Some breaking news updates on the Paycheck Protection Program and other relief programs the SBA is administering.
- More than 60,000 PPP loans approved in first week (news release): The SBA has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, at 9 a.m. ET through to Sunday, Jan. 17. Only national details are available at this time.
- PPP open to all lenders (news release): As of today, the PPP is open to all participating lenders. If potential borrowers are seeking a lender, they can find one on this PPP Lender Lookup Map. Also PPP materials are posted in multiple languages here.
- Shuttered Venue Operators Grant: A preliminary webinar providing high-level information about the Shuttered Venue Operators Grant is posted on SBA’s YouTube channel at https://youtu.be/PdfQGb6z-gg. Additional preliminary information on the SVOG program can be found here and will be updated as additional specifics are determined.
- Targeted EIDL Advance: Per the Economic Aid Act, the Targeted EIDL Advance will be available, in general terms, to those who previously received an EIDL Advance of less than $10,000 and are in a low-income community or those who previously applied but received no funds due to lack of available program funding. In the coming weeks, the SBA will begin reaching out to those who qualify, so no action is needed from the potential recipients.
The agency’s focus remains on ensuring we are getting the economic aid out as quickly as possible to those eligible small businesses and other organizations affected by the COVID-19 pandemic.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
