5 updates you may have missed

Illinois District Office - April 2021

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Illinois District Office Newsletter

Coping with COVID-19

 

In this newsletter, you can learn more about: 


Important program updates

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1. PPP deadline is extended to May 31, 2021

President Joe Biden signed the PPP Extension Act of 2021 into law, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending.

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2. SBA increases lending limit for Economic Injury Disaster Loans

Starting the week of April 6, 2021, the U.S. Small Business Administration is raising the loan limit for the COVID-19 Economic Injury Disaster Loan (EIDL) program. Applicants can now receive a maximum loan amount of $500,000. The lending limit increased 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.

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3. SBA defers all disaster loan payments until 2022

The SBA announced on March 12, 2021 extended deferment periods for all disaster loans until 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 calendar year 2021. 

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4. Shuttered Venue Operators Grant application opens on April 8, 2021. 

The U.S. Small Business Administration will begin accepting applications for the Shuttered Venue Operators Grant program on Thursday, April 8, 2021. Interested applicants can go to the application portal in anticipation of the program open date. 

Learn more

5. Isabella Casillas Guzman Confirmed as 27th SBA Administrator 

Isabella Casillas Guzman has been confirmed as the 27th Administrator of the U.S. Small Business Administration. “Growing up in an entrepreneurial family, I learned firsthand the ins and outs of managing a business from my father and gained an appreciation for the challenges small business owners face every day. Throughout my public and private sector career, I have been dedicated to helping small businesses grow and succeed,” said Administrator Guzman. “Now more than ever, our impacted small businesses need our support, and the SBA stands ready to help them reopen and thrive.”  

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Frequently Asked Questions

Can I receive a Paycheck Protection Program loan, an Economic Injury Disaster Loan and a Shuttered Venue Operators Grant? 

 

Shuttered Venue Operators Grant Program
  • You can receive an Economic Injury Disaster Loan and a Paycheck Protection Program loan. You cannot use the loan proceeds for the same purposes. 
  • You can receive an Economic Injury Disaster Loan and a Shuttered Venue Operators Grant but it cannot be used for the same purposes.
  • If you receive a Paycheck Protection Program loan after December 27, 2020, the amount of your PPP loan will be deducted from your Shuttered Venue Operators Grant award amount. 
  • You cannot receive a Paycheck Protection Program loan after receiving a Shuttered Venue Operators Grant. 

Please see the cross-program eligibility matrix below for more information.

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How do I check the status of my Paycheck Protection Program application? 

 

Paycheck protection program, PPP

Applicants can contact the lender they submitted a PPP application with to check the status of their application. The lender can inform the applicant of its status and/or if they need anything else to process the loan. If the lender is unable to submit the PPP loan, they can contact the Illinois District Office for assistance.

Find a PPP lender 

What is the Targeted EIDL Advance and how can I qualify?

Economic Injury Disaster Loan and Economic Injury Disaster Loan advance, , EIDL, Coronavirus

The COVID-19 Targeted EIDL Advance provides advance funds of up to $10,000 to applicants in low-income communities who previously received an EIDL Advance for less than $10,000 or those who applied but received no funds due to lack of available program funding.

SBA is reaching out to those who qualify directly. Applicants may qualify if they:

  • Are in a low-income community. A mapping tool is available at https://sbaeidl.policymap.com/app to help applicants determine if their business address is in a low-income community to qualify.
  • Can demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020 or later.
  • Have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. Agricultural enterprises are not eligible. 

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Does my first PPP loan have to be forgiven in order to apply for a second PPP loan? 

 

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No, your first PPP loan does not have to be forgiven in order to apply for a second PPP loan. However, you must meet the below eligibility requirements before applying for a second PPP loan: 

  • Must have 300 employees or less.
  • Must demonstrate a 25% reduction in gross receipts in comparable quarters in 2019 and 2020. Read more here
  • Must have used or will have used all of the First Draw PPP loan proceeds on eligible expenses before the disbursement of the Second Draw PPP loan AND covered periods for First Draw and Second Draw PPP loans cannot overlap. 

Second Draw PPP Loan

I need help applying for PPP and other SBA relief programs. Where can I go for assistance? 

SBA resource partners provide business consulting, mentoring and training services.

 

Connect with a resource partner for one-on-one assistance with technical questions related to your relief application(s). Resource partners provide services for every stage of the entrepreneurial journey and can help prepare applicants before approaching a lender. Find a center near you by inputting your zip code in the look up tool below. 

Find local resources


Stay updated on SBA relief programs

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Upcoming events

webinar: resources for small businesses or small business

 

Central & Southern Illinois: Marketing & Selling to the Federal Government

Are you located in Central and Southern Illinois? Have you thought about having the federal government as one of your customers but unsure as to where to start? Come and join us to learn about SBA resources to help your small business successfully identify and compete for federal contract opportunities. Wednesday, April 7, 9 a.m.

Sign up

Accounting System Requirements

The presentation will provide an overview of the pre-award accounting system design review process. Participants will learn what occurs prior to the award of a cost-type contract, what is contained in the SF 1408, and what the applicable DFARS regulations say with regard to what comprises an acceptable accounting system. Wednesday, April 7, 10 a.m.

Sign up

Fridays With Fergie

You've got small business questions. SBA Illinois Deputy District Director Mark Ferguson (aka "Fergie") has answers. Tune in, stay connected, and take your small business to the next level. Join anytime in the 1.5-hour event to learn about the SBA and our coronavirus relief programs. Each week, we will discuss new topics, including coronavirus relief programs at the SBA, the Paycheck Protection Program and updates to the program, the Economic Injury Disaster Loan Program, Shuttered Venue Operators Grant, and SBA programs. Friday, April 9, 11:30 a.m.

Sign up

Starting Your Business in Illinois

Starting a business in Illinois is exciting, but also challenging. This no-cost workshop hosted by the International Trade Center at College of Lake County gives the entrepreneur a realistic view of the requirements to start a business and the resources available to support a new venture. This is a live/Zoom workshop. Registration is required. Thursday, April 15, 9 am.

8(a) Orientation workshop/SAM Registration

This webinar will provide an overview of the 8(a) Business Development program, eligibility requirements, program benefits and training, steps to registering in the System for Award Management (SAM) database in order to do business with the federal government. Wednesday, April 21, 9:30 a.m. 

Sign up 


Stay updated

Visit sba.gov/relief for updates on the loan programs, guidance for businesses and employers, and other SBA resources.

If you have questions about your already submitted EIDL application, contact the SBA Disaster Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.

Follow @SBA_Illinois on Twitter.

E-mail questions to illinois.do@sba.gov.