I hope you had an enjoyable holiday weekend! Following are the most recent updates on the economic aid programs the SBA is administering, including key details on closure of PPP and RRF and an update on SVOG disbursements. Please let me or your local public affairs specialist know you have any questions or wish to schedule an interview with your area SBA district director concerning any of the agency’s programs and their local impact.

Paycheck Protection Program

• STATUS: Administrator Casillas Guzman issued a statement today re: the PPP now being officially closed.
• Forgiveness: Approximately 63% of the PPP loans have completed the forgiveness process totaling approximately 54% of the total 2020 PPP loan volume. Across all loan sizes, over 99% of loan value has been forgiven on loans that have completed the forgiveness process.
• State data: PPP weekly report (last updated May 31), COVID relief report (includes PPP & EIDL info; last updated May 24). As of the May 31, 2021, report following are the PPP totals for the Great Lakes region and respective states within:

Community Navigator Pilot Program (launched May 25, news release)

• Established by the American Rescue Plan, the Community Navigator program will leverage a hub and spoke model to reach the nation’s smallest businesses, with a priority focus on those owned by socially and economically disadvantaged individuals, as well as women and veterans.
• STATUS: Nonprofits; state, local, and tribal governments; SBA resource partners; and other organizations can apply through July 12, 2021, and the SBA anticipates making award decisions by August 2021. More details can be found on the Notice of Funding Opportunity.
• Competitive grant awards will range from $1 million to $5 million for a two-year performance period.

Shuttered Venue Operators Grant (state data pending)

• STATUS: SVOG notice of awards began on May 26 and, per the recipients’ return of required forms, fund disbursements have begun as well.
• The portal remains open and continues to accept applications.

Restaurant Revitalization Fund (state data pending)

• STATUS: As of 8 p.m. ET, Monday, May 24, the portal for the $28.6 billion Restaurant Revitalization Fund authorized by the American Rescue Plan Act closed. Overall, per the SBA Administrator’s testimony last week in Congress, the SBA received more than 372,000 applications totaling more than $76 billion in funds.
• For the first 21 days the program was open, the SBA prioritized funding applications from small businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals.
• The SBA has gotten relief into the hands of more than 63,000 food and beverage businesses owned by women, veterans, and socially and economically disadvantaged business owners. Over $15.5 billion are being distributed in the coming weeks.

Economic Injury Disaster Relief (state data available in COVID-19 EIDL Report 2021)

• STATUS: As of May 26, 2021, nearly 3.8 million Economic Injury Disaster Loans totaling $209 billion have been approved and applications remain open through Dec. 31, 2021.
• The SBA continues to disburse Targeted EIDL Advance and Supplemental Targeted Advance payments to eligible entities, with more than 128,000 receiving Targeted EIDL Advances and more than 69,000 receiving Supplemental Targeted Advances. As a reminder, a total of $35 billion has been appropriated through the American Rescue Plan and Economic Aid Acts for these programs, with $30 billion for the Targeted EIDL Advance and $5 billion for the Supplemental Targeted Advance payments for those smallest and hardest hit businesses.