Join the U.S. SBA November 2-6, 2020 as they celebrate National Veterans Small Business Week. We will be showcasing our nation’s military and veteran-owned businesses all week long. This year’s theme is #VetBiz Resources in Your Local Community which highlights the breadth of free to low-cost entrepreneurial resources that veteran and military entrepreneurs can access right in their neighborhood – from seeking business counseling services from a local SCORE chapter, to visiting the Veterans Business Outreach Center (VBOC) in their area for help formulating a business plan. Each day during NVSBW, we will highlight different topics related to the veteran entrepreneurship journey. We will also host various national-level events to align with each topic area.
Small Businesses are Driving the Trump RecoveryBy SBA Administrator Jovita Carranza America’s small business sector is on the road to recovery, and it is happening much faster than the experts predicted. More than half the jobs lost to the pandemic have already been regained. This comeback is not happenstance; instead, it is a result of the President’s decisive leadership. While state economies were shutting down as a result of necessary public safety orders, the President was mobilizing the greatest public-private disaster response in modern history. So far this year, the SBA has approved more loans – by both value and volume – than it has in all of the years combined over its 67-year history. |
Nearly Nine Million Loans Worth $750 Billion Stabilized Small Business Sector and Put it on the Road to Recovery
The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act. Loans guaranteed through traditional SBA lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the Agency: In FY20, the Paycheck Protection Program (PPP) provided an additional 5.2 million loans worth more than $525 billion; the Agency’s Economic Injury Disaster Loan (EIDL) Program added another 3.6 million small business loans valued at $191 billion, as well as an additional 5.7 million EIDL Advances worth $20 billion.
In honor of National Women’s Small Business Month, the U.S. Small Business Administration and Performance.gov Team have partnered together to highlight the Women-Owned Small Businesses (WOSBs) data dashboard. According to the U.S. Census Bureau’s Annual Survey of Entrepreneurs, the U.S. has nearly 1.1 million women-owned businesses with 99.9% of them categorized as small businesses. In FY19, more than $25 billion was awarded to WOSBs, as the Federal Government met the goal of awarding five percent of all federal contracting dollars to women-owned small businesses each year.
The SBA is hiring temporary employees to assist with disaster relief efforts during these unprecedented times. The positions include:
- Call Center Customer Service Representative
- Document Preparation/Legal Review/Loan Closings
- Loan Processing/Credit Analysis/Mortgage Underwriting
- Program Support
Federal Coronavirus ResourcesState, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House’s Coronavirus (COVID-19) Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention. |
Virtual Mentoring and TrainingOffices around the country may be closed due to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video. |
