Every SBA Update You Might Have Missed



In a targeted email notice, the U.S. Small Business Administration (SBA) included new details regarding updated FAQs for economic injury disaster loans (EIDLs) concerning funds returned by banks for both the Targeted EIDL Advance and Supplemental Targeted Advance. Essentially, the update addresses an issue the SBA is working to resolve regarding the return re-disbursement of those funds which cannot, yet, be processed immediately.

In other news, the Restaurant Revitalization Fund (RRF) closed yesterday, however, the Shuttered Venue Operators Grant is accepting applications and Paycheck Protection Program (PPP) funds remain available for participating community financial institutions including “Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs)” until funds are depleted or May 31, 2021 arrives.

Finally, the SBA announced its Community Navigator Pilot Program which aims to extend outreach to underserved businesses through partnership with organizations that have strong, established relationships within their communities. An official launch date was not included with its announcement, but the program will add another $100 million of aid to underserved businesses.

The SBA explains the program on their site: “Through the Community Navigator Pilot Program, SBA will engage with states, local governments, SBA resource partners, and other organizations in targeted outreach for small businesses in underserved communities. These efforts began with the SBA issuing an Information Notice that offers advice and guidance on best practices for adopting the community navigator model for use by SBA district offices, state and local government partners, Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), Veterans Business Outreach Centers (VBOCs), SCORE, and other resource partners. The Biden-Harris Administration and Congressional leaders supported a $100 million investment, as part of the American Rescue Plan, to establish Community Navigator Programs for individuals with disabilities and/or in minority, immigrant, rural, and other underserved communities across the country.”

The MICPA will continue to track ongoing and upcoming small business financial assistance from the SBA as it occurs. Members can login to MICPA Connect to share their thoughts, strategies and questions as new information becomes available on this topic and more.

Source: MICPA

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