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SBA Economic Aid: Relief Report, COVID EIDL reaches $200B & Updated SVOG FAQ

Michigan Business Network
February 15, 2021 9:00 AM


This evening, the SBA published a comprehensive COVID Relief Program report as of Feb. 11, 2021 (one month since opening the newest round of PPP funding) on the agency’s economic aid efforts for PPP and COVID-19 EIDL. Some key points in this report:

·       More than 1.5 million PPP loans totaling more than $115 billion have been approved by the SBA

·       Average loan size is just over $76,000; 83% of the PPP loans are less than $100,000

·       Accommodation and Food Services account for 18% of all PPP lending, driven primarily by restaurants

·       More than 1.6 million PPP loans have been forgiven (approximately 31% of the 2020 PPP loans)

·       State specific PPP loan data is currently available through Feb. 7; it likely will be updated after the holiday


2.      COVID-19 EIDL

As of earlier today, Feb. 12, the COVID-19 EIDL program reached a $200 billion milestone (news release; state specific data will likely be updated next week and is available as of Feb. 1), approving over 3.7 million loans with an average loan amount of over $54,000. Since SBA's inception in 1953 and leading up to COVID-19, the agency had approved $66.7 billion in disaster loans; the agency has now approved and distributed three times more loan volume for COVID-19 EIDL than for all other disasters combined in SBA’s history. The small businesses helped by the COVID-19 EIDL program employ over 20 million and have a profound impact on local economies. As a reminder, the low-interest, long-term direct EIDLs are used to pay fixed business debts, payroll and payroll expenses, accounts payable and other operating expenses that can’t be paid because of the disaster’s impact.



Updated Shuttered Venue Operators Grant FAQs with additional information addressing eligibility, revenue, use of funds and affiliations, among other items, were posted late in the day as well. The SBA is building the SVOG program from the ground up and working expeditiously to ensure all the mechanisms required by law and the federal grant application/awarding process, as well as front-end protections, are in place to ensure these vital grants are delivered to those the law intended to assist.

Join the SBA team: Employment opportunities to support SBA's COVID-19 pandemic response


About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.