The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. These dedicated funds will further ensure that the PPP reaches all communities in need of relief during the COVID-19 pandemic – a key priority for President Trump.
The SBA is hiring temporary employees to assist with disaster relief efforts during these unprecedented times. The positions include:
- Call Center Customer Service Representative
- Document Preparation/Legal Review/Loan Closings
- Loan Processing/Credit Analysis/Mortgage Underwriting
- Program Support
Weather experts at the National Oceanic and Atmospheric Administration predict an above-normal 2020 Atlantic Hurricane Season, which begins June 1. Join the U.S. Small Business Administration and partners Insurance Institute for Business & Home Safety and the Insurance Information Institute on June 9 at 2:00 p.m. ET for a webinar on how to help your business prepare for, respond to and recover from severe weather.
The webinar will cover the following topics:
- Developing a greater awareness of risks
- Business continuity planning
- Having adequate insurance coverage
- SBA disaster assistance
Changes are coming to HUBZone, the program for businesses located in historically underutilized business zones. Tune in to our webinar on June 9 at 2:00 p.m. ET for an update about what's ahead.
Did you know that May is World Trade Month? In addition to COVID-19 relief efforts, SBA also provides export assistance to help small businesses overcome trade-related challenges.
Beware of Scams and Fraud Schemes
The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Federal Coronavirus Resources
State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House's Coronavirus (COVID-19) Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention.
Virtual Mentoring and Training
Offices around the country may be closed to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
SBA District and Regional Office Webinars on Disaster Assistance
SBA district and regional offices are offering webinars about Economic Injury Disaster Loans.
These webinars explain SBA's Economic Injury Disaster Loan program and how you can apply for disaster assistance.
U.S. Small Business Administration
409 3rd St, SW. Washington DC 20416