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), 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 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 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 Department of Defense, General Services Administration, and NASA have introduced a final rule amending the Federal Acquisition Regulation (FAR) to incorporate regulatory changes by the Small Business Administration. This rule provides incentives for small businesses in certain U.S. territories, including Puerto Rico, under the SBA mentor-protégé program. It allows mentors to gain positive consideration in past performance evaluations if they subcontract with protégés from these areas and counts training costs toward subcontracting plan goals. The rule also clarifies that subcontracting plans are not required for entities treated as small business concerns by statute, such as Alaska Native Corporations.

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) 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 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 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 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.