Below is a summary of the programs as of 3/29/21….
Paycheck Protection Program – most recent Program report (as of March 29, 2021)
- The SBA has guaranteed 3.58 million PPP loans totaling more than $211.8 billion in the 2021 PPP funding round.
- The SBA has guaranteed 8.7 million PPP loans totaling more than $734 billion as part of the Paycheck Protection Program (2020 & 2021)
- The deadline for lenders to get PPP loan applications into the SBA remains March 31, 2021 until the President signs the PPP Extension Act of 2021 into law. The Act, which has passed both houses of Congress, would extend PPP with May 31,2021 as the date by which PPP applications must be submitted to the SBA and June 30, 2021 the date by which SBA must approve such applications.
- The average 2021 PPP loan is $59,000 and over 78.4% of these loans have been for $50,000 or less.
- 42.5% of 2021 PPP loans (more than 1.56 million) are First Draw PPP loans and, of those, nearly 98% are for those with 10 or fewer employees, providing new – and the smallest – businesses with critical relief.
- More than 1.55 million Second Draw PPP loans, totaling over $48.7 billion, have gone to those with 10 or fewer employees further supporting relief for the smallest businesses.
Shuttered Venue Operators Grants – key dates
- April 8: Applications are slated to open (March 19 news release)
- March 24: 40,900+ people who either already signed up via the application portal or expressed interest in receiving SVOG updates following the mid-January national introduction webinar received the attached email re: the SVOG program
- March 30: a SVOG national/public informational webinar re: the applications (it will be recorded and posted on YouTube/SVOG website)
- As the SBA builds and prepares to open the program, the dedicated webpage, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information.
- Right now potential applicants can work to get registered in the federal government’s System for Award Management (SAM.gov), as this will be required for an entity to receive an SVOG, and reference the preliminary application checklist and eligibility requirements in preparation for the application opening.
- Per a March 24 news release, the week of April 6, the SBA will increase the COVID-19 disaster loan maximum amount to 24-months of economic injury / $500,000.
- As of March 25, the SBA has approved over 3.75 million COVID-19 EIDLs for $201.1 billion. SBA has disbursed approx.. 3.6 million of those equaling $193.5 billion (96% of approved amount)
- 78% of all COVID-19 Economic Injury Disaster Loans are less than $100,000 in value, totaling 39% of total volume.
Reporting Identity Theft – A website is now available to educate and inform the public on this: Report ID theft and fraud (sba.gov)
COVID-19 Relief Program Report – updated with data as of March 25, 2021; key PPP points include:
- More than 3.58 million PPP loans totaling more than $217.8 billion have been submitted to the SBA for processing by lenders in the 2021 PPP funding round..
- The SBA has guaranteed 3.39 million PPP loans totaling more than $205.1 billion in the 2021 PPP funding round.
- The average loan size was $60,459.
- 87% of the PPP loans in the 2021 funding round are for less than $100,000
- 93% of PPP loans in the 2021 funding round have gone to businesses with 20 employees or fewer, totaling 49% of total 2021 PPP loan volume.
- Approx. 44% of PPP loans have completed the forgiveness process (totaling approx. 37% of 2020 PPP loan volume). Across all loan sizes, over 99% of loan value has been forgiven on loans completing the forgiveness process.
American Rescue Plan Act New Programs
Restaurant Revitalization Fund/Grants
- The American Rescue Plan Act provided $28.6 billion for a new Restaurant Revitalization Fund for grants to eligible entities in this hard-hit industry, with a maximum $5 million grant per location and aggregate maximum $10 million grant. The SBA has immediately begun work on this new program and will launch it as quickly possible to deliver the intended economic assistance.
- Per the ARPA, the Restaurant Revitalization Grants will provide economic relief to:
- Establishment Types: restaurants, food stands, food trucks, food carts, caterers, saloons, inns, taverns, bars, lounges, brewpubs, tasting rooms, taprooms, licensed facilities or premises of a beverage alcohol producer where the public may taste, buy or sample products or any other similar establishment where people assemble for the primary purpose of being served food or drink.
- Any establishment with 20 or fewer locations
- Ineligible entities include state or local government-operated entities and publicly traded-companies, as well as those entities that have a pending Shuttered Venue Operators Grant application or have received an SVOG.
- As the program is built and developed, businesses should visit SBA’s COVID-19 relief page – www.sba.gov/relief or www.sba.gov/asistencia – for information on this and other economic aid programs as it comes available. Also, all are encouraged to stay up to date by following the SBA on Twitter (@sbagov) and subscribing to SBA’s e-newsletter.
You can also see all of the SBA’s translated resources here: https://www.sba.gov/page/covid-19-recovery-information-other-languages