SBA Plan for Use of Covered Funds — P.L. 116-136, Sec. 15010/15011
Summary
A U.S. Small Business Administration table titled Plan for Use of Covered Funds under P.L. 116-136 – Sec. 15010/15011. It lists each SBA program with its covered fund amount in millions, type of program, authorizing sections and purpose, including $20,000 for Economic Injury Disaster Loan Emergency Advance Grants, $670,000 for the Subsidy for Paycheck Protection Program, $17,000 for CARES Act Debt Relief, and $50,000 for the Subsidy for Coronavirus Disaster Assistance Loans. Smaller lines include $192 for Small Business Development Centers, $48 for Women's Business Ownership Assistance, $2,775 for Salaries and Expenses, and $25 for the Office of the Inspector General. The Paycheck Protection Program entry gives an effective period of February 15 to June 30, 2020.
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“SBA Plan for Use of Covered Funds — P.L. 116-136, Sec. 15010/15011.”
Original at legacy.sba.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/sba-plan-for-use-of-covered-funds-3acf138b58/
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U.S. Small Business Administration
P.L. 116-136 – Sec. 15010/15011
Plan for Use of Covered Funds
SBA Program Covered Fund Type of Purpose and Use of Covered Funds
(in Millions) program
Economic Injury Disaster Loan $20,000 Grant In response to the Coronavirus (COVID-19) pandemic,
Emergency Advance (EIDL) program small business owners in all US states, Washington, DC
Grants and territories are eligible to apply for an Economic Injury
P.L. 116-136, Sec 1107, Sec 1110 Disaster Loan Advance of up to $10,000. This advance will
P.L 116-139, Division B Title II provide economic relief to businesses that are currently
experiencing a temporary loss of revenue.
Entrepreneurial Assistance - $192 Grant To provide management counseling, training, and
Small Business Development program technical assistance to the small business community
Centers through a network of Small Business Development
P.L. 116-136, Sec 1103, Sec 1107 Centers (SBDCs).
Entrepreneurial Assistance - $48 Grant To fund private, nonprofit organizations to assist, through
Women's Business Ownership program training and counseling, small business concerns owned
Assistance and controlled by women, and to remove, in so far as
P.L. 116-136, Sec 1103, Sec 1107 possible, the discriminatory barriers that are encountered
by women in accessing capital and promoting their
businesses.
Entrepreneurial Assistance - $25 Grant To establish an online platform that provides small
Centralized HUB FOR COVID-19 program businesses with access to a consolidation of COVID-19
P.L. 116-136, Sec 1103, Sec 1107 related information and resources from multiple federal
agencies that incorporates an online training program to
educate SBA’s Resource Partners.
Subsidy for Paycheck Protection $670,000 Guarantee The Paycheck Protection Program was established by the
Program Loan program CARES Act. The Paycheck Protection Program is a loan
P.L. 116-136, Sec 1102, Sec 1106, designed to provide a direct incentive for small businesses
Sec 1107 to keep their workers on the payroll. The effective period
P.L 116-139, Sec 101(a) is from February 15 to June 30, 2020. The program is
implemented by the Small Business Administration with
support from the Department of the Treasury. This
program provides small businesses with funds to pay
payroll costs including benefits. Funds can also be used to
pay interest on mortgages, rent, and utilities.
During the period beginning on February 15, 2020, and
ending on December 31, 2020, the amount of loan
forgiveness under this section will be determined without
regard to a proportional reduction in the number of full-
time equivalent employees if an eligible recipient, in good
faith, is able to document the inability to rehire or return
to the same level of business activity as prior to February
15, 2020 due to safety requirements related to COVID-19.
SBA will forgive loans if employees are kept on the payroll
for 24 weeks after the date of origination, and the money
is used for payroll for at least 60 percent of the covered
loan amount for payroll costs, and may use up to 40
percent of such amount for any payment of interest on
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U.S. Small Business Administration
P.L. 116-136 – Sec. 15010/15011
Plan for Use of Covered Funds
any covered mortgage obligation, any payment on any
covered rent obligation, or any covered utility payment.
PPP lending authority at the current subsidy rate is $652
billion and excludes 7(a) program authority also included
in the CARES Act.
CARES Act Debt Relief $17,000 Loan As part of the coronavirus debt relief efforts, the SBA pays
P.L. 116-136, Sec 1107, Sec 1112 payments 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.
Subsidy for Coronavirus Disaster $50,000 Direct Loan SBA is offering disaster designated states and territories
Assistance Loans program low-interest federal disaster loans for working capital to
P.L 116-139, Division B Title II small businesses suffering substantial economic injury as a
result of the Coronavirus (COVID-19).
Salaries and Expenses $2,775 Administrative To provide support for the administrative expenses of the
Administrative Funding Small Business Administration (SBA) headquarters and
P.L. 116-136, Sec 1107 field offices operations for CARES Act program
P.L. 116-139, Division B Title II implementation, as well as to prevent, prepare for, and
respond to coronavirus.
Disaster Administrative Funding $582 Administrative To provide support for the administrative expenses to
P.L. 116-123, Title II carry out the Economic Injury Disaster Loan program in
P.L. 116-136, Title V response to coronavirus.
Office of the Inspector General $25 Administrative To perform the necessary audit oversight of CARES Act
P.L. 116-136, Sec 1107 related loans and activities.
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