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National Small Business Week delivers virtual summit for post-COVID renewal resources

National Small Business Week commences with three-day free virtual summit from September 13 – 15, 2021. 

Hosted by the U.S. Small Business Administration (SBA), virtual summit will focus on the resilience and renewal of small businesses as they build back from the economic crisis brought on by the COVID-19 pandemic. 

Photo by Sigmund on Unsplash

The National Small Business Week virtual summit will feature a variety of virtual events and activities including educational panels providing tools and practices for entrepreneurs and small businesses looking to pivot and recover post-COVID. With panels such as “The Importance of Black and Brown Community: Coming Together to Support Hispanic Heritage Month, Black History Month, and Small Business Day”, “Empowering the Veteran and Military Small Business Community”, “Unlocking the Doors to Access for Black-Owned Businesses: Funders and Founders Share Their Real-Life Stories” and more on the agenda, the diverse and inclusive summit offers resources and tools to support all business owners expand and succeed. 

Register now for the free three-day virtual summit. 

SBA Administrator Isabella Casillas Guzman. (Photo Source)

“Over the last 16 months, we have seen the incredible determination and ingenuity of small businesses across the nation.  During NSBW, we will honor and celebrate their impact on our economy and strengthening of communities as we look towards recovery,” said SBA Administrator Isabella Casillas Guzman in a video message

As the 27th Administrator of the U.S. Small Business Administration, Guzman represents the more than 30 million U.S. small businesses and is committed to helping small business owners and entrepreneurs start, grow and be resilient. 

The SBA works to empower entrepreneurs and small business owners by providing the resources and support they need to start, grow or expand their businesses, or recover from disaster. The organization delivers services through its extensive network of SBA field offices and partnerships with public and private organizations. 

You might be interested: Latina Leaders share small business post-Covid recovery resources 

“NSBW is the perfect time for small businesses across the nation to network and learn about the many services and programs at the U.S. Small Business Administration, including our no-cost business counseling and mentoring opportunities available via our district offices and resource partners. We look forward to celebrating with you as we rebuild our economy and help our small businesses build back better,” Administrator Guzman added. 

About SBA

The U.S. Small Business Administration (SBA) works to ignite change and spark action so small businesses can confidently start, grow, expand, or recover. Created in 1953, the U.S. Small Business Administration continues to help small business owners and entrepreneurs pursue the American dream. SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.

How American Rescue Plan Act will help minority-owned small businesses recover post-COVID

The American Rescue Plan Act will help small businesses recover post-COVID by providing critical assistance to businesses across the country and delivering $50 billion in aid and relief. 

Minority-owned businesses have struggled to get small-business relief loans 

The COVID-19 pandemic brought on great financial difficulties for businesses across the nation. Small businesses were greatly affected, with women- and minority-owned small businesses hit the hardest. 

Photo by Gene Gallin on Unsplash

Since last April, workers of color have faced the highest rates of pandemic-related unemployment. Data shows that Black and Latino people are now facing greater rates of unemployment than during the 2008 Great Recession. Minority-owned small businesses have also faced greater difficulties accessing capital and relief loans. 

The Paycheck Protection Program, which launched in March 2020, has now become the largest small-business support program in U.S. history, sending $734 billion in forgivable loans to struggling companies. It has helped nearly 7 million businesses stay afloat, but it has also been plagued by complex, ever-changing rules that have hindered many businesses from getting much needed relief loans. 

Many of the businesses affected by the changing rules and confusion have been minority-owned businesses. From language barriers to unfair biases, minority business owners have struggled to gain access to capital and bank loans from major banks. Many have since turned to their communities and smaller, local banks to find relief, but new changes to the program under President Biden are now pushing to funnel more money toward women- and minority-led businesses. 

You might be interested: PPP Loan forgiveness: $50,000 loans for small business and self-employed

Changes to PPP and SBA loans under the American Rescue Plan 

New Funding and Changes to the Paycheck Protection Program (PPP). The bill includes $7.25 billion in additional funding for the Paycheck Protection Program (PPP) and changes eligibility for the PPP, including:

  • Expanding eligibility for 501(c) nonprofits. It also makes local offices of larger nonprofits eligible for PPP assistance as long as those locations are not larger than 500 employees for first PPP loans or 300 employees for second PPP loans, expanding access to vital relief for nonprofit organizations that are critical to local services and the economy.
  • 1st PPP Draw loan deadline: on or before 31 May 2021 (businesses must have been in business from 15 Feb 2020)

PPP loans have:

  • A fixed interest rate of 1% that is non-compounding and non-adjustable
  • No requirement for collateral or personal guarantees
  • No fees or prepayment penalties
  • A 5 year maturity

New Programs per the American Rescue Plan Act

Supplemental Targeted EIDL Advance Payment: 

  • A $5 Billion fund for $5k payments to those hardest hit

Restaurant Revitalization Fund & Grants – Coming soon

  • A $28.6 billion fund for grants to eligible entities in this hard-hit industry
  • Max $5 million grant/location and aggregate max $10mil grant

lack of access to capital

How to Apply 

If you have a small business and would like to apply for any of these SBA programs, visit www.sba.gov to learn more about COVID-19 Small Business Guidance and Loan Resources. Under SBA’s Coronavirus Relief Options page, you can learn about how to apply for a variety of programs including: 

  1. Paycheck Protection Program (PPP) 
  2. Economic Interruption Disaster Loan (EIDL) 
  3. SBA Express Bridge Loans 
  4. SBA Debt Relief for 7(a), 504, & Microloans 
  5. Shuttered Venue Operators Grant program

Steps to finding a lender:

Need more help? Check out our other PPP resources