![]() The goal of these changes is to provide greater access to capital to applicants that have been historically disenfranchised. Recently, the Administration announced several additional changes to the current round of PPP funding. While the PPP program continues to be an efficient and effective manner in providing assistance to the region’s small business owners, it has been noted that there are some shortcomings that need to be addressed. Small Business Development Center of Hampton Roads, Inc. More Changes to the PPP Loan Program as of Ĭourtesy of Mike Austin, Access to Capital Counselor $1.325 billion to help fund additional operating costs for the SBA to oversee these new programsĪs more details are made available, they will be posted on this site.Another $15 billion for the SVOG program, and a change to the grant program that would allow applicants to also seek PPP loans.$28.6 billion to create a grant program for restaurants and bars under the Restaurant Revitalization Fund (RRF).$15 billion more funds for the EIDL grants program for those in underserved areas, especially those that are minority owned.$10 billion to help states assist small business economies, distributed via the State Small Business Credit Initiative, to help leverage private capital and make low-interest loans to help small businesses.However, as of this date, the program will end on March 31 st, so it is not known how much of the additional funds will help the intended end users ![]() Another $7.25 billion for the PPP, along with expanded eligibility for nonprofit organizations, as well as digital new services that provide local news and public health guidance.In addition to a wide range of assistance for individuals and other entities, there are several provisions of the American Rescue Plan Act aimed at helping small businesses. Updated as of Small Business Assistance in the American Rescue Plan Act ![]()
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