SBA Region One Review - October 8, 2021

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New England Regional Office  - October 8, 2021

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Amy K. Bassett

Acting Regional Administrator

New England Regional Office

U.S. Small Business Administration

Since March of 2020, the SBA has been at the forefront of our nation’s economic recovery effort.  That was when SBA’s Office of Disaster Assistance began accepting COVID Economic Injury Disaster Loan (EIDL) applications.  Over these last 18 months, the SBA approved over 140,000 COVID-EIDL loans for $10.6 billion dollars in New England.  This program has been instrumental in the long-term recovery of businesses across New England and beyond.

If your business is still struggling, you certainly aren’t alone.  Although many closed sectors of our economy have reopened, and our nation’s people have begun to adjust to the “new normal” it still is not “business as usual” quite yet.  Especially with the emergence of the Delta variant, the struggle is far from over. Small businesses across the country continue to need financial relief to get to the other side of this crisis. And the SBA is still here to help. 

SBA’s COVID EIDL program could be a good option for your business.  Recently the SBA announced changes to this program that makes it even more flexible to meet your needs.  Although these loans are not forgivable, with a 3.75 fixed interest rate, terms of up to 30 years and deferred payments, an EIDL loan could help with your recovery.   Think about it this way, if your business is granted a $10,000 COVID EIDL, after the deferment period, your monthly payment will only be approximately $46 a month.

This program has allowed many businesses to keep their doors open and retain their staff during very difficult times.  Businesses like New Hampshire-based Coed Sportswear, Inc., a full-service apparel re-branding company that was started in 1990 by two college students.  Founder Mark Lane and his current partner Selim Tobey are no strangers to the SBA programs. Coed has worked with the New Hampshire Small Business Development Center from the company’s inception and has continued that relationship throughout the years as they grew and refocused their business model.  Their growth has also been aided by several SBA backed loans over the years.

Before Covid hit, Coed developed a niche market with renown athletic shoe companies providing quick turnaround, high-quality products designed by their talented art team. Once the pandemic hit and it became clear that it was going to last longer than anyone expected, the owners went back into start-up mode and looked for resources to help them continue operating.

Coed reached out to SBA’s New Hampshire District Office for guidance. The SBA was able to help the business apply for a COVID EIDL and an EIDL Advance grant.  SBA also helped the company with other recovery funding including Paycheck Protection Program (PPP) loans.  Ultimately, the business received the COVID-EIDL, EIDL advance and both first and second draw PPP loans.  Due to SBA’s Covid Relief Programs, Coed was able to remain open, maintain their core employees and pivot to new opportunities for virtual business and online individual shipping.

The recent changes made to COVID EIDL may assist businesses like Coed even more during recovery and well beyond. These changes include:

  • Increasing the COVID EIDL Cap. The SBA will increase 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.
  • 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.

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can still apply. Visit www.sba.gov/eidl to learn more.  And remember, the program ends on December 31, 2021, so if you think a COVID EIDL loan could help your business, remember to file your application as soon as possible. 


Illustration of a laptop with text that includes, PPP Forgiveness Portal

Paycheck Protection Program borrowers: If your loan is $150,000 or less, you may be eligible to apply for direct forgiveness through SBA using our online portal. Follow the steps below.

  1. Find out if your lender is participating. 
  2. Watch a video about how to use the portal.
  3. Apply for forgiveness.

For additional information, visit the SBA website.


Upcoming Virtual Training

Disasters don't plan ahead, but you can. Protect your business today.

Join SBA New England on Wednesday, October 13 at 10am to find out what you need to do to prepare your business for a disaster.

 

Disasters can take many forms and the financial cost of rebuilding after a disaster can be overwhelming. If you’re prepared for emergencies, you’ll be in a better position to recover and continue operations should disaster strike.

In this webinar you will learn:

  • How to assess your risk, knowing which disasters are most likely to affect your business can help you return to operations faster.
  • How to create a disaster recovery plan
  • Financial assistance available after disasters

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Meet with federal and state agencies along with prime contractors

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Opening remarks by Senator Elizabeth Warren

UPDATES & WELCOME from Bibi Hidalgo, Associate Administrator SBA HQ Office of Gov Contracting & Business Development

SBA invites you to register for the  Massachusetts 2021 Virtual Contracting Matchmaker where businesses will have the unique opportunity to meet virtually with government agency buyers and representatives, as well as large prime contractors.

The site is ready to go and we can begin accepting registrations  
Review these Instructions to learn about the Matchmaker Portal.

Building relationships is critical to your success in the government market and contracting space. 

Each business that registers will have the chance to request one on one meetings with agencies and primes based on percentage match fits, calculated by sophisticated matchmaking software.

Gain key insights on how to utilize your new-found relationships and points of contact.

In between your scheduled meetings with buyers and representatives, attend one of the many webinars happening back-to-back throughout the day, presented by Government and Prime procurement experts.

REGISTER


National Hispanic Heritage Month

During National Hispanic Heritage Month, SBA celebrates the impact Hispanic entrepreneurs have had on the U.S. economy. We also commemorate some of the many ways Hispanics have influenced and contributed to American society.

According to the State of Latino Entrepreneurship 2020 report from the Stanford Latino Entrepreneurship Initiative:

  • Latinos are starting businesses at a faster rate than the national average across almost all industries.
  • In pre-pandemic times, Hispanic-owned employer businesses generated nearly $500 billion in annual revenue and employed 3.4 million people.

The SBA is hosting several events in honor of National Hispanic Heritage Month.  See below for details.  


Seminario web sobre el Programa EIDL de Ayuda Económica por COVID-19

EIDL en Espanol

¿Necesitas un préstamo para su pequeño negocio? El EIDL puede ser la solución

 

Este programa de préstamos federales apoya la recuperación de los impactos económicos por desastre del COVID-19 de las empresas pequeñas, proporcionando capital accesible y sin complicaciones para el prestatario.  

En este seminario se proporcionará información sobre el Préstamo de desastre por daños económicos del COVID-19 EIDL el anticipo de EIDL reservado y el anticipo reservado suplementario. Además de información sobre cómo obtener ayuda de los socios de recursos de la SBA locales.

Atienda este seminario, EIDL por COVID-19

Fecha: martes, 12 de octubre del 2021

Hora: 6:00 p.m. - 7:00 p.m. (EST)

Registrese Aqui!!


image for hispanic heritage month event

Join the SBA for an online event to celebrate Hispanic Heritage Month on October 14, 2021. The event will feature a fireside chat with SBA Administrator Isabella Casillas Guzman and SBA Associate Administrators Bibi Hidalgo and Mark Madrid for a candid discussion about the SBA’s efforts to foster Hispanic entrepreneurship. The online event also includes a panel discussion about how Hispanic business owners have successfully pivoted throughout the pandemic to adapt to a rapidly shifting environment. Hear about their truths, how they overcome challenges, and how they face this adversity with “grit and ganas (a drive to succeed)”.

REGISTER


10/14 Coast to Coast Hispanic Heritage Month Celebration

Thursday, October 14th / 3:00pm EST

YOU'RE INVITED!  Meet the SBA Team from the El Paso, New Mexico, Houston, San Antonio and Massachusetts District Offices. In this Spanish language webinar, find out how SBA can help you start or grow a small business.  Find out more about:

  • Technical Assistance
  • Access to Capital
  • Online Resources
  • Procurement Opportunities 
  • Exporting Opportunities

REGISTER


SBA New Hampshire Celebrates Hispanic Heritage Month

October 15, 2021 9:00am - 10:00am

Join SBA New Hampshire we celebrate the impact Hispanic entrepreneurs have had in the United States, and specifically New Hampshire. In the last 10-years the number of Hispanic business owners has grown 34%. We will be joined by our resources partners, and a few special guests who will be able to talk to us about owning a Hispanic small business in the Granite State.

REGISTER