SBA Makes Major Changes to EIDL

It was announced yesterday in Washington DC that the U.S. Small Business Administration (SBA) has made a number of significant changes to the Economic Injury Disaster Loan program. The loan cap, which previously was set at $500,000, has been increased to $2 million and actually went in effect Wednesday evening although it wasn’t announced until…

Read More »

National Small Business Week

Next week, the U.S. Small Business Administration will host its annual Small Business Week Summit to celebrate the 31 million small businesses operating around the country. SBA Administrator Isabella Guzman announced the theme of this year’s event as “Celebrating Resilience and Renewal”. The event is a free, three-day virtual conference with a series of educational…

Read More »

SBA Small Business Week

Hampered by the coronavirus pandemic and the impact that COVID fears have had on attendance at in-person meetings for most organizations, the Small Business Administration will host its annual Small Business Week Summit virtually again this year. The 2021 SBA Small Business Summit will take place from 11:00 AM until 6:00 PM ET on September…

Read More »

SBA Launches PPP Forgiveness Portal

The U.S. Small Business Administration (SBA) this week officially launched its new streamlined Paycheck Protection Program loan forgiveness portal, for loan recipients of $150,000 or less in 2nd draw PPP funding. The program will open to the broader general public on Wednesday of this week, August 4. Although at the present time, the forgiveness portal…

Read More »

Billions Remain in EIDL Program

Notwithstanding the end of the Paycheck Protection Program and the launch of the forgiveness portal as detailed above, the U.S. Small Business Administration (SBA) still has more than $27 billion left in its Targeted Economic Injury Disaster Loan Advance (EIDL) grant program months after the program launched. Notwithstanding the availability of billions more in funding,…

Read More »

Fair Franchising Legislation Survey

As we’ve advised in the past, the Coalition of Franchisee Associations (CFA) has worked hard for a number of years on fair franchising legislation at the state level and now on several issues pending in the Nation’s Capital, including the SBA Franchise Loan Default Disclosure Act (S.2162), SBA Franchise Loan Transparency Act (S.1120), and the…

Read More »

SBA Closes RRF

Rife with problems from the get-go, the Restaurant Revitalization Fund (RRF) was closed to new applications yesterday by the US Small Business Administration (SBA), but the application portal will remain open for another two weeks to allow applicants to check their status. With its creation as an integral part of the American Rescue Plan –…

Read More »

Default Disclosure Act Filed

Following through on her promise to keep a focus on greater transparency in the franchise industry, United States Senator Catherine Cortez Masto (D-NV) this week filed the SBA Franchise Loan Default Disclosure Act.  S.2162 is a simple, straightforward, 12-line piece of legislation that would require the Small Business Administration (SBA) to publish and update on…

Read More »

SBA Cancels More RRF Funding

On Wednesday of this week, the Small Business Administration (SBA) cancelled another round of Restaurant Revitalization Fund (RRF) payments that had already been approved during the Congressionally-mandated ‘exclusivity window’. This marks the second week in a row when previously approved assistance payments were halted by the agency. The difficulties stem from the fact that Congress…

Read More »

SBA Halts RRF Payments

In the wake of a federal court ruling that found the Restaurant Revitalization Fund (RRF) priorities (women, veterans and economically/socially disadvantaged individuals) unconstitutional, the Small Business Administration (SBA) has withheld almost 3,000 additional RRF approved payments to priority recipients. The SBA essentially revoked the priority approvals already given and halted consideration of other priority applications…

Read More »