...SVOG & Supplemental Targeted Advance open & PPP reports
Following are some quick updates on economic aid programs the SBA is administering with the two as of today on top. As you will note, the Restaurant Revitalization Fund will open for registrations on April 30, and then applications will open on Monday, May 3. The SVOG application portal opened yesterday and 24-hour metrics are included below, as is the most recent PPP loan data.
Restaurant Revitalization Fund
- TODAY’S NEWS: Registrations will begin on Friday, April 30, 2021, at 9 a.m. EDT and applications will open on Monday, May 3, 2021, at noon EDT (news release)
- The RRF is working with technology partners to allow eligible restaurants and other food establishments to access the application or data needed to fill out the application through point-of-sale service providers (news release)
- National webinars are planned for:
- Wednesday, April 28 at 1 p.m. ET in partnership with Public-Private Strategies Institute
- Wednesday, April 28 at 2:30p ET
- Applicants can get help via restaurants@sba.gov or this hotline 1-844-279-8898
Shuttered Venue Operators Grant – application portal opened yesterday, April 26, at 12p EDT
- As of noon ET today (24 hours open), the SVOG portal had received 17,356 applications and, of those, 9,472 had been started and 7,884 had been submitted.
- For technical support with the SVOG portal, password resets, or help with authenticator apps, applicants can contact 1-800-659-2955 or 1-800-877-8339 (TTY).
- Awards are expected to begin in May
Supplemental Targeted Advance - On April 23, the Supplemental Targeted Advance payments, which the American Rescue Plan Act appropriated $5 billion for, launched (news release)
- PPP remains open until May 31, 2021, for lenders to submit loan applications and there’s an additional 30-day period for the SBA to process applications still pending
- Paycheck Protection Program Weekly Reports 2021 (sba.gov) continue to be updated; information as of April 25 shows:
- The SBA has guaranteed more than 5.1 million PPP loans totaling more than $248 billion in 2021
- The average 2021 PPP loan is $48,000 and nearly 84% of these loans have been for $50,000 or less
- Nearly 53% of the 2021 PPP loans (more than 2.7 million) are First Draw PPP loans and, of those, more than 98% are for those with 10 or fewer employees, providing first-time PPP loans and critical relief to the smallest businesses
- More than 1.9 million Second Draw PPP loans have gone to those with 10 or fewer employees, further supporting this relief for the smallest businesses
For detailed information on SBA’s COVID-19 economic relief programs for small businesses and other eligible entities, visit www.sba.gov/relief and www.sba.gov/asistencia (en Español).
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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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