RRF folks, any info for this ?? Just saw it....
Do you really think this will make any difference?
https://www.sba.gov/article/2021/aug/18/us-small-business-administration-announces-key-staff
beginning next week, offering a much-needed financial lifeline to small businesses that have been suffering from the impacts of the coronavirus pandemic for almost a year.
Applications will initially be limited to smaller, community-based lenders, a response to widespread criticism that larger banks and companies with existing access to capital were favored during the first round of loans that went out last year. Recent data on those loans has also found that minority-owned businesses were the last to receive assistance.
This time around, the SBA pledges a more equitable process. In addition to placing smaller lenders at the front of the line, it released new guidance on accessing capital specifically aimed at underrepresented business owners, including women, people of color, and veterans.
Smaller businesses that did not receive a PPP loan the first time around can begin to apply on Monday, January 11. Those that did receive one of the original loans can apply for a second PPP loan beginning on Wednesday, January 13, provided they meet eligibility requirements. For larger applicants, the program will open “shortly thereafter,” the SBA said Friday in a joint announcement with the U.S. Treasury Department.
Authorized as part of the coronavirus stimulus package passed in December, the PPP has been extensively revised from its original form, whose focus on payroll costs was seen as too restrictive by many business owners. While job retention is still the goal, the new loans will come with more flexibility, the SBA says. Among the program’s new details:
“Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs” “PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures” “The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations” “The PPP provides greater flexibility for seasonal employees” “Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount” “Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.”
I have no idea why, because I never received an email telling me why or a phone call. I just checked the portal and it said Declined. This was the 1st change in my portal since last year. It never had the Targeted Advance labeled in the portal.. EVER!!.
The U.S. Small Business Administration (SBA) is announcing the closure of the Restaurant Revitalization Fund. Through the American Rescue Plan Act, the SBA launched the Restaurant Revitalization Fund to provide funding to help restaurants and other eligible businesses keep their doors open. SBA received over 370,000 applications from restaurant owners across the United States. The program provided critical funding to over 105,000 restaurants representing $28.6 billion dollars. The program supported 3,777 small restaurants with gross receipts of less than $50,000 in 2019. Due to overwhelming demand, the SBA was unable to fund all qualified applications with the original appropriation provided in the American Rescue Plan Act. Those applicants who have not received funding as of this email will have their applications held within the application platform to allow for processing in the order received if additional funds are provided by Congress. The Restaurant Revitalization Fund application platform will remain open for the next two weeks to allow applicants to check their status, address payment corrections, or ask questions. The SBA will disable access to the platform on July 14, 2021.
