hit small businesses and nonprofits recover from the economic impacts of the pandemic by providing advances and low-interest disaster loans.

Note: The information presented in each webinar will be the same. Select webinars will also be simulcasted on SBA’s and PPSI’s Facebook pages. 

Two Weeks Left to Apply for Assistance from FEMA and SBA

Release Date:
July 19, 2021

BATON ROUGE, La. – There is still time to apply for a grant from FEMA or a low-interest disaster loan from the U.S. Small Business Administration (SBA). You have until Aug. 2 to apply for federal assistance. Your insurance may not have covered the cost of damage to your home after the May flooding. The five designated parishes for disaster assistance are Ascension, Calcasieu, East Baton Rouge, Iberville and Lafayette.

FEMA disaster assistance for individuals and families can include money for rental assistance, essential home repairs, personal property and other serious disaster-related needs not covered by insurance. This also applies if you experienced added living expenses from having to move to a temporary rental.

If you haven’t done so yet, be sure to file a claim with your home insurance. FEMA cannot duplicate insurance benefits but may be able to assist with under-insured or uninsured losses. It is important to stay in touch with FEMA regarding the details stated on the insurance settlement document received from your provider after your claim has been settled.

Here is how to apply to FEMA; choose the best way for you:

  • Visit  www.disasterassistance.gov;
  • Call 800-621-3362 (TTY 800-462-7585). The toll-free telephone lines operate from 7 a.m. to 11 p.m. seven days a week. Those who use a relay service such as a videophone, InnoCaption or CapTel should update FEMA with their specific number assigned to that service.
  • Download the FEMA Mobile App by texting ANDROID or APPLE to 43362.

You may be contacted by the SBA about a low-interest disaster loan after submitting your application to FEMA. Please complete the SBA application to keep the process moving. An SBA low-interest disaster loan may cover some or all of the difference between your recovery costs, the insurance settlement, and the FEMA grant amount.

  • SBA offers low-interest disaster loans for homeowners up to the $200,000 statutory maximum to repair or replace your primary residence. The loans are customized to your personal financial circumstances. On a case-by-case basis, the SBA may be able to assist with refinancing your current mortgage(s).
  • SBA can also help renters and homeowners replace household contents and vehicles, referred to as personal property. You may be able to borrow up to the $40,000 statutory maximum to repair or replace clothing, furniture, cars, or appliances that were damaged or destroyed in the disaster.

For additional assistance, the SBA has established a Virtual Disaster Loan Outreach Center that is open Monday – Friday, 7 a.m. to 7 p.m. CT. You can contact an SBA customer service representative via email at FOCWAssistance@sba.gov or by phone at 800-659-2955. SBA will answer specific questions about how a disaster loan may help each survivor with their disaster recovery and will provide one-on-one assistance in completing applications for these loans. You can apply online at https://disasterloanassistance.sba.gov

For the latest information on severe storms, tornadoes and flooding visit fema.gov/disaster/4606. Follow the FEMA Region 6 Twitter account at twitter.com/FEMARegion6

FEMA Release Number: NR-017

SBA Administrator Announces Closure of Restaurant Revitalization Fund Program

Over 100k restaurants were awarded $28.6 billion; the Average award was $283K

WASHINGTON – Today, U.S. Small Business Administration Administrator Isabel Guzman announces the closure of the Restaurant Revitalization Fund (RRF) program, signed into law by President Joe Biden as part of the American Rescue Plan. The program provided much needed economic aid to restaurants and other establishments struggling to make ends meet as a result of the pandemic.

“The $28.6 billion Restaurant Revitalization Fund provided desperately needed relief to more than 100,000 restaurants and other food and beverage businesses across the nation with significant funding going to our hardest-hit, underserved businesses,” said SBA Administrator Isabel Guzman. “Restaurants are at the center of our neighborhoods and propel economic activity on Main Streets. As among the first to close in this pandemic and likely the last to reopen, many are still struggling to survive. The SBA will continue to work hard to ensure they get the resources they need to recover, rebuild and be resilient.”

As of June 30, 2021, the RRF program received more than 278,000 submitted eligible applications representing over $72.2 billion in requested funds, and approximately 101,000 applicants have been approved to restaurants, bars and other restaurant-type businesses. Underserved populations received approximately $18 billion in grant awards including :

  • Women-Owned businesses ~ $7.5 billion
  • Veteran-Owned businesses ~ $1 billion
  • Social and economically disadvantaged-Owned businesses ~ $6.7 billion
  • Businesses Owned by Representatives of Multiple Underserved Populations ~ $2.8 billion

The remainder of the $28.6 billion was awarded to eligible applicants not identified as part of an underserved group.

The average size of grant awards to applicants was $283K:

  • 2 percent of approved dollars for $50K and Under
  • 9 percent of approved dollars for $50K – $100K
  • 6 percent of approved dollars for $100K – $150K
  • 2 percent of approved dollars for $150K – $350K
  • 2 percent of approved dollars for $350K – $1M
  • 4 percent of approved dollars for $1M – $2M
  • 0 percent of approved dollars for $2M – $5M
  • 6 percent of approved dollars for $5M – $10M

As outlined by Congress, restaurants and bars were eligible for economic aid equal to their pandemic-related revenue loss, with a cap of $10 million per business and $5 million per location. The funds were available for certain eligible uses, like payroll and rent.

The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, address payment corrections, or ask questions.  The SBA will disable access to the platform on July 14, 2021.

With the closure of the RRF, the SBA will continue to deliver economic aid to help small businesses recover with critical relief through programs such as the Economic Injury Disaster Loans [EIDL], Targeted EIDL Advance and Supplemental Targeted Advance and the Community Navigator Program. For additional information on SBA’s Economic Relief programs, visit COVID-19 relief options (sba.gov)

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. It delivers services to people through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Facebook Live Event – Hurricane Preparedness Q & A – July 14

Hurricane Preparedness Q & A
Wednesday, July 14 @ 2:00 pm CDT

With peak hurricane season just around the corner, now is the time to start preparing your business for severe weather. Hurricane preparedness experts from Insurance Institute for Business and Home Safety and Insurance Information Institute will join us for a discussion about how to get your business ready before storms strike and provide important #HurricanePrep tips. Watch on our Facebook page Wednesday, July 14 at 2 pm CDT.

Find more preparedness resources:
https://ibhs.org
https://www.iii.org
https://lnkd.in/ek37d-C

SBA Has Extended the Deadline for Community Navigator Applications to 7/23

The application date for the Community Navigator Pilot Program has been extended to July 23. SBA anticipates making award decisions by September.

The Community Navigator Program will help revitalize small businesses through a Hub and Spoke “Navigator” featuring a lead “Hub” – at the center of a network of “Spoke” organizations that deploy trusted community advocates to work with small businesses during recovery.

These networks will leverage the business development expertise of the central hub organization and the community credibility of spoke organizations to connect resources with small businesses, with the priority focus on those owned by women, veterans, and socially and economically disadvantaged individuals.

📰 Read the full press release: https://lnkd.in/dgZNS98
🔗 Learn more about the program and how organizations can apply for funding: https://lnkd.in/dHGxKnJ