“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact.With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants –reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza.“
Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible. Tomeet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”
1. There is more than $130 billion in PPP funding still available … and now, more flexibility too.
PPP funds are still available for small businesses, independent contractors, nonprofits and tribal businesses whose operations were impacted by the Coronavirus outbreak. And with the enactment of the Paycheck Protection Program Flexibility Act, there is more flexibility, such as the extension of time to spend loan proceeds from eight weeks to 24 weeks and the expansion in the percentage of funds that can be used for non-payroll expenses. Read more in this joint statement from SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin. Continue reading →
The following are the top questions we’re getting asked today along with some answers we hope provide clarity. For more information about relief options and resources related to Coronavirus (COVID-19) please visit www.sba.gov/coronavirus.
“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”
The SBA (Small Business Association) defines a small business as one that is independently owned and operated and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding 12-months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
Manufacturing: Maximum number of employees may range from 500 to 1500, depending on the type of product manufactured.
Wholesaling: Maximum number of employees may not exceed 100.
Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided.
Retailing: Annual receipts may not exceed $5.0 to $21.5 million, depending on the particular product being provided.
General & Heavy Construction: General construction annual receipts may not exceed $13.5 to $17 million, depending on the type of construction.
Special Trade Construction: Annual receipts may not exceed $7 million.
Agriculture: Annual receipts may not exceed $0.5 to $5.0 million, depending on the agricultural product.
If you apply for an SBA loan, your loan won’t be from the SBA, and you won’t make your payments to the agency. Instead, the SBA approves lenders to provide loans to small businesses under their loan programs. Continue reading →
With business technology ever evolving, expanding our collaboration and communication capabilities, we can assume that more small business owners will want to seize opportunities to extend their customer base beyond U.S borders. With 96 percent of global consumers living outside of the United States (according to the U.S. Department of State), reaching a global market can fuel revenue growth and offer some protection against fluctuations in the U.S. domestic markets.Continue reading →
Businesses in Washington should be aware of a possibly fraudulent letter claiming to be an official bill for annual business registration fees.
One letter received by an Edmonds-based business directed the business to send $121.86 to a post office box in Olympia. The letter stated, “your state annual report will not be filed until payment is received.”
The misleading letter did not include the Office of Secretary of State logo, as an official letter from the Office of Secretary of State would – see the example pictured above. Continue reading →
This Military Appreciation Month the SBA highlights our support for veterans as they enter the world of business ownership.
The following are three ways you can take advantage of SBA resources to start, grow and expand your veteran-owned business:
1. Visit your VBOC – the Office of Veterans Business Development (OVBD) is devoted to promoting veteran entrepreneurship. They oversee Veteran Business Outreach Centers (VBOC) across the country which offer free one-on-one business mentoring and business workshops.