Following are the most recent updates on the economic aid programs the SBA is administering, including key details on the status of the RRF and PPP. 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.

Restaurant Revitalization Fund (state data pending)

Late yesterday, SBA Administrator Guzman shared via this news release that eligible eating establishments have until Monday, May 24, 8 p.m. ET, to submit RRF applications. Additional key points are:

• Approximately $210 million remain for those with not more than $50,000 revenue (total requested thus far is approximately $290 million and total $500 million is allocated for this group)
• Nearly 38,000 establishments have been approved for more than $6 billion in funding
• To date, the RRF has received more than 303,000 applications representing more than $69 billion in requested funds; of those, 57% came from women, veterans, and socially and economically disadvantaged business owners with the breakdown being:
• More than 122,000 women business owner applicants
• More than 14,000 veteran business owner applicants
• More than 71,000 economically and socially disadvantaged business owner applicants 

Paycheck Protection Program

• STATUS: As shared earlier, after serving nearly 11.2 million small businesses, including more than 6 million thus far in 2021, general funding for the bi-partisan Paycheck Protection Program is nearly exhausted. Money only remains via the set aside for community financial institutions that serve underserved communities and the SBA continues to accept PPP loan applications from the PPP-participating CFIs. Per the law, the program is slated to close for applications on May 31, 2021, or earlier if funding is fully exhausted.
• Forgiveness: Approximately 55% of the PPP loans have completed the forgiveness process totaling approximately 46% 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 17), COVID relief report (includes PPP & EIDL info; last updated May 9)

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

• As of the May 13, 2021, report, nearly 3.8 million Economic Injury Disaster Loans totaling more than $207 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 nearly 104,000 receiving Targeted EIDL Advances and nearly 12,000 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.

Shuttered Venue Operators Grant (state data pending)

Three weeks since opening the application portal, 12,213 SVOG applications have been submitted to the SBA, which is an increase of more than 700 total from last week and an increase in each venue type. The portal remains open and continues to accept applications. The applicant type breakdown for the 12,213 SVOG applications submitted to the SBA is: