PROGRAM UPDATES: SVOG Opening; EIDL Deferment Extended

Massachusetts District Office - March 2021

u s small business administration

27th Administrator of the U.S. Small Business Administration

Welcome SBA Administrator Isabella Casillas Guzman


Isabella Casillas Guzman serves as the 27th Administrator of the U.S. Small Business Administration (SBA) and was sworn in on Wednesday, March 17, 2021. Administrator Guzman represents the more than 30 million U.S. small businesses and is committed to helping small business owners and entrepreneurs start, grow and be resilient.

A lifelong proponent of small businesses, Guzman grew up as the daughter of a small business owner and learned at a young age how important small businesses are to the communities they serve, the people they employ, and the economies they help power. >read more


PROGRAM UPDATES

Shuttered Venue Operators Grant. Accepting applications starting on April 8. sba.gov/svogrant

 

News Release

WASHINGTON – The U.S. Small Business Administration is launching a splash page for the Shuttered Venue Operators Grant (SVOG) application portal today in anticipation of opening applications for the much-anticipated critical economic relief program on Thursday, April 8, 2021.

“Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse eligibility requirements of each type of applicant and we will open for applications on April 8,” SBA Administrator Isabella Casillas Guzman said. “The SBA knows these venues are critical to America's economy and understands how hard they've been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more.”

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.

The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act, signed into law by President Joe Biden on March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants.

To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.

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, and reference the preliminary application checklist and eligibility requirements


BE PREPARED! Watch VIDEO TUTORIALS on how to register in SAM.gov


Paycheck Protection Program

Express Bridge

  • Program expired 3-13-21, so we removed the borrower-focused materials. Lender materials are still available in Partners section

Cross Program Eligibility Matrix

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Community Navigators Pilot Program

Through the Community Navigator Pilot Program, SBA will engage with states, local governments, SBA resource partners, and other organizations in targeted outreach for small businesses underserved communities.  These efforts began with SBA issuing an Information Notice that offers advice and guidance on best practices for adopting the community navigator model for use by SBA district offices, state and local government partners, Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), Service Core of Retired Executives (SCORE), and other resource partners. 

Advocacy Fact Sheet on Small Business Facts: Business Ownership Demographics

Business ownership is diverse, but women, African Americans, and Hispanics tend to own more non-employer firms and less employer firms. Additionally, younger owners tend to own non-employer firms. With the Census Bureau’s new data series, Non-employer Statistics by Demographics (partially funded by the Office of Advocacy) and their Annual Business Survey, business owner demographics can be analyzed comprehensively for small businesses with and without employees.  In 2017, the latest reference year of business owner demographic data, there were 11.7 million women-owned businesses and 9.2 million minority-owned businesses in the U.S.  

Read Small Business Facts: Business Ownership Demographics to learn more.  

 

See it on the web here: Small Business Facts: Business Ownership Demographics – SBA's Office of Advocacy.


SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

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News Release

WASHINGTON – The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.

  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.

Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically granted to these borrowers. Borrowers will resume their regular payment schedule with the payment immediately preceding March 31, 2022, unless the borrower voluntarily continues to make payments while on deferment. It is important to note that the interest will continue to accrue on the outstanding balance of the loan throughout the duration of the deferment.

>Read more


Paycheck Protection Program Activity Update (Nationwide & MA)

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