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Chamber Champions
Upcoming Ribbon Cuttings
WASHINGTON – The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses -- including many sole proprietors -- who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
This new change will help rush relief to over 6.5 million smallest of small businesses which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. - 8 p.m. EST.
“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”
Paycheck Protection Program Summary
In 2021:
Direct Forgiveness Summary
“As one of the leading PPP lenders in the nation, Customers Bank is proud to partner with SBA to deliver responsive digital loan forgiveness service to the small business borrowers,” said Sam Sidhu, President & CEO of the bank. “The streamlined and efficient SBA PPP loan forgiveness portal will help borrowers and lenders move forward with economic growth and job creation following the pandemic. We encourage other lenders to join Customers Bank and opt-in to the SBA portal.”
Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever. View the Interim Final Rule on PPP Forgiveness.
Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, please visit www.sba.gov/relief.
“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses -- including many sole proprietors -- who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process. We need to deliver forgiveness more efficiently so they can get back to enlivening our Main Streets, sustaining our neighborhoods and fueling our nation’s economy.”
This new change will help rush relief to over 6.5 million smallest of small businesses which has been the Administrator’s priority since day one. The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Borrowers that need assistance or have questions should call (877) 552-2692, Monday – Friday, 8 a.m. - 8 p.m. EST.
“This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again,” said Patrick Kelley, Associate Administrator for SBA’s Office of Capital Access. “We are pleased to be able to assist financial institutions across the U.S. in processing forgiveness applications for small business owners.”
Paycheck Protection Program Summary
- Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.
In 2021:
- SBA approved over 6.5M loans totaling over $275B
- The average loan size was ~$42 thousand (compared to $101 thousand in 2020)
- 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020.)
- 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)
Direct Forgiveness Summary
- Over 600 banks have opted in to direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)
“As one of the leading PPP lenders in the nation, Customers Bank is proud to partner with SBA to deliver responsive digital loan forgiveness service to the small business borrowers,” said Sam Sidhu, President & CEO of the bank. “The streamlined and efficient SBA PPP loan forgiveness portal will help borrowers and lenders move forward with economic growth and job creation following the pandemic. We encourage other lenders to join Customers Bank and opt-in to the SBA portal.”
Established by the CARES Act in 2020, the PPP was among the first COVID-19 small business economic aid programs and provided more than $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees working, and helping businesses come back stronger than ever. View the Interim Final Rule on PPP Forgiveness.
Other programs include Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant, and SBA Debt Relief program. To learn more about these programs, please visit www.sba.gov/relief.
The Turlock Chamber has been working closely with CSUS to better
understand our economic future here in the Central Valley.
Please view this presentation for a full recent update on the state of affairs.
A special Thank You to
Dr. Gokce Soydemir, Foster Farms Endowed Professor of Business Economis.
understand our economic future here in the Central Valley.
Please view this presentation for a full recent update on the state of affairs.
A special Thank You to
Dr. Gokce Soydemir, Foster Farms Endowed Professor of Business Economis.
A big Thank You to our latest Chamber Champions! With your generous support, we can provide local scholarships to our students and offer business education to our community along with specialized digital marketing for your business. We believe that business and community go hand in hand. If you are interested in investing in your community, give us a call! 209-632-2221 or email info@turlockchamber.com
Balanced Books, LLP
Nathan Dabulewicz Insurance Agency
The Strategic Legal Group
Thorsen's-Norquist Plumbing , Heat & Air
StateFarm Insurance Agent- Dee Hernandez
Turlock Chrysler Dodge Jeep Ram
Turlock Direct
GDI Insurance
US Cold Storage
JKB Living/Energy
Oak Valley Community Bank
Garton Tractor
Kirkes Electric
Allen Mortuary
Winton-Ireland, Strom & Green
Hamilton Farms
UPCOMING EVENTS & INFORMATION
State Sets Up Employer Vaccination Toolkit
California has created an Employer Vaccination Toolkit, a website designed to help employers make COVID-19 vaccinations more convenient for their employees.
California has created an Employer Vaccination Toolkit, a website designed to help employers make COVID-19 vaccinations more convenient for their employees.
The Small Business Development Center
is here for you!
The Central California SBDC Regional Network is doing everything in our power to help your business get through the economic hardship and prepare for a stronger reopen.
is here for you!
The Central California SBDC Regional Network is doing everything in our power to help your business get through the economic hardship and prepare for a stronger reopen.
We might be biased, but we’re big fans of Stanislaus County.
It’s full of well-kept secrets and we’re here to spill the beans. New businesses are choosing Stanislaus County every day and with good reason. Why Stanislaus? Click the link below and find out!
Opportunity Stanislaus
Check out the services and resources for your business!
It’s full of well-kept secrets and we’re here to spill the beans. New businesses are choosing Stanislaus County every day and with good reason. Why Stanislaus? Click the link below and find out!
Opportunity Stanislaus
Check out the services and resources for your business!
UPDATED: COVID-19 Vaccine: A safe and effective COVID-19 vaccine is one of the most important tools in ending the COVID-19 pandemic.
http://www.schsa.org/coronavirus/vaccine/
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