SBA Updates on Coronavirus Relief Options
SBA Updates on Coronavirus Relief Options
February 13, 2021
SBA Celebrates Black History Month Webinar on February 25
Join the U.S. Small Business Administration (SBA) for an online panel discussion on February 25, 2021 with black-owned business owners as they share their small business stories and how they pivoted during the pandemic and utilized SBA’s critical financial lifelines. You will also hear remarks from Congressional Black Caucus member Rep. Dwight Evans.
Paycheck Protection Program, PPP
The U.S. Small Business Administration (SBA) has approved $104 billion of Paycheck Protection Program (PPP) funds to more than 1.3 million small businesses since January 11, 2021. Highlights of this newest round of funding include:
- Reaching more of the smallest businesses; 82% of all loans going to businesses requesting less than $100,000
- Reaching rural communities in a meaningful way; 28% of businesses who have received funding this round are in rural communities
- Increasing partnerships with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) who are trusted agents in extending economic relief to minority communities and underserved populations
Economic Injury Disaster Loan (EIDL)
If your identity was used, without your knowledge or permission, to obtain a COVID-19 Economic Injury Disaster Loan (EIDL) for which you never received any of the loan proceeds, the SBA has recently published a letter with instructions on how resolve this issue.
Shuttered Venue Operations Grant Program
Are you looking for information about the Shuttered Venue Operators Grant? On February 5, 2021, the SBA updated the frequently asked questions which includes information about eligibility, the application, use of funds and more.
COVID-19 Guidance for Small Businesses sba.gov/coronavirus
In case you missed it! The SBA put together a matrix that compares the Paycheck Protection Program (PPP), Shuttered Venue Operators Grant (SVOG) and the COVID-19 Economic Injury Disaster Loan (EIDL) eligibility. This matrix is designed to help you decide what is best for your small business.
Beware of malicious COVID-19 phishing
Bad actors are using government logos in phishing emails in an attempt to steal account information. Email image links lead to websites impersonating federal agencies. Any email from the U.S. Small Business Administration (SBA) will come from accounts ending in sba.gov.
Be Inspired: Small Business Success Story in Celebration of Black History Month
Melody McCray-Miller and her late husband, Larry Miller, started Miller’s Bar-B-Que in the Ken-Mar Shopping Center in Wichita, Kansas in the early 1990s. The business grew into a 150-seat restaurant on East 13th Street in Wichita. The restaurant enjoyed success for over a decade with its barbecued meats, sauces, and signature baked beans. Capitalizing on the success of their signature item, Melody strategized and focused on grocer distribution. Today, Miller’s Famous Bar-B-Que Baked Beans are available in deli aisles in 28 states nationwide.
Work Opportunity Tax Credit
Are you hiring? Giving someone the opportunity to work may result in an IRS tax credit for your small business.
Webinar: Keys to Global Market Success
Tuesday, March 16, 2021 | 2:00 pm EST
Join SBA’s Office of International Trade as we celebrate the impact Small Business Development Centers (SBDCs) have on the export success of U.S. small businesses. For more than 40 years, countless entrepreneurs and small business owners have received assistance to start, grow and expand their businesses with the help of an SBDC. The webinar will include:
- Insights from successful small business exporters who have effectively tapped the services of SBDCs and International Trade Centers to sell overseas
- Strategies for launching or expanding your global sales
- Briefings from SBDC and SBA international trade specialists on resources available to support your global market success, including grant programs to support the costs of expanding your company’s international sales
Federal Coronavirus Resources
State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House's COVID-19 Task Force. Go to cdc.govfor detailed information about COVID-19 from the Centers for Disease Control and Prevention. Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.
Virtual Mentoring and Training
Offices around the country may be closed due to the pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.