Advocacy Updates | NAWBO

FEBRUARY ADVOCACY UPDATE

The U.S. Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. If you are a small business owner with fewer than 20 employees, or are self-employed; there is new information for you. Please join us for a series of webinars hosted by the U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders to hear about:
  • What steps you can take now to take advantage of this special opportunity, which closes at 5:00 P.M. EST, Tuesday, March 9th, 2021
  • Additional changes and recent policy announcements made by the Biden-Harris Administration
  • Have your questions answered by SBA Leadership
 
Schedule

 

Attention Sole Proprietors

  1. If you are a sole proprietor, DO NOT apply for PPP until the new loan calculation comes out from the Biden Administration.

  2. The new PPP loan calculation for sole props should come out to lenders late this week or early next week.

  3. If you are a sole prop still in the application process, cancel your current loan in process and wait for calculation to be released.

 

Also, the SBA has run some calculations and 99.7% of PPP loans have been forgiven, so for those of you hesitating, they wanted to get that information out there.

 

NAWBO CEO Jen Earle joined a call with Vice President Kamala Harris, Health Education Labor and Pensions Committee Chair Senator Patty Murray, Appropriations Chair Congresswoman Rosa DeLauro, Senator Catherine Cortez Masto, and Congresswoman Barbara Lee to talk about the Administration’s American Rescue Plan.

Jen used the opportunity to share YOUR concerns including discussing all sorts of topics and the various viewpoints such as access to capital, vaccine deployment, minimum wage, paid leave, and working moms to name just a few.

We will continue to share your voice with our nation’s leaders, so please remember to share your NAWBO Story here.

On The Hill This Week

The House is busy this week preparing to bring reconciliation legislation to the House floor. As I said a few weeks back, highlights of the Small Business portion include:

  • An additional $7.25 billion for PPP
  • An additional $15 billion for Targeted Economic Injury Disaster Loan (EIDL) Advance Program
  • An additional $25 billion for a new Restaurant Revitalization Fund
    • $5 billion set aside for business with less than $50,000 in 2019 annual revenue
    • Grants are available up to o$10 million per entity, with a limitation of $5 million per physical location (limited to 20 locations)
    • Grants will be calculated by subtracting 2020 revenue from 2019 revenue
      • Women, veterans, or socially and economically disadvantaged individuals will receive priority
    • Grants can be used for payroll, mortgage, rent, utilities, supplies, food and beverage expenses, paid sick leave, and operational expenses.
  • Establishes the Community Navigator Pilot program
    • This program would increase awareness of and participation in COVID-19 relief programs for business owners lacking access, i.e. women.

Information on the Paid Leave Tax Credits includes:

  • Extends the tax credits from March 31 to September 30
  • Increases the total amount of wages an employer can claim the credit in a year from $10,000 to $12,000 per employee
  • Expands the purposes allowed for longer-term paid family leave to match all of the purposes for shorter-term paid sick leave (personal health and family caregiving, in addition to caring for a child whose school or place of care has closed)
  • Allows credits for an employee who is receiving a vaccination or recovering from its side effects
  • Prevents employers from claiming the credit if they make leave available in a manner that discriminates in favor of highly compensated employees, full time employees, or based on employment tenure with the employer
  • Resets the clock on March 31, 2021 so that anyone who took leave in the past year can take leave again

Hearings to Note

Senate Small Business Committee to hold a Business Meeting
Wednesday, February 24, 2021 at 2:30 PM ET
The business meeting will consider the pending business of the committee which includes the nomination of Isabella Casillas Guzman to Administrator of the SBA.

House Small Business Subcommittee on Oversight, Investigations, and Regulations Committee Hearing “Perspectives from Main Street: Raising the Wage”
Wednesday February 24, 2021 at 10:00 AM ET
The hearing will give Members the opportunity to hear from stakeholders about the challenges and benefits of raising the minimum wage. To view a livestream of the hearing, please click here

ADMINISTRATION UPDATES

FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief

The new changes:

  • Create a priority window to allow only businesses with fewer than 20 employees to apply for loans beginning on Wednesday. This prioritized period will last 14 days.
  • Revise the PPP loan calculation formula for sole-props, independent contractors and self-employed applicants to ensure they receive more relief and establish a $1 billion set aside for businesses in this category without employees located in LMI areas.
  • Expand PPP eligibility to small business owners with non-fraud felony convictions.
  • Allow firm-owners who are delinquent on their federal student loans to receive a PPP loan.
  • Expand PPP eligibility to non-citizen small business owners who are lawful U.S. residents.

Small Business Administration

Targeted EIDL

Do you or your other members qualify for Targeted EIDL grants? Go here to find out.

Shuttered Venue Operators Grants

Click here to see Shuttered Venue Operators Grant Program FAQ.

Paycheck Protection Program (PPP) Policy Updates
Updated First Draw Forms

Second Draw Forms

Forgiveness Forms

Guidance & Resources

 

Want to hear more about NAWBO Advocacy efforts or get involved? Contact Elle Patout via email at epatout@nawbo.org

 

Archived Updates

2021

January Update

2020

December Update

November Update

October Update

September Update

August Update

July Update

Coronavirus Update

March Update

February Update

January Update

- Link to January webinar here, and PowerPoint is found here.

Want to hear more about NAWBO Advocacy efforts or get involved? Contact Elle Patout via email at epatout@nawbo.org.