SBA Administrator Says “Billions” Still Available in COVID Relief Funds for Small Businesses
In an interview with Yahoo, US Small Business Administration (SBA) Administrator Isabella Casillas Guzman revealed billions of dollars in COVID relief funds are still available for small businesses. Guzman adds that small businesses can benefit from the various pandemic stimulus programs and supplementary grants the federal government still offers.
Billions are still available in the form of small business bailouts
In which Interview by Dani Romero For Yahoo News, Guzman said the SBA and the federal government want to support small businesses with whatever programs they have. That COVID-19 Response Opportunities The SBA has several programs to meet the needs of small business owners.
From the Paycheck Protection Program (PPP) to Restaurant Revitalization Fundthe Shuttered Venue Operators Grant (SVOG) and Economic Injury Disaster Loans (EIDL) the SBA would like to continue to help small businesses. This includes waiving the loans that many of the companies have received.
Guzman said, “We want all PPPs — $800 billion — to come back to market.” Adding, “We want those loans to be forgiven when they’re eligible, and these lenders have that capital to do it now.” pass it on to small businesses.”
If the PPP Forgiveness Portal opened, more than 340,000 companies used the tool in the first two weeks alone. The result was $2.4 billion awarded only to those early adopters of the portal. As Guzman mentioned, forgiving of these loans improves the overall economy and allows small business owners to begin their path to post-pandemic recovery.
Small loan recipients must apply for a waiver
According to the 15.8 Lender submission metrics on the Forgiveness platform, small businesses with loans of $50,000 or less, the forgiveness application rate is only 44.4%. This is despite the fact that the group has the largest number of PPP loan recipients with 9,009,866.
Only 3,999,158 of these companies have applied for loan forgiveness. That leaves more than half, or 5,010,708 companies that can apply for, and potentially qualify for, forgiveness. As Guzman said, they’re trying to forgive the loans. So if you are one of those companies with less than $50,000 in PPP loans, there is no time like now to apply.
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