What does PPP forgiveness look like? How do you ensure you qualify and that your loan will be fully forgiven? All your questions can be answered with the information in this newsletter. Use these resources to ensure that your loan is forgiven for the full amount.
If you haven’t already, please register for SBA updates via the link at the bottom of this newsletter. The SBA is constantly putting out up-to-the-minute information including changes to the PPP/EIDL program, virtual training opportunities, special events, and much more.
Also, the SBA released the Federal Government Procurement Scorecard. For the seventh straight year the federal government has exceeded its goal of a contracting dollars being awarded to small businesses. 26.5% of prime contracts were awarded to small businesses totaling over $133 billion, the highest dollar amount ever.
As always, for any questions or concerns contact the SBA District Office at Connecticut_DO@sba.gov.
SBA Alert: The U. S. Small Business Administration Warns Loan Applicants to Beware of Email Phishing ScamsThe U.S. Small Business Administration is sending a cyber warning alert to loan applicants seeking federal aid in response to the Coronavirus (COVID-19) pandemic. Email phishing campaigns where malicious actors are impersonating the SBA and its Office of Disaster Assistance to collect personally identifiable information (PII) for fraudulent purposes have surfaced. The SBA is particularly concerned about scam emails targeting applicants of the SBA’s Economic Injury Disaster Loan Program asking them to verify their accounts using a third-party online platform to collect personally identifiable information. It should be noted that any email communication from the SBA will come from email accounts ending in sba.gov, and nothing more. Loan applicants are being advised to look out for email scams and phishing attacks using the SBA logo. These may be attempts to obtain PII, access personal banking accounts, or install ransomware or malware. Applicants are also advised to help protect their identity and privacy by never providing their full name, date of birth, social security number, address, phone numbers, email addresses, case numbers, or any other PII in public-facing comments or responses to third-party emails. The SBA will not use a third-party platform to: - Actively seek PII
- Search a third-party platform for or by PII, or
- “Follow” public users proactively without a waiver.
Borrowers who are in the process of applying for an SBA loan and receive email correspondence asking for PII are cautioned to ensure that any application numbers referenced in the email are consistent with their actual application number. Loan applicants and borrowers are also advised not to click on any links or open any attachments, which are often used in phishing email scams. Additionally, federal agencies that provide disaster recovery assistance will never ask for a fee or payment to apply for financial assistance, and government employees do not charge for any recovery assistance provided. An SBA logo on a web page does not guarantee the information is either accurate or endorsed by the SBA. Loan applicants and borrowers should be vigilant in protecting their personal information and data assets. Visit https://www.sba.gov/COVIDfraudalert to learn more about scams and fraud schemes. If you suspect an email is associated with a fraud scam targeting the SBA, report it to the Office of Inspector General’s Hotline at 800-767-0385 or online at https://www.sba.gov/COVIDfraudalert. Loan applicants who have questions about SBA’s Economic Injury Disaster Loan program may call the Disaster Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or send an email to disastercustomerservice@sba.gov. FY2019 Procurement ScorecardThe SBA announced that the federal government exceeded its small business federal contracting goal, awarding 26.50% or $132.9 billion in federal contracting dollars to small businesses, a $12 billion increase from the previous fiscal year. Additionally, the Fiscal Year 2019 Small Business Federal Procurement Scorecard marks the second time in its history that the Women-Owned Small Business contracting goal of 5% was met. To review the entire Procurement Scorecard click the link: Federal Government Procurement Scorecard SBA Debt Relief OptionsThe SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows: - For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
- For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
- For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
Borrowers should contact their lender if they have any questions regarding this payment relief. Additional Debt Relief for Disaster LoansFor current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020. If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information: - Birmingham Disaster Loan Servicing Center:
- El Paso Disaster Loan Servicing Center:
Calling All Military SpousesJoin the Second Lady of the United States, Mrs. Karen Pence, the U.S. Small Business Administration, and Hiring Our Heroes for the Military Spouse Entrepreneur Summit.
This virtual event features remarks from distinguished guests, military spouse small business owner spotlights, and discussions about key resources that all military spouse entrepreneurs should leverage. REGISTER: https://events.hiringourheroes.org/d/37ql80 #SBAMilSpouseSummit |