SBA Region One Review - April 2, 2021

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SBA New England Regional Office - April 2, 2021

u s small business administration

Paycheck Protection Program (PPP) Extension Act of 2021

image of amy bassett

Amy K. Bassett

Acting Regional Administrator

New England Regional Office

U.S. Small Business Administration

On March 30, 2021 President Biden signed the Paycheck Protection Program Extension Act of 2021 into law.  This is great news for businesses in New England and across the country.  This extension will allow businesses who have struggled to obtain first and second draw  PPP loans more time to do so under the reformed program rules. Small Businesses will have until May 31, 2021 to apply for these loans and SBA will have an additional 30-day period after that to process applications that are still pending.

The SBA opened the Paycheck Protection Program (PPP) in April of 2020. For the last year, this program has been successful in getting funds into the hands of small businesses, allowing them to continue operating and keep their workers on the payroll.  The PPP is a forgivable loan if certain criteria is met.  In the current round of PPP funding through March 28, 2021, SBA has approved 152,318 loans for $11,756,900,321. You can find out more about the PPP program and how to apply at www.sba.gov/ppp

 

2021 Approved PPP Loans thru 3/28/2021

new england ppp loan totals by state

 

Recently SBA announced changes to our Economic Injury Disaster Loan (EIDL) Program as well.  SBA is increasing the amount small businesses can borrow.  Starting 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. Although these loans are not forgivable with a 3.75 interest rate, terms of up to 30 years and payments deferred until 2022 (length of deferment depends on when the loan was approved), an EIDL loan could be a good option for the long-term survival of your business.  You can find out more about this program at: COVID-19 Economic Injury Disaster Loan (sba.gov)

The PPP and EIDL are just part of SBA's COVID-19 recovery effort. While some of our programs have been in effect for a year, with the recent passing of the American Recovery Plan Act, new programs will start, including the Shuttered Venues Operator Grant (SVOG) and the Restaurant Revitalization Fund Grant. The SVOG application is scheduled to open on April 8, 2021.  You can access the application portal here: Shuttered Venue Operators Grant (sba.gov)

SBA has a "digital front door" where you can go to find the latest information on all of SBA's COVID-19 Relief Programs: www.sba.gov/relief and www.sba.gov/asistencia for the Spanish language version.  

SBA is dedicated to the success of small businesses across New England and the entire country.  Regardless of what comes your way during your small business journey, during times of uncertainty or times of prosperity, SBA is here to help.  


Womens History Month

Women's History Month

In March, we celebrated Women's History month by recognizing the accomplishments women business owners have made while also taking stock of the challenges and adversity they continue to overcome during these extraordinary times. SBA is prioritizing the continued advancement of opportunities for women-owned businesses through a variety of programs.

Here are a couple of successful women entrepreneurs from across New England:

Massachusetts

image of heather reynolds dostal of RER Ponies

Heather Reynolds Dostal is Head Riding Instructor and Owner of RER Ponies in Hatfield, Massachusetts.  She has been riding horses since the age of 4, and started teaching horseback riding in her community as a teenager.   

Growing up in rural Hampshire County near the west bank of the Connecticut River, it used to be easy for Dostal to take her horse swimming in the river.  There used to be trails for riding – but now there are blockages, houses and automobile traffic – causing obstacles for riders.  Read Heather's Story

New Hampshire

Image of Megan Prieto Giokas of Granite Commercial Real Estate of Nashua

Megan Prieto Giokas has never looked for the easy path, but instead, the right one. Megan graduated at the top of her class with a bachelor’s degree in Business from St. Anselm College in Manchester. Megan’s career began in Boston at a financial services firm before moving to a real estate firm in Bedford, focusing on technology, real estate, and finance.

In 2009, Megan purchased Granite Commercial Group where she managed and supervised the day-to-day operations of the commercial brokerage company in New Hampshire and Massachusetts. In 2010, Megan founded Granite Commercial Real Estate where she has served as president for the last 10 years. Megan’s vision, leadership, and passion have allowed Granite Commercial Real Estate to triple in size while earning the reputation as a leading provider of commercial real estate services, logistics, and information management services.  

Megan was a featured speaker at SBA New Hampshire's Virtual Women's History Month Celebration: Watch Here


Upcoming Virtual Training

help for mom & pop small businesses image in spanish

Únase a SBA el jueves 8 de abril a las 6:00 pm ET para un seminario web en español sobre los programas de alivio durante COVID-19

¡Atención, propietarios de pequeñas empresas! El Programa de Protección de Pago (PPP) se ha extendido hasta el 31 de mayo. Aproveche este tiempo adicional para solicitar este préstamo perdonable.

Únase a SBA el jueves 8 de abril a las 6:00 pm ET para un seminario web en español sobre los cambios recientes en Programa Proteccion de Pago.

Los oradores de la SBA describirán:

  • ¿Cómo solicitar un préstamo perdonable PPP y qué es un PPP de primer y segundo sorteo?
  • Nuevo cálculo de préstamos para propietarios únicos, contratistas independientes y autónomos.
  • Acceso para propietarios de pequeñas empresas que no son ciudadanos y que son residentes legales de EE. UU.
  • ¿Necesita ayuda con la aplicación? Obtenga información sobre la asistencia gratuita disponible de los socios de recursos de la SBA de Nueva Inglaterra.
  • Después de la presentación, habrá una breve sesión de preguntas y respuestas.

Attention Small Business Owners! The Paycheck Protection Program (PPP) has been extended to May 31st. Take advantage of this additional time to apply for this forgivable loan.

Join the SBA on Thursday, April 8th at 6:00pm ET for a Spanish language webinar on the recent changes to PPP.

SBA speakers will outline:

  • How to apply for a PPP forgivable loan and what is a First and Second Draw PPP?
  • New loan calculation for sole proprietors, independent contractors, and self-employed individuals.
  • Access for non-citizen small business owners who are lawful U.S. residents
  • Need application assistance? Learn about free support available from New England’s SBA Resource Partners.

After the presentation, there will be a brief Q&A session.

Date: Thursday, April 8th, 2021
Time: 6:00pm – 7:00pm ET

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