WASHINGTON – The SBA in an effort to keep you informed about the agency’s economic aid efforts, are sharing news regarding the Shuttered Venue Operators Grant program. Friday, SBA Administrator Isabella Casillas Guzman shared that the SBA will open the Shuttered Venue Operators Grant applications on April 8 (news release). The SBA also will host a national informational webinar on March 30 for potential applicants.
Also, ICYMI, the newest Paycheck Protection Program Report as of March 14, 2021, shows nearly 7.9 million PPP loans totaling nearly $704 billion have been guaranteed by the SBA since this COVID-19 economic aid program began in 2020. For the 2021 round of PPP funding, which began on January 11, the SBA has guaranteed over 2.7 million PPP loans for nearly $181.5 billion. PPP dollars are assisting the smallest of small businesses, a key priority of the Biden-Harris Administration. The data shows:
· The 2021 overall average PPP loan size is at its lowest point, coming in at $66,000
· Nearly 75% of 2021 PPP loans are for $50,000 or less and more than 91% of 2021 PPP loans are for $150,000 or less.
This data is further reinforced by the SBA COVID-19 Relief Program Report as of Mar. 11, 2021 which shows:
· 92% of PPP loans in the 2021 funding round have gone to businesses with 20 employees or fewer
· Approx. 39% of PPP loans have completed the forgiveness process and across all loan sizes, over 99% of loan value has been forgiven
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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.
