Extension of Paycheck Protection Program (PPP) Passes

Small businesses and eligible non-profits can apply through May 31

• PPP Extension Act of 2021 passes, President expected to sign into law (Act would extend PPP with May 31 the date by which PPP applications must be submitted to the SBA and June 30 the date by which SBA must approve such applications)
• Paycheck Protection Program Weekly Reports 2021 (sba.gov) continue to be updated, with latest posted on March 21, and showing:

• The SBA has guaranteed over 3.1 million PPP loans totaling nearly $196 billion in the 2021 round of PPP funding.
• The average 2021 PPP loan is $63,000 and over 76% of these loans have been for $50,000 or less.
• Nearly 40% of the 2021 PPP loans (more than 1.2 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 1.4 million Second Draw PPP loans have gone to those with 10 or fewer employees, further supporting this relief for the smallest businesses.

Visit the Small Business Administration's Covid-19 Resources Page at:

Paycheck Protection Program

To learn more visit these additional resources from CO -- and the U.S. Chamber:

• Read up on how to obtain a PPP loan.
• Visit this COVID resources page from CO.
• Replay recent webinars on the stimulus package and what it means for small businesses.

More information to be released soon.

SBA Increases Lending Limit for COVID-19 Economic Injury Disaster Loans

The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access ,” said SBA Administrator Isabella Casillas Guzman.

Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time.  "SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date," said Utah District Director Marla Trollan. "As soon as we have more information we will make it available," Trollan said.

Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.

This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.

Questions about SBA COVID-19 EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

Shuttered Venue Operators Grant to Accept Applications April 8

The U.S. Small Business Administration has launched a splash page for the Shuttered Venue Operators Grant (SVOG) application portal in anticipation of opening applications for the relief program Thursday, April 8, 2021.

“The SBA knows these venues are critical to America's economy and understands how hard they've been impacted, as they were among the first to shutter. This vital economic aid will provide a much-needed lifeline for live venues, museums, movie theatres and many more," said SBA Administrator Isabella Casillas Guzman. 

“We have been working very closely with our Utah art and entertainment venues as well as other businesses in the industry. We have all patiently waited and prepared for the SVOG application to open," said Utah District Director Marla Trollan. "We understand how vital this relief is to these businesses and will continue to work diligently in getting them the assistance they need to stay open and recover during this time."

Prior to the official SVOG application opening, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 12:30 to 2 p.m. MT, Tuesday, March 30, 2021. 

Register for the SVOG Application Webinar

The SVOG program was established by the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act, which appropriated $15 billion for it. The American Rescue Plan Act, signed into law by President Joe Biden March 11, 2021, appropriated an additional $1.25 billion, bringing the program funding to a total of $16.25 billion, with more than $16 billion allocated for grants.

To ensure eligible venues do not miss a window to receive assistance through the Paycheck Protection Program, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. The PPP loan applications have been updated to reflect this.

As the SBA builds and prepares to open the program, the dedicated SBA website, www.sba.gov/svogrant, which includes frequently asked questions, video tutorials and other SVOG details, is the best source for information for those looking to apply for a grant. To prepare in advance of the SVOG application portal opening April 8, potential applicants should get registered in the federal government’s System for Award Management (SAM.gov), as this is required for an entity to receive an SVOG, and reference the preliminary application checklistand eligibility requirements. 

Cross Program Eligibility

SVOG FAQs - Updated March 12

Preliminary Application Checklist - Updated March 11

American Rescue Plan Provides Additional Resources for COVID-19 Economic Relief 

Recent Updates

Overall, 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:

• 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/coronavirusrelief - for information on this and other economic aid programs as it comes available. Also, they are encouraged to stay up to date by following the SBA on Twitter (@sbagov) and subscribing to SBA’s e-newsletter.

Community Navigators

• A website now features the program: Community Navigators (sba.gov)(www.sba.gov/navigators)

FAQs

How to calculate First Draw

How to calculate Second Draw

Eligible Paycheck Protection Program expenses deductible

The Treasury Department and the Internal Revenue Service issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. This change applies for taxable years ending after March 27, 2020.

For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov.

More Information Here

SBA TARGETED EIDL ADVANCE

Translations of COVID-19 EIDL FAQs are now posted in the language library. As a reminder, the English version at the top matches the translated versions below to help you find a specific document. We also have a document landing page for Spanish and the other 16 versions.

SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for an SBA economic injury disaster loan is July 27, 2021.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

COVID-19 Economic Injury Disaster Loans (sba.gov)

Targeted EIDL Advance Mapping Tool The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Applicants do not need to take any action at this time. SBA will reach out to those who qualify. To help applicants determine if they are located in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a lookup tool is now available at https://sbaeidl.policymap.com/app. Note that the business address must be located in a low-income community in order to qualify, so SBA encourages potential applicants to check the map to see if they meet the low-income community eligibility requirement before you apply. Targeted EIDL Advance

SBA’s Most Recent Economic Aid Report -- March 18, 2021

Paycheck Protection Program

(All data can be found on the PPP data web page.)

• More than 2.9 million PPP loans totaling more than $190 billion have been guaranteed in the 2021 PPP funding round
• 86% 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   
• Approx. 40% of PPP loans have completed the forgiveness process and across all loan sizes, over 99% of loan value has been forgiven

SBA COVID Relief Program Report March 18, 2021

Covid-19 Assistance | Spanish Language | Helpful Links

• www.sba.gov/coronavirus-espanol 
• Obtenga ayuda con su préstamo PPP
• www.sba.gov/ayudacoronavirus 
• www.sba.gov/ppp-espanol or www.sba.gov/protecciondepago 
• www.sba.gov/eidl-espanol 
• www.sba.gov/anticipoeidl 
• www.sba.gov/desastre  All other disasters not including Covid-19

OIG/Scams & Fraud prevention

Revised translations of the fraud/scams notice are in the language library as well

Reporting Identity Theft 

 Website now available:

Report ID theft and fraud (sba.gov)

Training and Events

Virtual Mentoring and Training 

Offices around the country may be closed to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.

Find an SBA resource partner near you

Financing Your Business Free online courses from the SBA Learning Center Assess your financing needs and discover financing options for your business.   There are many other courses available at the site as well. View Course   Thinking about a New Business? About two-thirds of business owners start their business from scratch, while less than a quarter of owners purchased the business they own. The starting method for small businesses tends to be relatively stable over time but differs based on owner demographics. Read Small Business Facts: Paths to Business Ownership to learn more.  Read Here

UTAH SBA DIRECTORY

Marla Trollan, District Director
marla.trollan@sba.gov, (o) 801-524-3209 (c) 385-218-1995

John Gygi, Deputy District Director
john.gygi@sba.gov, (o) 801-524-3209 (c) 801-889-6170

Karl Wernick, Lender Relations Specialist
karl.wernick@sba.gov, (o) 801-524-3209 (c) 385-355-5815

Don MacMillan, Lender Relations Specialist
donald.macmillan@sba.gov, (o) 801-524-3209 (c) 385-429-8627

Melinda Workman, Economic Development Specialist
melinda.workman@sba.gov, (o) 801-524-3209 (c) 385-266-1853

Rachel Bennett, Economic Development Specialist
rachel.bennett@sba.gov, (o) 801-524-3209 (c) 385-355-5677

Cody Neville, Business Opportunity Specialist
cody.neville@sba.gov, (o) 801-524-3209 (c) 801-828-0796

Siobhan Carlile, Public Affairs Specialist
siobhan.carlile@sba.gov, (o) 801-524-3209 (c) 706-267-1145

Jackie Hobson, Outreach and Marketing Specialist, St. George Office          jackie.hobson@sba.gov, (0) 801-524-3209

George Janes, Outreach and Marketing Specialist, Office of Disaster Assistance
george.janes@sba.gov, (o) 801-524-3209 (c) 202-941-8106

Charla Allred, Program Support Assistant, Office of Disaster Assistance
charla.allread@sba.gov, (o) 801-524-3209 (c) 202-941-8106

Cheryl Richens, Administrative Officer
cheryl.richens@sba.gov, (o) 801-524-3209

Sharlene Miller, Paralegal
sharlene.miller@sba.gov,  (o) 801-524-3209