The SBA team was still shoveling out of snow in Chicago, but it hasn’t stopped economic aid relief information from being released!  Just last evening, the SBA posted data from the first 20 days of this newest round of PPP funding showing more than 891,000 PPP loans totaling over $72.7 billion have been approved. FAQs on two new programs in the Economic Aid Act – the Shuttered Venue Operators Grant and the Targeted EIDL Advance – are posted as well.

• Paycheck Protection Program Weekly Report – Jan. 31, 2021: In the first 20 days of this newest round of PPP funding, more than 891,000 PPP loans totaling over $72.7 billion have been approved. Approximately 68% of these PPP loans have been for $50,000 or less (and 81% for $100,000 or less) and the average PPP loan size is $82,000, reinforcing the smallest of small businesses are accessing the funding. Also note the Second Draw PPP loans – nearly 665,000 (75% of the loans in this newest round) small businesses have returned to get this needed economic lifeline that is keeping their employees on payroll and supporting their business operations. To note: specific state data is included in this report.
• Shuttered Venue Operators Grant FAQs: In response tremendous feedback from trade organizations and potential applicants eager to have their questions addressed, the SBA has posted an FAQ covering the main topics of those queries already received. As agency personnel develop this new grant program from the ground up and continue to deliver other much-needed economic aid programs, the SBA will continue to update the website accordingly and continue to share information as it becomes available.
• Targeted EIDL Advance FAQs: As SBA’s Office of Disaster Assistance prepares to reach out to potentially eligible recipients of the Targeted EIDL Advance, a new program in the Economic Aid Act, the agency has posted FAQs covering the program’s details.

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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.