SBA Economic Aid Programs Update

Update on various programs provided by SBA on February 10, 2021

• Economic Aid Cross Program Eligibility Matrix: this matrix compares PPP, Shuttered Venue Operators Grant (SVOG) and the COVID-19 EIDL eligibility and is on the SBA website here.
• Targeted EIDL Advance FAQs: This week, the Office of Disaster Assistance began outreach to potentially eligible recipients of the Targeted EIDL Advance, a new program in the Economic Aid Act. FAQs have been posted.
• PPP Weekly Report – Jan. 31, 2021: In the first 20 days of this newest round of PPP funding, more than 891,000 PPP loans totaling over $72.7 billion have been approved. Approximately 68% have been for $50,000 or less (and 81% for $100,000 or less), reinforcing the smallest of small businesses are accessing the funding. Second Draw PPP loans make up 75% of the loans, revealing small businesses are returning to get this needed economic lifeline keeping their employees on payroll and supporting their business operations. These reports will be posted weekly (likely on Monday), and we will update you accordingly when they are released.
• Shuttered Venue Operators Grant: The FAQs and website can be used to respond to questions. The website has the latest information.