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SBA Prioritizes Smallest of Small Businesses in the PPP

Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. 

The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation:

  • For businesses with fewer than ten employees, the share of funding is up nearly 60%
  • For businesses in rural communities, the share of funding is up nearly 30%
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40% 

“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways. While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” says SBA Senior Advisor Michael Roth. “The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”  

These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:

  • Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

These actions will help to lay the foundation for a robust and equitable recovery for small businesses across the country. Small businesses employ nearly half of the American workforce; they create 2 out of 3 net new private-sector jobs; they reinvest 68% of revenues to build and sustain communities. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.

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SBA Announces New District Director for North Florida

Jacksonville, FLA. – The U.S. Small Business Administration (SBA) is proud to announce the appointment of Mr. Jon “Malcolm” Richards as the North Florida District Director. He will oversee the implementation of SBA programs and services across the 43 county North Florida territory. Richards replaces Michael Barrera as the District Director. Richards brings a wealth… Continue Reading

SBA to Host Black History Month Live Online Panel February 25

Entrepreneur panel will discuss how to tap SBA’s economic relief programs to help small businesses recover  WHAT:   SBA Black History Month Online Panel: Recognizing the Resilience, Grit and Tenacity of America’s African American Small Business Heroes The  U.S. Small Business Administration will host a live online panel session in celebration of Black History Month for a… Continue Reading

SBA and lenders take more steps to improve Paycheck Protection Program

Loan data shows 1.3 million loans and significant increase to underserved entrepreneurs WASHINGTON – Today, the U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better.  The Administration… Continue Reading

More than $1.52 Billion in PPP Loans Approved by SBA in Florida in Current Round of Funding That Re-Opened This Month

Date: Jan. 28, 2021 | NFL21-02                         Contact: Nayana.sen@sba.gov | 904-443-1933      lola.kress@sba.gov | 404-330-4737 Jacksonville, Fla. – As part of ongoing transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021. The SBA re-opened the PPP Jan. 11 with $284… Continue Reading

SBA to Provide One Year 8(a) Program Extension to Participants Due to COVID-19

Release Date: [January 27, 2021] Release Number: 21-14 Contact: [Tiffani.Clements@sba.gov | www.sba.gov/news Public Comments Due by March 15, 2021 WASHINGTON – The U.S. Small Business Administration  published an interim final rule effective January 13, 2021 allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges… Continue Reading

The SBA Takes Steps to Improve First Draw Paycheck Protection Program Loan Review

Release Date: January 26, 2021 Release Number: 21-13 Contact:press_office@sba.gov, www.sba.gov/news WASHINGTON – The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. The Biden-Harris Administration is focused on ensuring small businesses receive… Continue Reading

SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19

Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion… Continue Reading

SBA Re-Opens PPP to Community Financial Institutions First

Community Financial Institutions get dedicated access starting January 11 WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by… Continue Reading

SBA Launches New, Free Online Digital Learning Platform

Ascent built to assist nearly 13 million women-owned small businesses WASHINGTON – The U.S. Small Business Administration Administrator Jovita Carranza, today announced the launch of Ascent, a first-of-its-kind, free digital e-learning platform geared to help women entrepreneurs grow and expand their businesses.  Ascent has valuable content such as tips on preparing and recovering from disasters,… Continue Reading

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