VBOC Funding Opportunity
SBA has just posted the Veterans Business Outreach Center (VBOC) Funding Opportunity for the following coverage areas: Pennsylvania, Delaware, Washington, D.C., Maryland as well as Northern California and Nevada.
Private organizations, colleges and universities, private sector firms, nonprofit organizations and state, local or tribal governmental agencies across Pennsylvania, Delaware, Washington, D.C., Maryland, Northern California, and Nevada are eligible to apply for SBA funding to provide training and counseling to aspiring and existing veteran small business owners as a VBOC. The application period closes on April 4, 2021.
Additional information about the VBOC funding opportunity can be found by heading to www.grants.gov and searching “SB-OVVB-21-001.” A press release with more details about this opportunity and upcoming information sessions is forthcoming. Please pass this information along to any relevant contacts.
SBA Cares Act Updates
2/23/2021 - The SBA announced that the Biden-Harris Administration and SBA are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. More specifically, the SBA will:
Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week. These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas.