There was lots of activity this week in SBA land. Let's sum it up.
- Yesterday, the Senate voted to extend the PPP program for an additional two months, and this bill will now move to the President's desk for signature. Keep in mind for those who have not yet applied for PPP and want to, the clock is ticking. Money is forecast to run out by Mid-April.
- On Wednesday, the SBA announced that the maximum amount for EIDL loans will increase to $500K from $150K, with rules and applications expected out April 6th. Those who already received an EIDL will be able to apply for an increase. I anticipate this will be a big deal for many readers of this blog, and we will be paying close attention to it. As always, the devil will be in the detail.
- The SBA also announced that the Shuttered Venue Operators Grant Program will be open for business on April 8th.
Congratulations to our new SBA Administrator Isabel Guzman for hitting the ground running.