Small businesses in the United States could still benefit from the federal government’s pandemic stimulus program, SABA Administrator Isabella Casillas Guzman told Yahu Finance in a new interview.
“We still have billions of dollars in relief in our Cowboys Unemployment Program,” said Guzman, who began his term under President Joe Biden in March as director of the California Small Business Administration.
SBA Initiatives: $ 953 Billion Salary Protection Program (PPP), Restaurant Stimulus Fund, Closed Location Operators Grant (SVOG), and Economic Damage Loans: Created to provide support. A.D. The pandemic, which killed an estimated 200,000 businesses permanently in 2020.
That surplus could be significant, as Delta’s growing demand for workers in various parts of the country has led to a resurgence of small business owners. (According to a recent survey of social networking for small business owners, 76% of homeowners’ problems hinder their efforts to recover.)
“We are ready to support our small businesses with any of our programs,” she said.
‘We want to see those loans move towards forgiveness’
PPP loans, the SBA’s most notorious pandemic, have promised to pardon them and turn them into grants if used properly.
However, while the program has helped millions of businesses earn wages, the process has been hampered since its early release.
The rapidly declining first round of financial support has largely shifted to larger businesses with existing relationships with large banks, leaving smaller, more vulnerable businesses.
In return, the second round provided more financial support to small businesses – but the SBA implemented new rules to fight fraud, and it took longer to process those funds.
SBS has also recently opened a direct amnesty gateway for small businesses with PPP loans. Guzman said more than 1,000 lenders could complete the process in 10 minutes at the forum.
In all, as of August 15, $ 471,137,621,001 was pardoned in the PPP loan.
“We want to see all the PPPs – $ 800 billion – back in the market,” Guzman said. We want to see if these loans are eligible for forgiveness, and those lenders now have that capital to lend again. In a small business community. ”
‘We want to keep trying to support these places’
Restaurants, in particular, continue to face labor and supply shortages.
Guzman noted that before the end of July, the Federal Restaurant Revival Fund provided $ 28.6 billion in funding for more than 100,000 businesses and that the demand was 2.5 times higher.
“I know Congress continues to say, ‘Refill or not replenish that money.’
SVOG, a venue for the $ 900 billion CVD grant package, signed into law in December 2020, pledges $ 15 billion for free spaces, advertisers, theaters and other organizations.
And although the program initially showed major delays and stuttering start-up, SBB He was able to turn it around.
“We have spent $ 9 billion and we will continue to minimize all the applications that are being reviewed,” Guzman said. Please be patient. We want to see if those funds are paid every day.
Guzman added that the SBA will open an SVOG portal this week to apply for additional awards.
“We want to keep trying to support these places,” she said. If there is any error in the process, this will obviously occur in this appeal process.
Additional subsidies will be provided by only 50% of the original prize money, and according to the SBA, it will be covered by $ 10 million. That cap includes initial and additional grant prizes.
S.B.A. The SBA will also accept some applications to verify applicants’ eligibility and provide an opportunity to overturn an earlier decision. Rejected applicants have two weeks to appeal.
Guzman was asked about reports of small businesses going through the process of reconsidering and being banned again. Guzman had some advice.
“One of the things I encourage them to do is reach out to their local woreda offices,” he said. You can contact their local partners at SBA.gov and make sure they understand any details on the case, as well as the additional relief that SBA can provide.
The Kovi Economic Damage Disaster Loan Program is still available, a program that the agency focuses on “improving customer service”.
Danny Romero is a Yahoo Finance Correspondent. Follow her on Twitter @daniromerotv.
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