<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1018706268302959&amp;ev=PageView&amp;noscript=1">
((o
Knowledge • News • Insights
 o))
In Partnership With

SBA | RRF Application Portal Opens May 3 at 12 p.m. EDT

Michigan Business Network
April 29, 2021 9:00 AM

Information about the Application Portal.

Registration for the Restaurant Revitalization Fund (RRF) will begin Friday, April 30 at 9 a.m. EDT and SBA will begin accepting applications via the application portal on Monday, May 3 at 12 p.m. EDTThe application portal will remain open to any eligible establishment until all funds are exhausted.

For more information, read the press release here.

How to prepare.

In preparation, qualifying applicants should familiarize themselves with the application process in advance to ensure a smooth and efficient application. Follow the steps below. 

For more information, visit sba.gov/restaurants. 

 

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) 

Paycheck Protection Program

  • 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).

###

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.

  • unnamed (65)

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