During this webinar, CDFA will provide an overview of the information included in the guidelines released on April 28, when the U.S. Department of the Treasury announced plans to deploy $300 million of the $500 million allocated for the State Small Business Credit Initiative (SSBCI) Technical Assistance (TA) Grant Program, and share insights from development finance leaders and states on their plans to utilize this program.

This new White House report details the historic recovery for America's small businesses and demonstrates how the Biden-Harris agenda laid the foundation for this small business boom. By providing Americans with greater financial security, and delivering more than $450 billion in emergency relief to small businesses, the Biden-Harris Administration has helped create the conditions for unprecedented business and job creation.

The U.S. Department of the Treasury has announced plans to deploy $300 million of SSBCI Technical Assistance funding to support small businesses. Of these funds, $200 million will be provided to states, the District of Columbia, territories, and Tribal governments, and another $100 million of the funds will be transferred to the Minority Business Development Agency at the Department of Commerce to provide technical assistance to underserved entrepreneurs.

Treasury will apportion $200 million of SSBCI technical assistance (TA) funding among TA Grant Program eligible recipients. $185.27 million of the $200 million (92.63 percent) will be available for distribution to states, the District of Columbia, and territories, and $14.73 million (7.37 percent) will be available for distribution to Tribal governments.

This document provides guidance on the application, award requirements, and administration of the TA Grant Program. Section II describes the available TA Grant Program funding. Section III defines eligible recipients, eligible beneficiaries, and eligible TA providers. Section IV provides detail on qualifying TA services. Section V describes the application process, including the components of the required TA plan, and more.

Small Business Majority and more than 50 small business organizations sent a letter to Congressional leaders underscoring the importance to preserve the $10 billion allocated to the State Small Business Credit Initiative program. These organizations know firsthand that access to capital can determine the success of any small business.

Congress is considering taking back some of the money it authorized last year for a small business aid program in order to pay for new Covid-19 vaccines, testing and therapeutics. A bipartisan deal reached in the Senate earlier this month would fully offset the $10 billion legislation by reallocating a variety of Covid-19 relief funds that were previously authorized by Congress but have not yet been spent.

Small-business owners are bristling over a congressional proposal that would redirect unspent money from Covid-19 programs to provide $10 billion for the federal government's pandemic health response, including vaccines and therapeutics. At issue is about $5 billion that Congress allocated for three small-business aid programs but which hasn't yet been spent.

SSBCI Coalition Meeting - May 20 (Virtual)
May 20, 2022 - 1:00 PM - 2:00 PM Eastern

Intro Housing Finance WebCourse
May 23-24, 2022 - Daily: 12:00 - 5:00 PM Eastern