UPDATES AS OF 5/11/21
RESTAURANT REVITALIZATION FUND (RRF)
As indicated in an earlier release, approximately 16,000 RRF applications have been approved for over $2 billion in funding in a week since the program opened on May 3. Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as today, Tuesday, May 11.
Following the 21-day priority period, established by law in ARPA, all eligible applications will be funded in the order in which they have been received. While the SBA will continue accepting applications from any eligible establishment until funds are exhausted, the number of applications received so far could exhaust the funds authorized to fund the RRF. Interested onsite food establishments may still apply through SBA-recognized POS vendors or directly via the SBA online application portal: https://restaurants.sba.gov.
The SBA will publicly report RRF public data as it does for other COVID-19 economic aid programs such as the Paycheck Protection Program and Economic Injury Disaster Loan program. Weekly summary reports and full data posted to data.sba.gov will be continually released in keeping with the Biden-Harris Administration’s commitment to transparency. The SBA must also report the amount and the name and address of the entity (or person’s name and address if applied as an individual), in the publicly searchable database USASpending.gov where it will also be searchable by state/locality and other identifiers. On the data sets, the SBA will exclude any personally identifiable information (such as an Employee Identification Number/EIN or Social Security Number/SSN) or confidential business information about the entity (such as financial data) from disclosure under the Freedom of Information Act.
For more information on the RFF visit: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund
SHUTTERED VENUE OPERATORS GRANT (SVOG)
As of 12p ET, May 10 (two weeks since opening the application portal), 11,500 SVOG applications have been submitted to the SBA, which is an increase of 1,200 from last week.
The applicant type breakdown for the 11,500 SVOG applications the SBA has received is:
|4,734||Live venue operator or promoter|
|2,678||Live performing arts organization operator|
|1,435||Motion picture theatre operator|
|11,500||TOTAL SUBMITTED SVOG APPLICATIONS|
It is expected SVOG Priority 1 (90% revenue loss) awards will begin next week and, per the statute, continue for 14 days.
Following then, the SBA will progress on to processing Priority 2 awards, per fund availability.
For more information on the SVOG: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant
PAYCHECK PROTECTION PROGRAM (PPP)
A new PPP Report was issued yesterday. While the program’s general appropriation has been exhausted, there is approximately $9.9 billion remaining set aside for Community Financial Institutions, program participating financial lenders that serve underserved communities such as Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan intermediaries.
Highlights of the Report include:
- The SBA guaranteed 5.71 million First and Second Draw loans in 2021 for a net approval amount of over $260 billion.
- All PPP lending (2020 & 2021) indicates 10.85 million PPP loans for a net approval amount of $782.2 billion.
- 85.2% of all 2021 PPP loans (approx. 4.87 million) are for $50k and under. Almost 30% of all 2021 PPP dollars approved fall in this loan size threshold.
- 91.6% of all 2021 PPP loans are for $100,000 or under.
- 94.7% of all 2021 PPP loans are for $150,000 or under.
- The average 2021 PPP loan size is at the lowest point – $47,0000 – proof that the smallest of the small businesses were accessing and receiving this vital economic aid.
For more information on the PPP visit: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
ECONOMIC INJURY DISASTER LOAN (EIDL) PROGRAMS
A new COVID-19 EIDL Report was issued late last week documenting updated numbers as of May 5, 2021 on EIDLs and Targeted EIDL Advance.
|EIDL Program||APPROVED #||DOLLARS $|
|U.S. VIRGIN ISLANDS||1,808||$98,554,900|
|Targeted EIDL Advance||APPROVED #||DOLLARS $|
|U.S. VIRGIN ISLANDS||24||182,000|
Reminder that Targeted EIDL Advance funds of up to $10,000 can be made available to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. The three legislatively mandated (Economic Aid Act) requirements to this program are: (1) location in a low-income community; (2) can demonstrate a more than 30% reduction in revenue during an 8-week period beginning 3/2/20 and (3) have 300 or fewer employees.
For more information on the EIDL visit: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan