PPP Saved Millions of Small Businesses, American jobs
By SBA Administrator Jovita Carranza
During a year when every sector of society grappled with how to defeat a novel virus, COVID-19, and survive sweeping government shutdowns, we can say with certainty the American small business sector was upheld by the Trump administration.
By providing millions of small businesses with the short-term certainty and capital they needed to keep tens of millions of employees on payroll, the Paycheck Protection Program (PPP) accomplished its mission, and now our nation’s small businesses are helping lead the great American economic comeback.
If you received a Paycheck Protection Program loan, you may be eligible for loan forgiveness. Here are four steps to apply for loan forgiveness.
- Contact your lender and complete the correct form
- Compile documentation
- Submit the forgiveness form and documentation to your lender
- Communicate with your lender throughout the process
If your COVID-19 Economic Injury Disaster Loan was declined, you can request reconsideration within six months of the date of the decline letter. Include your application number and information required to overcome the reason for decline. You can send this information via email to pdcrecons@sba.gov or mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.
SBA is proposing to revise size standards to boost SBA program eligibility for businesses in the following industries.
- Education services
- Health care and social assistance
- Arts, entertainment and recreation
- Accommodation and food services
- Other services
Did you know that the U.S. Small Business Administration and other agencies provide free resources to help small businesses sell to customers overseas? As more businesses use online storefronts and e-commerce platforms, they become well-positioned to enter the international marketplace. SBA helps these businesses succeed by providing access to grants, loans, and free advice.
Job Alert! SBA is now hiring attorneys, paralegals, credit analysts, loan officers, mortgage underwriters, customer service representatives and other workers to assist with disaster relief efforts. Bilingual skills are a plus.
Federal Coronavirus Resources
State, 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. Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.
Learn more about the federal government’s response
Virtual Mentoring and Training
Offices 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.
Find an SBA resource partner near you
U.S. Small Business Administration
409 3rd St, SW. Washington DC 20416
www.sba.gov
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