SBA Updates

April 1, 2021

 

1.  The Paycheck Protection Program (PPP) Deadline is Extended to May 31, 2021  -  President Biden signed the Paycheck Protection Program (PPP) Extension Act into law extending the PPP deadline from March 31 to May 31, 2021. Read the full statement from SBA Administrator Isabella Casillas Guzman about how this is "providing additional critical relief to the smallest of the small businesses."

  • Receive technical assistance to help you apply:  The SBA and its Resource Partner Network offer free webinars to help you understand the details of the PPP. Plus, SBA Resource Partners also provide one-on-one business advising to help you through the PPP application process and provide guidance and support on other aspects of your business.   Get help with PPP

 

2.  SBA is boosting the lending limit of #COVID19 Economic Injury Disaster Loans: Per a March 24 news release, the week of April 6, the SBA will increase the COVID-19 disaster loan maximum amount to 24-months of economic injury / $500,000.

 

3.  Shuttered Venue Operators Grant  -  As the SBA builds and prepares to open the program, the dedicated webpage, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information. Right now potential applicants can work to get registered in the federal government’s System for Award Management (SAM.gov), as this will be required for an entity to receive an SVOG, and reference the preliminary application checklist and eligibility requirements in preparation for the application opening.

 

4.  American Rescue Plan Provides Additional Resources for COVID-19 Economic Relief - Overall, the American Rescue Plan Act provided $28.6 billion for a new Restaurant Revitalization Fund for grants to eligible entities in this hard-hit industry, with a maximum $5 million grant per location and aggregate maximum $10 million grant. The SBA has immediately begun work on this new program and will launch it as quickly possible to deliver the intended economic assistance.

Per the ARPA, the Restaurant Revitalization Grants will provide economic relief to:

  • Restaurants, food stands, food trucks, food carts, caterers, saloons, inns, taverns, bars, lounges, brewpubs, tasting rooms, taprooms, licensed facilities or premises of a beverage alcohol producer where the public may taste, buy or sample products or any other similar establishment where people assemble for the primary purpose of being served food or drink.
  • Any establishment with 20 or fewer locations
  • Ineligible entities include state or local government-operated entities and publicly traded-companies, as well as those entities that have a pending Shuttered Venue Operators Grant application or have received an SVOG.
  • As the program is built and developed, businesses should visit SBA's COVID-19 relief page -www.sba.gov/coronavirusrelief - for information on this and other economic aid programs as it comes available. Also, they are encouraged to stay up to date by following the SBA on Twitter (@sbagov) and subscribing to SBA’s e-newsletter.

 

5.  Community Navigators: A website now features the program: Community Navigators (sba.gov)(www.sba.gov/navigators)

 

6.  Idaho Launch-Addressing the Skills Gap in your Workforce -  Idaho Department of Commerce is hosting a free virtual event on April 20th: Are you experiencing a skills gap in your workforce? Maybe you have an existing employee you would love to promote, but they don’t have the skillset? Or do you know there are individuals in your community you could hire if only they had the necessary training? At this meeting you will learn how Idaho Launch can help answer and address those issues. Through Idaho Launch, Idahoans who intend to work in Idaho can qualify for between 75-100% of approved covered training tuition costs. Learn about Idaho Launch, and how to connect to this new resource. www.idaholaunch.com. April 20, 2021 at 10am -11am MDT. Register here.

 

U.S. Small Business Administration  -  SBA COVID19 Relief Options

 

 

 

 

 

 

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