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South Carolina District Office

u s small business administration

Featured Events

SCCMA & SBA Signing Ceremony

 

SBA & SCCMA to Sign Strategic Alliance Memorandum to Help Small and Minority Businesses in South Carolina

The South Carolina Commission for Minority Affairs (SCCMA) and the United States Small Business Administration will announce a partnership to assist small, minority businesses in South Carolina on Thursday, July 29 at 10 a.m.

Through a Strategic Alliance Memorandum (SAM), both agencies will share information about programs and services that are designed to help individuals start, maintain and expand small, minority businesses in the state.

To attend the event, click the registration link below. The event will also be streamed live via the SC Commission for Minority Affairs Facebook page.

Thursday, July 29, 2021 - 10:00am EDT

Register


Getting Back on Track with Vice President Harris and Administrator Guzman


Getting Back on Track: Help is Here - Educational Webinar Series

The Small Business Administration (SBA) & Public Private Strategies Institute (PPSI) are providing several educational opportunities for you to:

* Hear about what steps you can take now to learn and take advantage of new and existing programs that are available at the SBA
* Get an update regarding programs and recent policy announcements made by the Biden-Harris Administration
* Have your questions answered by SBA Leadership & small business experts
* Learn how you can become a vaccine leader in your community
* Discover tools and resources you can use to take your business digital

We are thrilled to have Vice President Harris and U.S. Small Business Administrator Guzman join us!

Thursday, July 29, 2021 - 11:00am EDT

Register


Information Corner

PPP Coronavirus Loans Icon

 

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal  

New portal will streamline applications for loans $150K or less

The U.S. Small Business Administration is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans under $150,000 through participating lenders to apply for forgiveness directly through the SBA.       

“With the new simplified application portal, thousands of businesses, and even sole proprietorships that borrowed PPP funds will have a streamlined process for having these funds forgiven said Janita R. Stewart, Acting SBA Region IV Administrator. Most southeastern entrepreneurs waiting for forgiveness have loans under $150,000. It was time we made the process more efficient so businesses can get back to sustaining our communities. I am thankful for the SBA lenders who have agreed to participate in this new forgiveness system.”

Renaissance Community Loan Fund of Gulfport, Mississippi is a participating lender for the streamlined forgiveness portal.   Vickie Rivers, Commercial Lending Specialist, stated, “I have previewed the new portal and feel that allowing the borrowers to directly access their SBA record with pre-populated data will reduce the assistance time needed for our borrowers to complete the forgiveness process.”

This new change will help rush relief to over 6.5 million smallest of small southeastern businesses which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021.  Lenders are required to opt-in to this program through https://directforgiveness.sba.gov.

In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications.  Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. - 8 p.m. ET.

“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”   

Paycheck Protection Program Summary

  • Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.

       In 2021:

    • SBA approved over 6.5M loans totaling over $275B
    • The average loan size was ~$42 thousand (compared to $101 thousand in 2020)
    • 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020.)
    • 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)

Direct Forgiveness Summary

  • Over 600 banks have opted into direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)

Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs. It provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever.   

Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, please visit https://www.sba.gov/relief.    


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

 

SBA Reaches New Milestone Awarding $7.5 Billion in Shuttered Venue Operators Grants to over 10,000 Venues   

Unique program distributes grants to venues in the nation’s 50 states and several U.S. territories directly impacted by COVID-19

Today, the U.S. Small Business Administration reached a new milestone of successfully awarding over $7.5 billion in Shuttered Venue Operators Grants (SVOGs) to more than 10,000 hard-hit live entertainment small businesses, nonprofits, and venues. The SVOG program is designed to assist in getting the nation’s cultural institutions, which are critical to the economy and were among the first to shutter, back on track.  

The SBA worked closely with the White House and other federal partners to process SVOG applications faster after the first two weeks of awards did not set the pace needed for this emergency funding. While more work is still needed to help businesses recover from the pandemic, the SBA took swift action to expeditiously process loans for SVOG and get funding into the hands of hard-hit operators.

“After making improvements to the Shuttered Venue Operators Grant program, the SBA is now delivering money quickly, efficiently and fairly to highly-impacted small businesses and venue operators that are critical to America’s cultural fabric and local economies,” SBA Administrator Isabel Casillas Guzman said. “When I began my tenure at the SBA, this first-of-its-kind SVOG program was not where I wanted it to be. I’m proud that, thanks to the hard work and dedication of our talented team, we have turned the ship around. America’s small businesses can rest assured that the SBA will continue to work around the clock to provide the relief that is needed to revitalize local economies and build back better from the pandemic and economic crisis.”

Under Administrator Guzman's direction to make changes based on the successes of the Paycheck Protection Program and the Restaurant Revitalization Fund, in approximately seven weeks, the SBA has gone from awarding just over 100 SVOGs on June 10, to more than 10,000 to date, awarding over $7.5 billion in grants, helping venues reopen and stay open. More than two thirds of the awards have gone to venues with fewer than 10 employees, helping the smallest of small businesses – a priority of Administrator Guzman.  

The SVOG portal remains open and funding is still available for all eligible applicants. SBA’s Office of Disaster Assistance Customer Service Center is available from 8 a.m. to 8 p.m. ET to provide technical assistance with the SVOG application portal and can be reached at 1-800-659-2955 or, for the deaf and hard-of-hearing, 1-800-877-8339.   

Further, SBA’s resource partners, including SCORE Mentors, Small Business Development Centers, Women’s Business Centers and Veterans Business Outreach Centers, are available to provide entities with individual guidance on their applications. Applicants can find a local resource partner via a zip code search at  http://www.sba.gov/local-assistance. For weekly SVOG funding data reports, visit www.sba.gov/svog.  


Upcoming Events

Are You Ready to Start a Business?
SCORE Business Mentor
Thursday, July 29, 2021 - 12:00pm EDT

Federal Contracting Readiness Program (FCRP)
SBA Sponsored
Friday, August 6, 2021 - 11:00am
 CDT

SBA Programs: HUBZone & Veteran Assistance
SBA Sponsored
Tuesday, August 10, 2021 - 9:30am
 EDT