Search Results for keywords:"Small Business Administration"

The Small Business Administration (SBA) is seeking public comments about a proposed information collection, which is under review by the Office of Management and Budget (OMB). This information collection relates to the Restaurant Revitalization Fund (RRF), a program funded by the American Rescue Plan Act of 2021 to aid food service establishments. The SBA is also updating the record retention requirements for this program. Interested parties have until April 17, 2025, to submit their comments.

The U.S. Small Business Administration (SBA) issued an interim final rule allowing certain businesses in the 8(a) Business Development program to extend their participation by one year due to challenges posed by the COVID-19 pandemic. This extension applies to companies in the program on March 13, 2020, as authorized by the Consolidated Appropriations Act, 2021, and the National Defense Authorization Act 2021. Firms that have left the program since March 13, 2020, can also be readmitted if they notify the SBA and confirm they still meet eligibility criteria. The rule is effective immediately, although the public can comment on the rule until March 15, 2021.

The U.S. Small Business Administration (SBA) has issued a final rule amending regulations for the Historically Underutilized Business Zone (HUBZone) program to make it more efficient and effective. The updates clarify policies concerning HUBZone certifications, size determinations, and certifications for other small business programs, like the 8(a) Business Development (BD) and Women-Owned Small Business (WOSB) programs. Notably, the rule requires HUBZone firms to be eligible at the time of offer for contracts and moves recertification requirements under a unified section. These steps aim to ensure consistent application of rules across various small business programs.

The Federal Reserve has issued an interim final rule to extend relief for certain loans guaranteed under the Small Business Administration's Paycheck Protection Program (PPP) until March 31, 2021. This extension also includes PPP second draw loans and exempts insider loans from certain banking regulations if these loans pose minimal risk. This rule aims to facilitate lending to small businesses owned by bank insiders, ensuring they have access to financial resources without being hindered by restrictions. The public is invited to comment on the rule until April 5, 2021.

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 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 issued a final rule updating regulations for the Women-Owned Small Business (WOSB) Federal Contract Program. This rule introduces new definitions, aligns regulations with current laws, and standardizes language across SBA's contracting programs to clarify control and employment requirements. Additionally, it modifies how SBA reviews certification applications and encourages consistency in regulation across various government contracting programs. These updates aim to reduce confusion and streamline processes without significantly impacting small businesses economically.

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 Department of Defense (DoD), General Services Administration (GSA), and National Aeronautics and Space Administration (NASA) have issued a final rule that changes how small businesses must report their size and socioeconomic status when bidding for government contracts. This rule aligns with the changes made by the Small Business Administration and requires businesses to confirm their status for orders under certain contracts. The updated regulation aims to ensure that orders set aside for small businesses actually go to qualified small businesses, even if their business status changes during the lifecycle of the contract. These changes are effective from January 17, 2025, and include specific conditions under which businesses must update their size and status information.