November 27, 2022

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SBA extends deadline on $100M grant program to help businesses recover from COVID

This write-up very first appeared on the Small business Journals’ site.

The Compact Organization Administration is extending the deadline on a $100 million grant program developed to link compact organizations with SBA assistance and applications.

The ‘Community Navigator Pilot’ Method will present grants of $1 million to $5 million to suitable corporations to offer counseling, networking and to provide as an informal connection to company means to assistance smaller companies get well from the economic devastation wrought by the COVID-19 pandemic.

But the original deadline to implement for these grants was July 12 — which has now been extended to July 23. The agency anticipates creating awards under the method in September.

“This system is made to empower a hyperlocal method as a result of a national network of local community navigators who are on the floor actually connecting, empathizing, and tailoring solutions for our little businesses all through essential recovery,” reported SBA Associate Administrator for the Workplace for Entrepreneurial Development Mark Madrid in a press launch announcing the deadline extension. “This bold effort and hard work underscores our agency’s motivation to progress equity and bolster an ecosystem in which compact companies proceed to apply for the numerous suite of SBA resources, companies, and/or plans in the course of various levels of business enterprise recovery, expansion, scale, and/or maturity.”

The supreme target of the grant program is to assistance revitalize modest organizations by means of a “hub-and-spoke” product in which a hub will be at the center of a series of spoke companies that use group advocates to operate with modest companies to get well from COVID-19 and greater join with minority, veteran and females-owned tiny businesses.

“Inclusion and access carry on to be amongst the most critical priorities for aiding compact enterprise by restoration. Our underrepresented, women of all ages and Native American corporations need to have our support now to develop and strengthen our financial system, explained SBA Assistant Administrator for the Business of Women’s Enterprise Ownership Natalie Madeira Cofield in a push launch.

The system will run for two many years, commencing on September 1, 2021, and long lasting until eventually August 31, 2023. Eligible organizations include state and regional governments, economic growth businesses, tiny small business improvement centers, nonprofit faculties and universities and Group Enhancement Financial Establishments, among the other people.

Intrigued corporations can go below to master additional about the system and how to apply.

The new grant program was authorised by Congress earlier in 2021 as part of the American Rescue Program Act of 2021, and will come right after criticism that the preliminary wave of COVID-relief funding for little businesses, presented by the Paycheck Defense Program and other folks in 2020, went to well-connected businesses far better able to access economical companies and not all those most difficult hit by the pandemic.

In 2021, the Biden Administration has manufactured policy alterations and tweaks to different COVID-relief plans, including distinctive established-asides in the PPP for smaller, group-oriented loan providers, as nicely as adjustments to make it possible for the smallest organizations to get much larger loans less than the program.

The Restaurant Revitalization Fund included a 21-working day priority window for grants to socially and economically deprived places to eat, while SBA suffered a series of court docket rulings that ended that window, leaving thousands of compact corporations with no restaurant grants.