SBA's Most Recent Economic Aid Efforts Resulted in Approx. $900 Billion in SBA-supported COVID-19 Assistance
SBA’s Most Recent Economic Aid Efforts Resulted in Approx. $900 Billion in SBA-supported COVID-19 Assistance
- Approximately 92% of the current round of PPP loans have been to businesses with 20 employees or fewer
- Accommodation and Food Services account for 18% of all PPP lending, driven primarily by restaurants
- Across all PPP loan sizes, over 99% of loan value has been forgiven on those that have completed the forgiveness process
- $200 billion via 3.7 million Economic Injury Disaster Loans have been approved
- Approximately 78% of all EIDLs are less than $100,000 and retail trade accounts for approximately 15% of all EIDL lending
Paycheck Protection Program (all data can be found on the PPP data web page)
- Utah PPP Numbers as of Feb. 28, 2021 -- 15,929 loans totaling $1,238,636,741
- In total, the SBA has guaranteed more than 7.3 million PPP loans to keep employees on payroll and support operations during this pandemic.
- Since the PPP re-opened on Jan. 11, 2021, nearly 2.2 million PPP loans totaling more than $156 billion have been guaranteed by the SBA.
- Approximately 73% of these 2021 PPP loans are $50,000 or less, 84% are for $100,000 or less and 90% are for $150,000 or less.
- $71,000 is the average PPP loan amount; this has declined $16,000 since January, further confirming the smallest businesses needing the PPP loans the most are accessing the economic aid.
- Top-line PPP Forgiveness data (as of Feb. 25) shows 1.7 million PPP loans have been forgiven and 242,000 are under review
Shuttered Venue Operators Grant program
Child Care Providers
How to apply for the Paycheck Protection Program --
Join this workshop to access forgivable loans to sustain your business
Thursday, March 4th 7 - 8 p.m. MST
Childcare providers -- (both for profit and non-profit) are eligible to apply for the Paycheck Protection Program. The PPP provides loan opportunities for small businesses. Better yet, these loans can be forgiven under certain circumstances.
Join us for a webinar to learn more about how the PPP can support Child Care Providers in Utah, Colorado, Wyoming, Utah, North Dakota, South Dakota, and Montana.
You only have a few weeks left to apply- the deadline for approval is March 31st- so don’t miss this opportunity!
Get an overview of the PPP application process by the SBA including: --How to apply
--What you need to do to ensure your loan is forgiven
Hear from a peer childcare provider who benefitted from a PPP loan
Participate in a panel discussion and Q&A session with representatives from each state to: ---Connect child care providers with answers on application questions
--Provide state specific context
--Provide resources, materials, contact information and technical assistance
Event Contact: Charlotte.Olsen@acf.hhs.gov
Please join us by clicking on this link:
Webinar Series: PPP Updates for Your Small Business
SBA will share some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access.
If you are a small business owner with 20 employees or less, or are self-employed; there is new information for you. Please join us for a series of webinars hosted by the U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders to hear about:
- What steps you can take now to take advantage of this special opportunity, which closes at 3:00 P.M. MST, Tuesday, March 9th, 2021.
- Additional changes and recent policy announcements made by Biden-Harris Administration
- Have your questions answered by SBA Leadership
Mar. 3, 10:30 a.m. MST, Women Business Owners, Register Here
Mar. 4, 1 p.m. MST, Asian-American + Pacific Islander, Native American + Tribal Small Business Owners; Register Here
Mar. 5, 11 a.m. MST, Black + African-American Small Business Owners, Register Here
Mar. 5, 1 p.m. MST, Hispanic Small Business Owners, Register Here
Mar. 6, 12 p.m. MST, Veterans, Self-Employed Business Owners, Register Here
Mar. 8, 1 p.m. MST, LGTBQ Business Owners, Youth Entrepreneurs, Restaurant Owners, Register Here
Taking Veteran-Owned Businesses into the Global Marketplace
Celebrate, Learn from Vet-Owned Exporters Sharing Stories of Global Market Success
March 24, from 12:30 -- 2:30 p.m.
About this Event
Our U.S. veterans have unique experiences and contact networks that can help facilitate global sales success. Companies engaged in international trade earn higher revenues, employ more, and stay in business longer than those that do not.
Join the SBA's Office of International Trade (OIT) and the Veterans Business Outreach Center (VBOC) at Old Dominion University as we celebrate and learn from the export success of veteran-owned businesses sharing their stories of global market success.
The Webinar will include:
- Insights from successful veteran-owned small business exporters
- Strategies for launching or expanding your global sales
- Information on the "Vets-Go-Global" webinar series that walks businesses and small business counselors through exporting basics
- SBA international trade resources available to facilitate global market success, including grant programs to support global expansion
Utah District Office Recognizes Top Lenders for Fiscal Year 2020
Each year, the U.S. Small Business Administration Utah District Office honors the amazing lenders that work hard to get funding to Utah’s small business community through SBA’s many loan programs.
During this pandemic year, SBA saw record lending in Utah through new non-traditional and partially forgivable loan programs such as the Paycheck Protection Program and the Economic Impact Disaster Loan Advances. Lenders also continued to provide significant funding through SBA’s traditional 7(a) and 504 loan programs.
According to the latest SBA data, the lending community in Utah approved almost 1,100 traditional SBA loans. Certified development companies made a record number of 504 loans in terms of dollars in Fiscal Year 2020, providing over $205 million in debentures and total projects representing over $520 million. Overall, the economic impact through traditional SBA lending products approached $900 million. These figures do not include the PPP or EIDL program loan amounts.
“Utah lenders continue to make our state one of the top states in the nation in per-capita SBA lending. This year, we recognize seven of our top lenders, who have not only made a substantial impact here in Utah, but nationally as well,” said Utah District Director Marla Trollan.
The following are the recipients of the SBA Utah District Office FY 2020 Lender Recognition Awards:
Traditional SBA Lending
Top 7(a) Lender by Number of Approvals
Top 7(a) Rural Lender
America First Credit Union
Top 7(a) Lender by Dollars Approved
Top National 7(a) Credit Union Lender by Dollars Approved -- Nationally
Mountain West Small Business Finance
Top 504 Lender
Top Lender to Minority-owned Businesses
Top Lender to Women-owned Businesses
Top Ten National 7(a) Lender -- Nationally
Mountain America Credit Union
Top 504 Third Party Lender
Top National 7(a) Credit Union Lender by Number of Loans Approved -- Nationally
Top Community Lender Based on Number of 7(a) Loans Approved
Rock Canyon Bank
Top Community Lender Based on 7(a) Dollars Approved
SBA TARGETED EIDL ADVANCE
SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program
Steps to Promote Equitable Relief for Micro Businesses
WASHINGTON – 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.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week.
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.
Through SBA’s nationwide district offices, the Agency will work in close partnership with the Administration to further leverage its resource partner network and expand on multilingual access and outreach about the PPP. Updated PPP information, including forms, guidance, and resources is available at www.sba.gov/ppp and www.treasury.gov/cares.
New: Targeted EIDL Advance Mapping Tool
The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Applicants do not need to take any action at this time. SBA will reach out to those who qualify. To help applicants determine if they are located in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a lookup tool is now available at https://sbaeidl.policymap.com/app. Note that the business address must be located in a low-income community in order to qualify, so SBA encourages potential applicants to check the map to see if they meet the low-income community eligibility requirement before you apply.
Covid-19 Assistance | Spanish Language | Helpful Links
- www.sba.gov/ppp-espanol or www.sba.gov/protecciondepago
- www.sba.gov/desastre All other disasters not including Covid-19
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act signed into law on December 27, 2020 includes $15 billion in grants to operators of shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance. Of this amount, at least $2 billion is reserved for applicants with up to 50 full-time employees. Grants of up to $10M will be disbursed to eligible applicants in accordance with applicable Uniform Guidance (2 CFR 200) requirements. This guidance explains the rules associated with the use Federal grant funds.
Applicants for the SVOG program should register in the System for Awards Management (SAM or SAM.gov).
A YouTube recording covering the entity registration process is located at this link. SAM.gov Entity Registration Training
- Live venue operators or promoters • Theatrical producers • Live performing arts organization operators • Relevant museum operators, zoos and aquariums who meet specific criteria • Motion picture theater operators • Talent representatives, and • Each business entity owned by an eligible entity that also meets the eligibility requirements
- Other requirements of note: Must have been in operation as of Feb. 29, 2020
Emerging Leaders Class of 2021
Now Recruiting in Utah
Eligibility and requirements
The Emerging Leaders Initiative is an intensive executive-level series intended to accelerate the growth of high-potential small businesses in America’s underserved cities. Developed by SBA and drawing on the experiences of advisors and business leaders in urban communities across the country, this comprehensive curriculum provides the tools to catapult your company to the next level and help it emerge as a force in your community.
Do I qualify to participate?
This training is for established business owners and is not for start-ups or people who are thinking about starting a business. The Emerging Leaders Initiative advanced training series is open to small business owners and executives that:
- Have annual revenues of at least $250,000
- Have been in business for at least 3 years
- Have at least one employee, other than self
For more information, contact firstname.lastname@example.org.
What are the key program highlights?
- Customized training for “C” (CEO, COO, etc.) level executives with demonstrated business sustainability of at least 3 years in business and annual revenue of at least $250K
- Participant recruitment begins in February through SBA’s local district offices and classes typically begin in April
- A three-year strategic growth action plan with benchmarks and performance targets to help the participant emerge as a self-sustaining business that creates jobs and builds communities
- Includes 100 + hours of professional specialized training and peer-to-peer counseling delivered over the course of seven months
- Specialized areas of training include:
- Growth Strategies Plans
- Financing and Access to Capital
- Government Contracting
- CEO Mentoring
What types of businesses participate in the program?
There are currently no restrictions on the types of businesses that can participate. Some examples of participating businesses include manufacturers, retail/wholesalers, contractors, professional services and food service.
In what ways does the training help my business?
The training is specifically designed to stimulate and support the expansion of your business. The curriculum provides strategies to help you access new avenues of capital. It offers practical tools to pursue new paths for business development. It surrounds you with a network of government resources and local business leaders prepared to invest time and energy in your business.
What are the overall benefits of participation?
The result of this executive education prepares and encourages small businesses to move to the next level in their growth and to help them emerge as self-sustaining businesses that create jobs and build communities. At the conclusion of the training, entrepreneurs produce a three-year strategic growth action plan with benchmarks and performance targets that will help them access the necessary support and resources to move forward.
Is participation in the Emerging Leaders Initiative free?
The only cost is your time and commitment to complete the curriculum over the course of seven months. All other costs are covered by SBA and our local partners.
Coronavirus Relief Options
Economic Aid Cross Program Eligibility Matrix: A summary of criteria that must be met when considering different funding options. This matrix compares PPP, SVOG and the COVID-19 EIDL eligibility.
- Targeted EIDL Advance FAQs: This week, ODA began outreach to potentially eligible recipients of the Targeted EIDL Advance, a new program in the Economic Aid Act.
- Shutter Venue Operators Grant FAQ's: The Shuttered Venue Operators Grant (SVOG) program is Section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) signed into law on Dec. 27, 2020.
Frequently Asked Questions Pages:
Shuttered Venue Operators Grant Program
Paycheck Protection Program
Find the FAQs here:
Update -- COVID-19 Economic Injury Disaster Loans:
New legislation late last year brought a couple of new programs into existence. The first is the Targeted EIDL Advance. The new Advance is available only to certain applicants/borrowers who submitted their applications prior to Dec. 27, 2020. Grant funds up to the full $10,000 will be available to applicants located in a low-income community who previously received an Advance for less than $10,000 or those who received no funds at all due to lack of available funds.
Applicants do not need to take any action at this time; SBA will reach out to them if they qualify.
The SBA will first reach out to EIDL applicants that already received a partial EIDL Advance (i.e. between $1,000 - $9,000). Applicants will be contacted directly by the SBA via email in the coming weeks with instructions to determine eligibility and to submit documentation.
Next, the SBA will reach out to those who applied for EIDL assistance on or before December 27, 2020 but who did not receive the EIDL Advance due to a lack of funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation. Applicants may qualify for the Targeted EIDL Advance if they meet the above criteria and have 300 or fewer employees.
Another program brought about in the legislation is the Shuttered Venue Operators’ Grant (SVOG).
More information about these and other programs can be found on https://www.sba.gov/coronavirusrelief.
New applicants can apply online at https://covid19relief.sba.gov/#/. Applicants with a declined, existing COVID application can request a reconsideration by sending an email to email@example.com or to firstname.lastname@example.org. They should submit their request and attachments only once, unless we request they re-send it. They should also be certain their name and application number appears on each page they submit. It takes some time to process each reconsideration, so adhering to this request will help smooth the process.
Many of our businesses are working with their lenders to complete the PPP loan forgiveness process. The Dec. 27, 2020, legislation waived the requirement that the EIDL Advance amounts be deducted from forgiveness.
Paycheck Protection Program Loan Forgiveness
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness.
Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.
Additional PPP Guidance and Forms
The following information is located on www.sba.gov/ppp :
The PPP is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). Subsequently, SBA published 23 interim final rules providing additional guidance on the PPP (some of which were jointly issued with the Department of the Treasury) and Treasury published one interim final rule.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) (Pub. L. 116-260) became law Dec. 27, 2021. The Economic Aid Act extends the authority to make PPP loans through March 31, 2021 and revises certain PPP requirements.
For ease of borrower and lender reference, this interim final rule also consolidates the interim final rules (and important guidance) issued to date governing borrower eligibility, lender eligibility, and PPP application and origination requirements for new PPP loans, as well as provides general rules relating to loan increases and loan forgiveness.
Please access the following links for policy guidance on the new round of PPP loans as authorized by the recently passed stimulus bill.
- SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/2021)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)
- Interim Final Rule on Second Draw Loans (Released 1/6/2021)
- Top-line Overview of First Draw PPP
- Top-line Overview of Second Draw PPP
Updated First Draw Forms
Second Draw Forms
- Form 2483-SD – Second Draw Borrower Application
- Form 2484-SD – Second Draw Lender Guaranty Application
Guidance & Resources
SBA Procedural Notice 5000-20074 - Modifications to SBA Forms 3506, 3507, and 750 CA (for purposes of PPP only)
SBA Procedural Notice 5000-20075 - Repeal of EIDL Advance Deduction Requirement for SBA Loan Forgiveness Remittances to PPP Lenders
Per the Economic Aid Act, a Community Financial Institution (CFI) is one of the four types of lenders.
- Community Financial Development Institution (CDFI)
- Minority Depository Institution (MDI)
- Community Development Corporation (CDC)
- Microlender Intermediary
Eligibility has been expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations; not direct marketing organizations as previously stated.
Further information and background is contained lower in this newsletter.
For continued updates business owners and nonprofit organizations should subscribe to the SBA Utah District Office newsletter at www.sba.gov/offices/district/ut/salt-lake-city and follow on Twitter @SBA_Utah as information will be updated as it changes.
Eligible Paycheck Protection Program expenses now deductible
The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).
Today’s guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on Dec. 27, 2020.
The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.
Revenue Ruling 2021-02 obsoletes Notice 2020-32 and Revenue Ruling 2020-27. This obsoleted guidance disallowed deductions for the payment of eligible expenses when the payments resulted (or could be expected to result) in forgiveness of a covered loan.
For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov.
SBA Disaster Loans
SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is July 27, 2021.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 3 percent for businesses, 2.75 percent for private nonprofit organizations and 1.188 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Training and Events
Virtual Mentoring and Training
Offices around the country may be closed to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
We're Hiring, Join Our Team
The SBA is hiring temporary employees to assist with disaster relief efforts during these unprecedented times. The positions include:
- Call Center Customer Service Representative
- Document Preparation/Legal Review/Loan Closings
- Loan Processing/Credit Analysis/Mortgage Underwriting
- Program Support
Financing Your Business
Free online courses from the SBA Learning CenterAssess your financing needs and discover financing options for your business.There are many other courses available at the site as well.
UTAH SBA DIRECTORY
Marla Trollan, District Director
firstname.lastname@example.org, (o) 801-524-3209 (c) 385-218-1995
John Gygi, Deputy District Director
email@example.com, (o) 801-524-3209 (c) 801-889-6170
Karl Wernick, Lender Relations Specialist
firstname.lastname@example.org, (o) 801-524-3209 (c) 385-355-5815
Don MacMillan, Lender Relations Specialist
email@example.com, (o) 801-524-3209 (c) 385-429-8627
Melinda Workman, Economic Development Specialist
firstname.lastname@example.org, (o) 801-524-3209 (c) 385-266-1853
Rachel Bennett, Economic Development Specialist
email@example.com, (o) 801-524-3209 (c) 385-355-5677
Cody Neville, Business Opportunity Specialist
firstname.lastname@example.org, (o) 801-524-3209 (c) 801-828-0796
Siobhan Carlile, Public Affairs Specialist
email@example.com, (o) 801-524-3209 (c) 706-267-1145
George Janes, Outreach and Marketing Specialist, Office of Disaster Assistance
firstname.lastname@example.org, (o) 801-524-3209 (c) 202-941-8106
Charla Allred, Program Support Assistant, Office of Disaster Assistance
email@example.com, (o) 801-524-3209 (c) 202-941-8106
Cheryl Richens, Administrative Officer
firstname.lastname@example.org, (o) 801-524-3209
Sharlene Miller, Paralegal
email@example.com, (o) 801-524-3209