SBA Region One Review - May 11, 2021

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New England Regional Office  - May 11, 2021

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Amy K. Bassett

Acting Regional Administrator

New England Regional Office

U.S. Small Business Administration

The U.S. Small Business Administration is standing strong on its nearly 70-year mission to serve
our nation’s small businesses, which create two out of every three jobs. At the SBA we continue to work to revive the American economy and provide critical pandemic relief to the countless mom-and-pop small businesses and the hardest-hit industries, including shuttered venues and restaurants, and their employees.

Over the last 14 months, the SBA has provided an outstanding $51 billion in pandemic relief funding to New England Small Businesses through our pandemic relief programs. 

Recently, the SBA announced that after serving more than eight million small businesses, general funding for the bi-partisan Paycheck Protection Program has been exhausted. The SBA is currently offering PPP loans originated only by participating community financial institutions including Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) until May 31, 2021 or until remaining funds are exhausted. Please note that not all community financial institutions are participating in PPP. You can find out more about finding a lender here:  www.sba.gov/ppp.

There is still time to apply for pandemic relief through our other programs including:

  • COVID-19 Economic Injury Disaster Loan (EIDL)  The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.  
  • SBA debt relief (for existing borrowers) The SBA is providing payments on certain SBA-backed loans, including 7(a), 504 and microloans, to help small businesses as they weather the pandemic. 
  • Shuttered Venue Operators Grant (sba.gov) Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
  • Restaurant Revitalization Fund (sba.gov) This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.

Wading your way through all the options available to find what works best for your small business can be confusing and time consuming.  Let us help you!  One of the best ways to find the most current SBA relief options is to attend a webinar hosted by our local SBA staff.  In these sessions, you will get an overview of what is available right now as well as have the opportunity to ask specific questions.  You can find out more about one of these upcoming sessions below.


COVID-19 Relief Webinar

webinar: pandemic relief options for small businesses

Wednesday, May 12, 2021

10:00 AM - 11:00 AM ET

 

Join the SBA Lending Outreach Team to find out more about SBA COVID-19 Relief options . There will be a live Q+A for your questions.

The webinar will provide an Overview of All SBA COVID-19 relief options, including:

  • Restaurant Revitalization Fund (RRF)
  • Shuttered Venue Operators Grant (SVOG)
  • Economic Injury Disaster Loan (EIDL)
  • Targeted and Supplemental EIDL Advance
  • Paycheck Protection Program (PPP)

The overview will be followed by a live Q+A presented by the SBA Lending Team. Resources and takeaways will be shared during the presentation.  

Register Here


Coming right up. Help is here. Getting back to business with the RRF. sba.gov/restaurants

If you applied for the Restaurant Relief Fund, here are some things to keep in mind...

  1. As outlined by Congress, SBA will first review priority applications that have been submitted. Other applicants will see their applications remain in a "Review" status while the priority applications are processed during the first 21 days.  
  2. Following a successful application submission, all applications will first enter a state called "IRS verification". This process may take up to seven days and allows the SBA to validate your application submission.
  3. If you have questions about the award calculation, see pages 7-9 of the Restaurant Revitalization Funding Program Guide (sba.gov).
  4. The 4506T form is signed with your application during the e-sign process.  You do not need to submit an additional 4506T.
  5. For application support, you may submit a message using the platform inbox. This might be your best route for getting quick answers.  

World Trade Month

 

Explore Global Markets with Help from the SBA

 

Now is the perfect time to explore the benefits of exporting. Or, if you export a little bit already, now is the time to look at expanding your exports to additional countries.

May is a perfect month to make your move as it happens to be World Trade Month, which celebrates companies that sell goods and services  worldwide, and highlights expanded opportunities trade can bring to companies of all shapes and sizes.  This celebration began more than 80 years ago when President Franklin D. Roosevelt proclaimed the third week in May to be National Foreign Trade Week to emphasize the importance of regaining foreign markets to rebuild the American economy during the Great Depression.  Following World War II, it was renamed World Trade Week, and since then, the celebration has grown from a single week to include the whole month of May.

As the world's largest economy and the largest exporter and importer of goods and services, trade is critical to America's prosperity. Leading the way are small and medium-sized U.S. businesses that account for nearly 98 percent of the roughly 300,000 companies that export. Exporting provides opportunities to reach new markets, increase sales, maintain global competitiveness, and create jobs.

The SBA is an important partner providing essential resources to assist small business’s reach to the global marketplace. The 'SBA's export loan programs assist U.S. small businesses in accessing the financing needed to sell their goods and services to global customers.  Last year, the SBA supported over $600 million in trade finance loans to small businesses, supporting over $2.5 billion in international sales.

You can find out more about SBA's international trade programs here: Export products (sba.gov).


Local Business Assistance

 

Stay up-to-date on SBA programs, changes, reforms and training webinars by subscribing to SBA email updates (if you aren't already on our mailing list) at: https://www.sba.gov/updates.  And by following the New England SBA office in your state on twitter: 

New England: @SBA_NewEngland

Connecticut: @SBA_Connecticut

Maine: @SBA_Maine

Massachusetts: @SBA_MA

New Hampshire: @SBA_NH

Rhode Island: @SBA_RhodeIsland

Vermont: @SBA_Vermont