SBA: Joint Statement Regarding Enactment of the Paycheck Protection Program Flexibility Act
SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the enactment of the Paycheck Protection Program (PPP) Flexibility Act: “We want to thank President Trump for his leadership and commend Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to pass this legislation for small businesses participating in the…
SBA: Treasury and SBA Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program
Today, the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial…
SBA: Launch of New Maryland Women’s Business Centers Celebrated
Increases Opportunities and Recovery Solutions for Women Entrepreneurs with Two New Women’s Business Centers The U.S. Small Business Administration announced today the launching of two Maryland Women’s Business Centers hosted by Morgan State University in Baltimore and Maryland Capital Enterprises in Salisbury. These new centers will carry out the mission of helping women-owned small businesses start, grow, and expand…
SBA: Treasury and SBA Release Paycheck Protection Program Loan Forgiveness Application
Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES…
SBA: New Regulations Issued for Women-Owned Small Business Federal Contracting Program
The U.S. Small Business Administration today published Women-Owned Small Business Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic. Starting July 15, 2020, SBA will…
SBA: Funding Awarded to Organizations Delivering Entrepreneurship Training to Women Veterans and Military Spouses
The U.S. Small Business Administration today awarded $300,000 in grants to three organizations offering entrepreneurship training to women service members, veterans and military spouses. The funding opportunity, offered by SBA’s Office of Veterans Business Development, supports each organization’s entrepreneurial programs for women who serve in our military and veteran communities. Each awardee was chosen based on their demonstrated…
CFPB: FAQs Issued to Support Small Businesses Applying for PPP Loans
The Consumer Financial Protection Bureau today issued clarifying FAQs to support small businesses who have applied for a loan from their financial institution under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Creditors are generally required under the Equal Credit Opportunity Act and Regulation B to notify applicants within 30 days of receiving a…
SBA: Economic Injury Disaster Loans Available to U.S. Agricultural Businesses Impacted by COVID-19 Pandemic
U.S. Small Business Administration Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week…
SBA: Joint Statement on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications
U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the Paycheck Protection Program (PPP) amid continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently: “In order to ensure special access to the PPP loan program for…
SBA: Joint Statement on the Review Procedure for Paycheck Protection Program Loans
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administrator Jovita Carranza issued the following statement today on the Paycheck Protection Program (PPP): “The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans. “We have noted the large number of companies that have appropriately…