SBA Tar Heel Newsletter -- March 2021

NCDO


The Tar Heel Newsletter
January 2021

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Women Entrepreneurs are Powering the American Dream

Women's History Month

In North Carolina, the Women’s Business Centers have assisted women entrepreneurs through counseling and training and their unique, innovative courses they offer across the state.  The Centers create opportunities for women business owners that are one of a kind and truly help overcome the challenges that many women business owners face.  North Carolina is home to four Women’s Business Centers located in Asheville, Charlotte, Durham and Fayetteville.  A Center in Winston-Salem will be opening soon.  These Centers assure that we will have plenty to celebrate every March for many, many years to come.


American Rescue Plan Act of 2021

Upon President Biden signing the American Rescue Plan Act of 2021 into law, the U.S. Small Business Administration’s Senior Advisor Michael Roth stated: 

“The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for our everyday lives, hire from within neighborhoods, and more. Our nation’s more than 30 million small businesses are the economic engine of this country and, in alignment with the Biden-Harris Administration’s focus on equitable treatment, the SBA will work tirelessly to ensure eligible borrowers will get access to this critical economic relief.”

The American Rescue Plan Act’s Small Business Assistance and Support

The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:

  • $7.25 billion additional for the Paycheck Protection Program (PPP), including to expand eligibility to additional nonprofits and digital news services
  • Additional funds are allocated for the Shuttered Venue Operators Grant (SVOG) program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
  • $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
  • NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants  
  • NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources. 

SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief, and more details about these program updates and new efforts the SBA will administer in the coming weeks will be located there as well.


 

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications on April 8

National informational webinar to review application process on March 30

SBA is launching a splash page for the Shuttered Venue Operators Grant application portal  today in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021.

Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here.

 As the SBA builds and prepares to open the program, the dedicated SBA website, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information for those looking to apply for a grant. To prepare in advance of the SVOG application portal opening on April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG.

Please be advised that SBA district staff cannot assist with your SVOG application as this is a competitive grant program  Through our SBA resource partners, you can receive assistance:  Get Local Assistance (sba.gov)



Economic Injury Disaster Loan

Two big announcements on EIDL!

SBA announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021.

To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury Disaster Loan applications will continue to be accepted through December 2021, pending the availability of funds.

Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply.

In addition, SBA is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

 Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.

This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.

Questions about SBA COVID-19 EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

Learn more and apply for an Economic Injury Disaster Loan


New Targeted EIDL Advance

Mapping Tool

If you received an EIDL loan in 2020, the Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Applicants do not need to take any action at this time. SBA will reach out to those who qualify.

To help applicants determine if they are located in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a lookup tool is now available at https://sbaeidl.policymap.com/app. Note that the business address must be located in a low-income community in order to qualify, so SBA encourages potential applicants to check the map to see if they meet the low-income community eligibility requirement before you apply.


Government contracting

 

Cybersecurity Training - Synergy Solutions provides a series of trainings that break down cybersecurity elements and concepts into easily understandable topical lessons which small businesses can apply immediately to their business practices. All web-based courses are FREE and available via Synergy’s secure Learning Management System.  Here is the LINK for the training.

New!  BIDSPEED Platform - SBA has partnered with its newest 7(j) training provider, NetQuarry, Inc. to provide market intelligence, training, and technical assistance to  7(j) eligible small businesses.

BIDSPEED Platform - NetQuarry’s unique Bidspeed Platform provides complete access to up-to-the-minute data on Federal opportunities, forecasts, recent awards, expiring and renewing contracts all combined with technical assistance and training that includes best-practice knowledge and processes.  The Bidspeed Platform will help small business concerns better understand the Federal procurement landscape, better allocate their marketing and business development resources, and make more timely decisions that increase teaming opportunities and lead to winning new Federal contracts, and is a unique solution that provides empirical intelligence specifically designed to combine data from multiple data sources into a single actionable product for small business contractors.  NetQuarry’s Bidspeed Platform uniquely brings together many sources of data across the Federal marketplace in one place, including data from FPDS, SAM, FBO, SBIR/STTR, NAICS, and Grants.gov, that will help small businesses better understand and manage their business development efforts.

You can register your complimentary Bidspeed account access at https://fedbidspeed.com/sba-grant/

 

Helpful Links

Disaster (EIDL loans or advances/grants): DisasterCustomerService@sba.gov or 1(833) 572-0502.

SBA PPP Webpage

To report waste, fraud, or abuse: OIG hotline 1(800) 767-0385 or OIGHotline@sba.gov

 

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