Highlights from the National Small Business Week | 2021
The U.S. Small Business Administration (SBA) and the Internal Revenue Service (IRS) used last week to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements. Here’s a recap of key topics covered in IRS messages during National Small Business Week. We will use a future post to review information from the SBA. Small businesses can share the...
Toast Teams With SBA To Streamline $28.6 Billion Restaurant Grant Process
Point-of-sale (POS) FinTech Toast is partnering with the U.S. Small Business Administration (SBA) to help streamline the application process for restaurant industry grants. The $28.6 billion Restaurant Revitalization Fund (RRF), authorized by the federal government’s March stimulus bill, will soon begin the grant application process. The grants are intended to help make up for losses caused by the COVID-19 pandemic. Nick...
SBA unveils $28.6B Restaurant Revitalization Fund to help hard-hit sector
The U.S. Small Business Administration announced details on application requirements, eligibility, and a program guide for the $28.6 billion Restaurant Revitalization Fund (RFF), which seeks to help bring back jobs and revive one of the hardest-hit economic sectors since the start of the COVID-19 pandemic. The SBA will administer the funds to the most affected small restaurants, SBA Administrator Isabel Guzmán said. “We’re...
Biden signs PPP small-business aid extension into law one day before it was set to expire
President Joe Biden. AP Photo/Evan Vucci Biden signed the PPP Extension Act into law on Tuesday. This bill extends the small business lending program by two months, through May 31. It also allows the Small Business...
SBA Triples Lending Limit For COVID Business Support
Small businesses will soon be eligible for a lot more COVID relief from the Small Business Association (SBA), CNBC writes. Starting April 6, they'll be able to apply for up to 24 months of business relief with a max loan amount of $500,000. Before this, the limit was six months and a maximum loan amount of $150,000. “More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s...
SBA to Increase lending limit for COVID-19 Economic Injury Disaster Loans
The U.S. Small Business Administration is increasing the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program, it announced. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from six months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum...
Convention District to host financial assistance orientation for entertainment workers
Show promoters, artists, theater operators, among other entertainment industry professionals may qualify for financial assistance from the U.S. Small Business Administration, for which the Convention District Authority...
SBA opens page for Shuttered Venue Operators Grant applications
The U.S. Small Business Administration is launching a splash page for the Shuttered Venue Operators Grant (SVOG) application page in anticipation of opening applications for the critical economic relief program on April 8, 2021. “Help is here for venue operators hit hard by the COVID-19 pandemic. The SBA has worked diligently to build the Shuttered Venue Operators Grant program from the ground up to assist and address the diverse...
PPP paid over 4,000 businesses twice, government watchdog says - and they'll have to pay it back
Bill Oxford/Getty Images The Paycheck Protection Program distributed over 4,000 duplicate loans in 2020, the OIG found. Between April and August 2020, 8,731 PPP loans were duplicates, totaling about $692...
Oriental expands access to PPP loans under new guidelines
Oriental announced it will expand access to loans for small and medium-sized businesses (SMEs) under the US Small Business Administration’s new guidelines for the Payroll Protection Program (PPP). Oriental has already awarded some $300 million in loans to more than 3,500 businesses between the first round and so far in the second round of this federal financial relief program, which opened in mid-January. “We have already awarded...
