SBA Newsletter 3/19
SBA Newsletter 3/19
March 20, 2021
Welcome Isabella Casillas Guzman!
27th Administrator of the U.S. Small Business AdministrationIsabella Casillas Guzman has been confirmed as the 27th Administrator of the U.S. Small Business Administration. On March 16, the U.S. Senate confirmed President Joe Biden’s nominee with broad bipartisan support, 81-17 votes as Administrator of the SBA. Guzman will represent the more than 30 million U.S. small businesses and lead an agency committed to helping small business owners and entrepreneurs start, grow and be resilient.“SBA must continue to be a lifeline for small businesses in the months ahead, and I am confident that Isabel Guzman is the best person to lead the agency out of the pandemic and through the economic recovery to follow,” said Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-MD). “Mrs. Guzman’s commitment to equity and her deep knowledge of the needs of small businesses will make her a strong advocate for all small businesses in the Biden Administration. I am looking forward to working with Mrs. Guzman as we in Congress work to fine-tune SBA to better meet the needs of small businesses in Black, Latino, Native, and other underserved communities.”Administrator Guzman will lead a workforce of over 9,000 SBA employees and administer the SBA’s portfolio of loans, investments, disaster assistance, contracting, and counseling. Additionally, she will implement critical financial relief for small businesses impacted by the pandemic through the Paycheck Protection Program, Economic Injury Disaster Loan Program, Shuttered Venue Operators Grant Program, and additional support recently passed in the American Rescue Plan.
Shuttered Venue Operators Grant
The U.S. Small Business Administration is launching a splash page for the Shuttered Venue Operators Grant (SVOG) application portal today in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021.
“Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8,” SBA Administrator Isabella Casillas Guzman said. “The SBA knows these venues are critical to America's economy and understands how hard they've been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.”
Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here.
The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. Borrowers will resume their regular payment schedule with the payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments while on deferment. It is important to note that the interest will continue to accrue on the outstanding balance of the loan throughout the duration of the deferment.