The U.S. Small Business Administration (SBA) announced on May 5 that it will no longer accept most new Paycheck Protection Program (PPP) applications, as PPP ran out of funds ahead of its May 31 deadline. However, the agency still has an estimated $8 billion in PPP funds set aside solely for applications submitted via community financial institutions. Such institutions include Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs).
Insights into the world of small business lending and development
The U.S. Small Business Administration (SBA) has announced two new updates to its Economic Injury Disaster Loan (EIDL) program, as the agency works to provide further economic relief for the smallest and hardest hit businesses across the United States.
Below you will find more information about the Targeted EIDL Advance program and Supplemental Targeted Advance, which provide small grants to eligible impacted small businesses, and how you may qualify for additional financial assistance.
Targeted EIDL Advance program
During April’s National Financial Literacy Month, we spoke with small business owners around the country about the challenges they’ve faced during the last year of business turmoil and how they’ve pivoted their businesses to stay afloat during the pandemic.
These business owners have weathered many untenable challenges and are sharing their lessons learned and some best practices other small businesses can follow during this difficult time. Read on to learn about some of the key steps they took to overcome the challenges brought on by the pandemic.
A new grant program, the Restaurant Revitalization Fund (RRF), is slated to provide relief funding for restaurants and bars affected by the COVID-19 pandemic. The RRF, which was established by the newly passed American Rescue Plan, will provide $28.6 billion in grants for small businesses in need.
The deadline to file 2020 tax returns is fast approaching, and we know many small business owners need to learn about what kind of tax benefits they might benefit from during this challenging time.
Below you will find some important information about the new Employee Retention Tax Credit and the Work Opportunity Tax Credit.
Employee Retention Tax Credit
Congress has approved a new $1.9 trillion federal relief package, more commonly known as the American Rescue Plan. The stimulus legislation, the largest of its kind, includes several measures to help stabilize small businesses and the economy.
Some of the key provisions that will aid struggling small businesses are:
The White House recently announced new changes to the Paycheck Protection Program (PPP) to better focus federal relief funds and aid struggling small businesses that may have been left behind during the first rounds of funding. The changes come at a critical time, when our research reveals that minority-owned businesses have greatly struggled to secure capital compared to their white counterparts.
Update: The Shuttered Venue Operators grant application portal is now open.
As we begin a new year, small business owners who applied for a Payment Protection Program (PPP) loan should be aware of the processes and requirements to apply for PPP loan forgiveness. Taking the following steps to complete the loan forgiveness process will give you peace of mind and may help you prepare for the upcoming tax season.
Here are some key facts to consider as you start to navigate the process.
Congress approved a new federal relief package to help struggling small businesses weather the coronavirus pandemic, putting an end to months of ongoing negotiations and congressional inaction. Read our summary of the key pieces of the legislation that can support the recovery of small businesses.
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