SBA statement of today stressed, "we will continue leveraging every tool we have—including access to affordable capital..."
In addition to grants, the SBA encourages PPP loan borrowers to request forgiveness.
96% of 2020 PPP loans have been forgiven in full or in part, while 81% of 2021 PPP debts have been forgiven in part.
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The House passed a bill to fund the Small Business Grant Program.
Restaurants, food trucks, vineyards, brewers, and bakeries will receive $42 billion of the $55 billion.
The SBA will take $320 million from the $10,000 EIDL GRANT programme.
During President Biden's first year in office, the SBA provided small companies with more than $450 billion in financial assistance.
Requests for a loan increase or review are extended by May 6, 2022.
On May 16, 2022, the COVID-19 EIDL portal (commonly known as the "RAPID portal") will close.