Search Results for agency_names:"Small Business Administration"

The U.S. Small Business Administration (SBA), in collaboration with the Department of the Treasury, issued an interim final rule implementing amendments from the Economic Aid Act to the Paycheck Protection Program (PPP). The rule extends the PPP, a program designed to provide financial aid to small businesses impacted by COVID-19, allowing them to apply for loans through March 31, 2021. It also includes updated guidelines for loan forgiveness, borrower and lender eligibility, and how loans can be used, with new rules for calculating maximum loan amounts and requirements for loan forgiveness applications. The Economic Aid Act amendments aim to streamline the application process and ensure fair access to the program for all eligible borrowers.

The interim final rule from the U.S. Small Business Administration (SBA) and the Department of the Treasury outlines updates to the Paycheck Protection Program (PPP) loan forgiveness and review procedures, incorporating changes mandated by the Economic Aid Act. This includes guidelines for forgiving loans from both the first and second draw of PPP loans and addressing necessary documentation and processes for loan forgiveness. Key updates include the extension of the program, new rules regarding nonpayroll costs, and exemptions for certain borrowers. The rule aims to provide immediate relief to small businesses impacted by the COVID-19 pandemic and allows the SBA to continue remitting forgiveness payments promptly.

The U.S. Small Business Administration (SBA) has proposed new rules to improve the Small Business Subcontracting Program. These changes aim to ensure small business subcontractors get paid faster and make it easier to report subcontracting activities. Prime contractors would need to inform contracting officers if they fail to pay subcontractors on time and work with them to fix such issues. The new rules also involve simplifying subcontracting reporting, clarifying how to assign size classifications to subcontractors, and expanding the authority of who can sign Subcontracting Summary Reports (SSRs).

The U.S. Small Business Administration (SBA) has decided to permanently adopt the increased delegated authorities for Certified Development Companies (CDCs) under the ALP Express Pilot. These authorities, originally set under the Economic Aid Act, allow CDCs to manage 504 loans of $500,000 or less with greater autonomy. After a successful evaluation period, the SBA is proceeding with this change following positive public feedback. This decision aims to streamline the loan process, reduce processing times, and help small businesses access capital more efficiently.

The Small Business Administration (SBA) has announced changes to its Risk Rating System, an internal tool used to evaluate the risk of its loan operations and portfolios of 7(a) Lenders and Certified Development Companies. These updates involve improving the model that determines the loan risk ratings and updating the Lender Portal to ensure it reflects current data and economic conditions. The changes aim to enhance prediction accuracy and transparency while allowing the SBA to efficiently manage lender oversight and performance assessment. The public is invited to comment on these updates.

The Small Business Administration (SBA) is requesting public feedback on its forms used in the Paycheck Protection Program (PPP), particularly Forms 3509 and 3510, which gather information to assess borrowers' declarations of necessity for PPP loans. Comments will assist the SBA in refining these forms and ensuring they are effective and not overly burdensome. Feedback is also sought on the overall necessity, utility, and potential improvements to the information collected. Public comments should be submitted by March 5, 2021, via the provided email address.

The U.S. Small Business Administration (SBA) has issued an interim final rule implementing the Paycheck Protection Program (PPP) Second Draw Loans under section 311 of the Economic Aid Act. This program is designed to provide financial support to small businesses impacted by COVID-19 that already received a first PPP loan. Eligibility criteria include having 300 or fewer employees and experiencing a revenue decline of at least 25% compared to 2019. Second Draw PPP Loans have terms similar to the first draw loans and are eligible for loan forgiveness if conditions are met. Comments are invited until February 16, 2021.

The U.S. Small Business Administration (SBA) is making corrections to a rule originally published on December 17, 2024, which aimed to update the HUBZone Program and other small business programs. The corrections fix errors related to size recertifications, financial statement thresholds, and terminology changes. Specifically, they address the incorrect addition of size protest rules, rectify missing regulation amendments, increase the financial statement threshold from $10 million to $20 million, and update definitions in the HUBZone Program. These changes are intended to improve consistency and reduce burdens for small businesses.

The Small Business Administration (SBA) is inviting public comments on their request to collect information from businesses seeking financial assistance through the COVID-19 Economic Injury Disaster Loan (EIDL) Targeted Advance program. This initiative aims to support eligible small businesses in low-income communities impacted by the pandemic by providing financial aid. Public feedback is sought on several aspects, including the necessity of the information collection and ways to enhance its quality and reduce the burden on respondents. Comments should be submitted by April 26, 2021.

The U.S. Small Business Administration (SBA) is proposing to remove five regulatory provisions that prevent certain faith-based organizations from accessing SBA business loan and disaster assistance programs due to their religious status. These provisions conflict with the Free Exercise Clause of the First Amendment, as interpreted by recent Supreme Court decisions, which protect religious organizations from discriminatory exclusions. The SBA plans to amend these regulations to ensure faith-based organizations receive equal treatment under its programs, aligning with constitutional requirements and promoting religious liberty. Public comments on this proposal are open until February 18, 2021.