SBA: $200 Billion Milestone Reached for Economic Injury Disaster Loan Program to Small Businesses and Non-Profits
Today, the U.S. Small Business Administration reached a milestone in the success of the COVID-19 Economic Injury Disaster Loan (EIDL) program, which has provided U.S. small businesses, non-profits, and agricultural businesses a total of $200 billion in emergency funding. “Following the enactment of COVID-19 emergency legislation, the SBA has now provided more than 3.7 million small businesses…
SBA: Lenders and SBA Take More Steps to Improve Paycheck Protection Program
Loan data shows 1.3 million loans and significant increase to underserved entrepreneurs Today, the U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better. The Administration is working with the Agency to increase…
SBA: One Year 8(a) Program Extension Provided to Participants Due to COVID-19
Public Comments Due by March 15, 2021 The U.S. Small Business Administration published an interim final rule effective January 13, 2021 allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges of COVID-19. Eligible 8(a) firms must meet the following qualifications: Any firm that participated in the 8(a) Program…
SBA: Steps Taken to Improve First Draw Paycheck Protection Program Loan Review
The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. The Biden-Harris Administration is focused on ensuring small businesses receive the support they need to keep their doors open and continue to employ…
SBA: 60,000 Paycheck Protection Program Loans Approved in First Week
SBA’s dedicated access to community financial institutions helped underserved small businesses Today, the U.S. Small Business Administration announced that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, at 9 a.m. ET through to Sunday, Jan. 17. Last week,…
SBA: Rule Proposed to Eliminate Regulations that Exclude Faith-Based Organizations from Seven SBA Programs
Public Comments Due by February 18, 2021 The U.S. Small Business Administration invites public comment on a proposed rule designed to remove regulatory provisions that exclude certain faith-based organizations from seven business loan and disaster assistance programs. These programs include the Intermediary Lending Program (ILP), Business Loan programs (7(a), Microloan and 504 programs), Economic Injury Disaster Loan…
SBA: National Science and Technology Council and SBA Partner to Award $330,000 in Prizes in New Lab to Market Competition
The U.S. Small Business Administration partnered with the National Science and Technology Council’s Lab-to-Market subcommittee to award $330,000 in prizes to the winners of the new Lab-to-Market (L2M) Inclusive Innovation Ecosystem Prize Competition. The L2M prize competition recognizes the most impactful organizations, programs and ideas that support the research and development (R&D) innovation ecosystems, particularly those focused on underrepresented…
SBA: Emerging Leaders Initiative to Help Growing Entrepreneurs Opened for 2021 Recruitment
The U.S. Small Business Administration announced the launch of the 2021 Emerging Leaders initiative for executives of small businesses poised for growth in underserved markets. Local area recruitment for the 2021 training cycle is currently underway at designated SBA District Offices. Interested small business owners can learn more regarding eligibility, how to apply, class schedules and locations at www.sba.gov/emergingleaders,…
SBA: Recipients Announced of Tibbetts Awards for Demonstrating Significant Economic and Social Impact
Today, the U.S. Small Business Administration announced 38 companies, seven organizations and 14 individuals as the winners of the prestigious Tibbetts Award for their accomplishments in creating cutting-edge technologies. The Tibbetts Awards, named after Roland Tibbetts, the founder of the SBIR Program, honors these awardees for the exceptional successes they achieved through SBA’s Small Business Innovation Research (SBIR) and Small Business…
SBA: PPP Re-Opened to Small Lenders on January 15th and All Lenders on January 19th
Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or…