Updates: National Small Business Week & Important COVID EIDL Changes

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Georgia District Office  - September 2021

u s small business administration
Illustration of a main street & the following text, National Small Business Week, September 13-15, 2021, celebrating resilience & renewal

Celebrate National Small Business Week With SBA

September 13-15

During this year’s National Small Business Week, the U.S. Small Business Administration will spotlight the resilience of America’s entrepreneurs and the renewal of the small business economy as they build back better from the economic crisis brought on by the pandemic.  

The virtual summit will honor the nation’s 30 million small businesses for their perseverance, ingenuity, triumphs, and creativity. Highlights of the summit will include virtual booths to develop one-on-one connections with public and private sector partners to create opportunities for collaboration and information-sharing in real-time. In addition, small business participants can learn more about new business strategies, meet other business owners, and talk with industry experts.

This year's virtual summit will also feature an impressive list of guest speakers such as Mark Cuban, José Andrés and Cedric Richmond. 

REGISTER HERE


eidl


SBA Announces COVID EIDL Enhancements

Yesterday, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels. The SBA is ready to receive new applications immediately from small businesses looking to take advantage of these new policy changes.

Key changes being announced by the SBA include:

  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

Additional Materials:

All business owners that have received previous loans through the SBA’s Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), or Shuttered Venue Operators Grant (SVOG) can still benefit from COVID EIDL

To read the press release announcing these changes, click here.

To learn more about the application process, visit www.sba.gov/eidl.


Cover image of the SBA Georgia Resource Guide

Want to learn more about SBA Programs & Services?

Download the SBA Georgia Resource Guide HERE


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