Updates for the Paycheck Protection Program: PPP funding is still available and other SBA InformationJun 02, 2020 07:36PM ● By Paul Spear
PPP funding is still available. Apply today!
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. These dedicated funds will further ensure that the PPP reaches all communities in need of relief during the COVID-19 pandemic – a key priority for President Trump.
- How to Calculate PPP Loan Amounts
- PPP Loan Forgiveness Calculation Form (Spanish version)
- PPP and Related Materials in 17 Languages
- PPP Frequently Asked Questions (as of 5/27/20)
- Treasury.gov PPP Page - All PPP guidance and Interim Final Rules.
SBA PPP Loan Approvals (as of 5/30/20)
- Nationwide: Number of loans 4.5 million for $510.2 billion
- California: Number of loans 524,172 for $66.4 billion
The SBA's Economic Injury Disaster Loan and Loan Advance application is still available for agricultural businesses and early EIDL applicants that have an application confirmation number that begins with a "2", or that submitted via mailed hardcopy, fax, email, or document upload, and have not yet applied with the streamlined online application that produces a confirmation number that begins with a "3".
No other new applicants will be accepted at this time. We do not know if or when this loan program will be available for other new applicants.
SBA EIDL Approvals (as of 5/23/20)
- Nationwide: Number of loans 430,906 for $37.9 billion
- California: Number of loans 73,711 for $7.2 billion
Starting on July 15, 2020, the certification process for Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged WOSBs (EDWOSBs) will begin to change as SBA implements Congress’ changes to the Women-Owned Small Business Federal Contracting Program (WOSB Federal Contracting Program), as put forth in the 2015 National Defense Authorization Act (NDAA).
These new regulations make it easier for qualified small businesses to participate in the WOSB Federal Contracting Program by improving the customer experience. At the same time, the SBA is strengthening oversight and maintaining the integrity of the certification process.
- Between now and July 15, 2020, certified WOSBs must download their documentation, currently housed in the WOSB Program Repository, from certify.sba.gov.
- On July 15, 2020, firms can begin submitting applications under the new certification process for initial processing.
Changes are coming to HUBZone, the program for businesses located in historically underutilized business zones. Tune in to our webinar on June 9 at 2:00 p.m. ET for an update about what's ahead.
The SBA and its resource partner organizations offer many workshops and training events, for entrepreneurs and small business owners, on an on-going basis. Please take a moment to review our upcoming events now, and bookmark the sites listed below for future reference. We look forward to seeing you at one or more of our future events.
- The Small Business Advocate" Newsletter
- USDA Now Accepting Applications for Coronavirus Food Assistance Program, Seeks Comments on Additional Entities to Include
- FDA Issues guidance to provide additional temporary flexibility in food labeling requirements to manufacturers and vending machine operators
Articles, photos, events, and linked information included in this newsletter are for informational purposes only and do not indicate an endorsement by SBA of the views, opinions, products or services of any person or entity. SBA is not responsible for and does not endorse information posted on or linked from third party websites. All SBA programs and services are extended to the public on a nondiscriminatory basis.
Ruben Garcia, District Director
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Mike Sovacool, Deputy District Director/Veteran's Outreach
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