- In interview with Yahoo, SBA Administrator Isabella Casillas Guzman says billions of dollars is still available in the COVID EIDL program
- Several other COVID-19 relief programs have closed, but the Shuttered Venue Operators Grant program is rolling out supplemental grants and reconsidering denials
- Guzman also encouraged PPP borrowers to seek forgiveness, as less than half of borrowers with smaller loans have done so
Summary by Dirk Langeveld
U.S. Small Business Administrator Isabella Casillas Guzman is encouraging small businesses to utilize the agency’s COVID-19 relief options, saying plentiful funds are still available for certain programs.
The SBA’s relief efforts have received less attention following the expiration of the Paycheck Protection Program, which disbursed about $800 billion in forgivable loans in three round of funding. However, Guzman said in an interview with Yahoo that billions of dollars are still available through its COVID Economic Injury Disaster Loan program, which provides up to $500,000 in low-interest financing to small businesses that have suffered revenue losses due to the pandemic.
- Guzman also noted how the Shuttered Venue Operators Grant program is beginning to roll out supplemental awards, and that certain borrowers can seek reconsideration if their application was denied
- It is uncertain if the Restaurant Revitalization Fund will be replenished; the grant program saw strong demand and was only about to fund about one-third of the requested awards
- Guzman is also encouraging PPP borrowers to seek forgiveness, including through the SBA’s Direct Forgiveness Portal if possible
- Fewer than half of the roughly 9 million PPP borrowers who took out a loan of $50,000 or less have applied for forgiveness
- Guzman encouraged small business owners to reach out to their local SBA office to learn about relief options as well as strategies they can take to improve their odds of successfully receiving funds through the agency