Paycheck Protection Program
With an increased effort to reach underserved communities, SBA announced the following updates to the PPP. SBA will:
- Starting February 24, 2021, establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for Schedule C filers
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
For more information: Coronavirus (COVID-19): Small Business Guidance & Loan Resources (sba.gov)
PPP Weekly Data updates are also available on the PPP website PPP Data (sba.gov)
Targeted EIDL Advance
SBA is actively sending invitations to apply for the Targeted EIDL Advance grant to EIDL applicants that received a partial EIDL Advance (between $1,000 - $9,000) in 2020.
SBA launched a mapping tool to help businesses determine if the business is located in a low-income community SBA Targeted EIDL Advance Mapping Tool (policymap.com)
FAQs are also available on the SBA website Targeted EIDL Frequently Asked Questions (sba.gov)
Shuttered Venue Operators Grant
Application is not yet available but you can sign up for program alerts here: Small Business Administration (SBA) (govdelivery.com)
Businesses interested in the SVOG can steps now to prepare for the program. Recommended steps include:
- preparing 2019 and 2020 financial statements, including a month-by-month breakdown of revenues
- Calculating the average number of employees the business had over the prior year (Mar. 1, 2019 to Feb. 29, 2020) using FAQs as guideline and
- Register in SAM.gov - see SBA video tutorial Shuttered Venue Operators Grant (sba.gov)
FAQs are available on the SBA website: Shuttered Venue Operators Grants - FAQ (sba.gov)
SBA San Francisco District Office