SBA Update – 7/28/21 – COVID program updates, NEW Montana Monthly Focus and SBA Getting Back on Track Webinar

31July 2021

Good morning Montana-

 

It’s been a while since I sent an update.  I think (hope) that may be a good thing because I started these update to keep everyone informed of changes to the SBA COVID response programs.  Remember about a year ago it seemed like I was sending something every couple of days, so the fact that it’s been a while seems like a good thing.  Anyway, here are a few updates (listed by program in bold for quick reference) for everyone and a webinar (listed below the program updates) for Montana small businesses to participate along with something NEW, our first Montana District Office Monthly Focus.

 

NEW (first version attached) – The Montana District Office (MDO) Monthly Focus is our opportunity to explore and highlight different elements that contribute to Montana’s economy. MDO Monthly Focus is intended to highlight small businesses and our partners to inspire and encourage small business development and growth in different areas of the economy. Did you know that July is Independent Retailer Month? Check it out.

 

Feel welcome to share any or all of this information as you see fit.  Have an awesome Wednesday.

 

-Brent.

 

  • Paycheck Protection Program (PPP) – Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021.
    • Existing borrowers may be eligible for PPP loan forgiveness.
    • Main PPP web page: Paycheck Protection Program (sba.gov)
    • PPP Data: PPP data (sba.gov)

 

·         Economic Injury Disaster Loan (EIDL) – Applications are still open for this program and existing EIDL borrowers may be eligible for loan increases.

  • Main EIDL web page:  COVID-19 Economic Injury Disaster Loan (sba.gov)
  • EIDL Data: EIDL data (sba.gov)
    • Montana as of 7/22/21:  SBA Disaster Assistance Update Nationwide Economic Injury Disaster Loans COVID-19
      • 10,378 EIDL loans for $ 631,130,200
      • 664 EIDL targeted advances for $ 5,422,000
      • 476 supplemental targeted advances for $ 2,380,000

o   Loan increases – Loans approved prior to April 7, 2021 for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. SBA is now reaching out directly to loan borrowers via email to provide more details about how businesses can request an increase. Borrowers should expect to receive emails from @sba.gov or @updates.sba.gov addresses. *

(* Borrowers who experience problems sending email using the link in the message they received must be sure to remove any additional characters that may appear in front of the email address.)

If an applicant accepted a loan for less than the full amount originally offered, the applicant will have up to two years after the date of the loan promissory note to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.

  • COVID EIDL: Customer Experience & Review Process Improvements (below is a copy/paste from SBA headquarters on changes to EIDL processing)
  • The COVID EIDL Loan Program has seen a drastic improvement with the transition of the program from the Office of Disaster Assistance to the Office of Capital Access (OCA) over the past few weeks.
  • OCA recently implemented new processes and performance management in addition to personnel being prioritized for COVID EIDL that has accelerated the average number of loan application decisions made per loan office daily.
  • The SBA went from daily processing of loan increases of 1,647 on June 28th to 20,169 on July 21st—a 12-fold increase in efficiency. The loan officer productivity went from 1.86 applications per day to currently 15 applications per day.
  • At these increasing loan review rates, over 300,000 applications have been processed within weeks, and the 600,000+ loan modification backlog is expected to be cleared by early August.
  • Additionally, the SBA is investing in an improved customer service experience for COVID EIDL applicants which includes more than doubling customer service capacity, enhancing customer service standards that provide more personalized to applicants’ questions, and developing more detailed application completion support.

Additional Points

  • For new applicants, we are still waiting for tax data to arrive to be able to move forward with decisions and have improved that process.
  • For denied applicants, they can apply for reconsideration following the process outlined in the decline letter.

 

·         Shuttered Venues Operators Grant (SVOG) – applications are still being processed

o   WASHINGTON (see attached full release) – Today, the U.S. Small Business Administration reached a new milestone of successfully awarding over $7.5 billion in Shuttered Venue Operators Grants (SVOGs) to more than 10,000 hard-hit live entertainment small businesses, nonprofits, and venues. The SVOG program is designed to assist in getting the nation’s cultural institutions, which are critical to the economy and were among the first to shutter, back on track.

  • The SBA revised the FAQ Regarding Shuttered Venue Operators Grant (SVOG) (sba.gov) with important updates including that SVOGs are now being issued in lump-sum payments and details on forthcoming appeals, award amount reconsiderations, and supplemental grants.
  • Main SVOG web page: Shuttered Venue Operators Grant (sba.gov)
  • SVOG Data: Shuttered Venue Operators Grant (sba.gov)
    • Montana 52 approvals for $12,001,886 (as of 7/26/21)

 

  • Restaurant Revitalization Fund (RRF) – The RRF program is closed (press release attached for reference)
    • Main RRF web page: Restaurant Revitalization Fund (sba.gov)
    • RRF Data: Restaurant Revitalization Fund (sba.gov)
      • Montana 329 approvals for $56,690,883 (as of 6/30/21)

 

  • Disaster Declaration (see attached release for details) – Small nonfarm businesses in 18 Montana counties and neighboring counties in Idaho and Wyoming are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began July 6, 2021.
    • Primary Montana counties: Carbon, Gallatin, Madison, Park, Stillwater, Sweet Grass, Treasure and Yellowstone;
    • Neighboring Montana counties: Beaverhead, Big Horn, Broadwater, Golden Valley, Jefferson, Meagher, Musselshell, Rosebud, Silver Bow and Wheatland;
    • Neighboring Idaho county:  Fremont;
    • Neighboring Wyoming counties:  Big Horn, Park and Teton.

 

  • Region 8 Back on Track webinarThursday, July 29, 2021 – 2 p.m. EDT: Region 8 Serving – Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming
    • WASHINGTON (click link below for full release) – Today, the S. Small Business Administrationand the non-profit Public Private Strategies Institute will launch a new regional webinar series, “Getting Back on Track: Help is Here,” to provide Main Street entrepreneurs with the information and resources they need to continue to recover from the COVID-19 pandemic. The educational webinars will feature speakers from The White House, the SBA, Members of Congress, and small business leaders, and will provide updates on the American Rescue Plan.
    • To join one of the regional webinars in this series and learn more about programs that will help small businesses get back on track, register at Getting Back on Track: Help is Here!
    • Link for full release:  SBA Launches “Getting Back on Track: Help Is Here” Webinar Series to Help America’s Small Business Owners & Entrepreneurs

 

I trust this information/updates will be of use.  As always, if you have questions on SBA programs we will do our best to assist at the District Office.

 

Take care,

 

-Brent.

 

 

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