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…

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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,…

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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…

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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 –…

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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…

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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…

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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…

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Congress Unveils More RRF Funds

Earlier this week, bi-partisan legislation was introduced in Congress to pump an additional $60 billion into the depleted Restaurant Revitalization Fund (RRF). As we advised just weeks ago, all $29 billion of the original RRF funds were committed within the 3-week priority window (women, veteran or socially/economically disadvantaged business owners) that Congress mandated when the…

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SBA Expands Targeted EIDL Pool

The SBA Administrator Isabel Guzman has announced that the agency will expand eligibility for its $25 billion cash grant program to a host of additional businesses. SBA’s Targeted Economic Injury Disaster Loan Advance grant program, which provides up to $10,000 to eligible businesses as well as its Supplemental Targeted Advance program ($5,000 follow-up grants) will…

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RRF Funding Portal Closes Monday

The U.S. Small Business Administration (SBA) announced yesterday that the application portal for the agency’s Restaurant Revitalization Fund (RRF) would close at 8:00 PM next Monday, May 24. Notwithstanding that the RRF was funded with almost $29 billion and was thought to be a big benefit for the entire restaurant industry, the program has exhausted…

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