EDA: $1 Million in CARES Act Recovery Assistance Invested to Capitalize Revolving Loan Fund to Serve Businesses Across Hawaii
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1 million CARES Act Recovery Assistance grant to the State of Hawaii’s Department of Business, Economic Development & Tourism, Honolulu, Hawaii, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to businesses adversely affected by the…
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…
CDFI Fund: Target Market Waiver Extended for Lending Under Round Three of Paycheck Protection Program
Target Market Waiver Extended for Lending Under Round Three of Paycheck Protection Program The U.S. Treasury Department and Small Business Administration (SBA) recently announced the reopening of a third round of the Paycheck Protection Program with $284 billion in funding that was authorized by the Coronavirus Response and Relief Supplemental Appropriations Act (Pub. L. 116-260). This includes…
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…
EDA: $1.5 Million Invested to Support Implementation of a Small Business Technical Assistance Program at the University of Southern California
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the University of Southern California, Los Angeles, California to develop a technical assistance program in support of small businesses and communities in Southern California. This EDA grant will be matched with $375,022 in local investment. “The EDA is…
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,…
Census Bureau: Small Business Pulse Survey Phase 3 Weekly Data Released
The U.S. Census Bureau today released new data from the third phase of the Small Business Pulse Survey. Data collection began November 9, 2020. Results will be released weekly starting November 19, 2020, through January 14, 2021. No changes were made to the questionnaire for this phase. Data are available through the Small Business Pulse Survey Interactive…