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SBA Funding Updates

An exclusive PPP loan application for businesses and nonprofits with fewer than 20 employees will be open from February 24, 2021 to March 9, 2021 at 5:00 pm ET through the PPP portal.

Signed into law in late 2020 the new Economic Aid act extended the EIDL (Economic Injury Disaster Loan) deadline to December 31, 2021 and set aside additional budget for PPP loans to help alleviate the financial burden on small businesses as the result of the coronavirus pandemic.

Latest Updates

  • The portal for the Shuttered Venue Operators Grant will reopen on Saturaday, April 24.
  • The SBA has released further information about the RRF program and how to apply in both English and Spanish.
  • Applicants can request a reevaluation of a Targeted EIDL Advance application by emailing TargetedAdvanceReevaluation@sba.gov with the subject line “Reevaluation Request for [insert your 10-digit application number].” The email must include identifying information for the application such as application number, business name, business address, business owner name(s) and phone number. Additionally, if possible, applicants should include an explanation and any documentation that addresses the reason they were previously denied.
  • The SVOG portal remains closed. However, the SBA believes it will be open by the end of this week.
  • Due to technical issues the SBA has temporarily suspended the SVOG application portal. You can still register in the portal while it is suspended.
  • The Shuttered Venue Operators Grant is now accepting applications.
  • The SBA will be awarding funds on a first-in, first-out basis.
  • View this webinar for more information about the application process.
  • By signing the PPP Extension Act of 2021 President Biden extended the PPP deadline to May 31, 2021.
  • This same Act gave the SBA 30 additional days to process pending PPP applications.
  • Starting the week of April 6, 2021 the loan limit will be raised from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.
  • The SBA announced the opening of the application portal for the Shuttered Venue Operators Grant on April 8, 2021
  • More information about the portal can be found on the program's splash page
  • All SBA disaster loans made in 2020 and 2021 have had their first payment pushed 12-18 months from the date of the note
  • $15 billion has been added to Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
  • $7.25 billion has been added to the PPP fund and the application deadline has been extended to March 31, 2021
  • Additional funds have been allocated to the Shuttered Venue Operators Grant program. These business may now apply for PPP. SVOG application opening soon.
  • Revisions allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support from the PPP program
  • New language eliminates a restriction on small business owners with non-financial fraud felony convictions

The Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool

View Press Release            View Fact Sheet 

The SBA will:

  • Immediately implement a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
  • Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database and public records.
  • Promoting transparency and accountability by improving the PPP loan application.
  • Improving the Emergency Relief Digital Front Door.
  • Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
  • Enhancing the current lender engagement model. 
  • Beginning 1/11/21 the PPP portal will re-open for applications
  • On 1/11/21 and 1/12/21 applications will only be accepted from community institutions to provide access for underserved communities and minority-owned businesses
  • EIDL deadline extended through December 31, 2021
  • New legislation has been passed to provide additional funding for PPP more updates to come.

Tool

The Nav PPP Loan Calculator

The Nav CARES Act Calculator helps business owners estimate their potential PPP loan amount so they can apply with confidence. Read more

Small Business Resilience Hub

SCORE is committed to helping businesses like yours through the unprecedented challenges from the coronavirus outbreak. Read more

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SCORE for Women Entrepreneurs

SCORE Recorded Webinar: The Latest on PPP & Federal Stimulus Relief Efforts - 3/4/21 at 2 PM ET

Join this timely webinar, presented by Small Business Majority's Brian Pifer, outlining the small business provisions in the current iteration of the stimulus relief package, as well as the latest changes to the Paycheck Protection Program.

Learn More and Register

 

SBA Webinar Series: PPP Updates for Your Small Business

The Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. If you are a small business owner with 20 employees or less, or are self-employed; there is new information for you. View this series of webinars hosted by the U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders to learn about new changes to the Paycheck Protection Program and what tools and resources are available to help America's small businesses recover from the COVID-19.

New PPP Rules Change Briefing for Women Small Business Owners

Recorded March 3, 2021

VIEW RECORDED WEBINAR ➤

New PPP Rules Change Briefing for Asian-American + Pacific Islander, Native American + Tribal Small Business Owners

Recorded March 4, 2021

VIEW RECORDED WEBINAR ➤

New PPP Rules Change Briefing for Black + African-American Small Business Owners

Recorded March 5, 2021

VIEW RECORDED WEBINAR ➤

New PPP Rules Change Briefing for Hispanic Small Business Owners

Recorded March 5, 2021

VIEW RECORDED WEBINAR ➤

In Case You Missed It - General Small Business Owners Session

Recorded March 5, 2021

VIEW RECORDED WEBINAR ➤

New PPP Rules Change Briefing for Veterans, Self-Employed Small Business Owners

Recorded March 6, 2021

VIEW RECORDED WEBINAR ➤

In Case You Missed It - General Small Business Owners Session

Recorded March 6, 2021

VIEW RECORDED WEBINAR ➤

New PPP Rules Change Briefing for LGTBQ Small Business Owners, Youth Entrepreneurs, Restaurants Owners

Recorded March 8, 2021

VIEW RECORDED WEBINAR ➤