The Tar Heel Newsletter
March 2022

Celebrating Women’s History Month

Join the U.S. Small Business Administration on March 31, 2022 for an online event celebrating Women’s History Month. You will hear from industry experts including Natalie Madeira Cofield, SBA Assistant Administrator for the Office of Women’s Business Ownership; Candace Waterman, President and CEO of the Women Impacting Public Policy (WIPP); and Alisa Sheard, SBA Acting Deputy Director for the Office of Government Contracting and Business Development.

The discussion will focus on financial wellness for women-owned small businesses, the importance of increasing equity and access to opportunities that help uplift and support women entrepreneurs, and SBA initiatives and resources that support existing women-owned small businesses and new startups as they pivot and grow in a post-COVID world.

Click Here to Register

Virtual Women’s Business Summit

In celebration of Women’s History Month, join the SBA’s Office of Women’s Business Ownership and the Nasdaq Entrepreneurial Center for the virtual Women’s Business Summit on March 29-30, 2022. The free event will include power-packed panels, inspirational fireside chats, and ‘Ask an Expert’ workshops to help you build, scale, and grow your business. Panels and discussion topics include:

• Innovation and Investment
• Building an Equitable Recovery Framework for Women Entrepreneurs
• From Essential Worker to Essential Entrepreneur: CARE Economy Entrepreneurship Opportunities
• The $100B Marketplace: Contracting Opportunities for Women-led Firms
• Exporting & E-Commerce
• The Changing Landscape for Entertainment and Hospitality Industries

Click Here to Register

SBA Administrator Guzman Announces National Small Business Week: Building a Better America Through Entrepreneurship  

SBA Will Recognize Top Small Businesses with a Four-Day Series of Events Including a Live Virtual Summit, Educational Sessions, and Award Presentations 

Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, announced that National Small Business Week (NSBW): Building a Better America Through Entrepreneurship will take place May 1-7, 2022. The virtual summit will acknowledge small businesses from across the country for their resilience, ingenuity, and creativity. It will also recognize SBA partners for their involvement in entrepreneurial development, disaster recovery, government contracting, financial development, and overall support for small businesses and entrepreneurship.   

“National Small Business Week is a time to honor and celebrate America’s entrepreneurs and innovative startups. This year’s theme, ‘Building a Better America through Entrepreneurship,’ celebrates the resiliency and tenacity of America’s entrepreneurs who are doing their part to power our nation’s historic economic comeback,” said Administrator Guzman. “While there is more work to do, under the Biden-Harris Administration, we are on a path toward building a better, more competitive American economy centered around families, workers, and small businesses. This year’s NSBW will offer entrepreneurs in rural, suburban, and urban communities across America a week-long event that will highlight the tools and information they need to continue to power our economic growth, strengthen our supply chains, and deliver the products and services Americans depend on every day.  I look forward to recognizing our small business giants and their tremendous impact on our economy and communities across the nation.” 

The SBA will co-host a free, four-day virtual summit from May 2 through May 5, 2022, along with SCORE, to honor the nation’s 32.5 million small businesses for their perseverance. This year’s summit will feature access to critical federal resources, educational workshops, and networking to help our nation’s entrepreneurs pivot and grow in the face of any challenge, seize new opportunities, and make sure the dream of starting a small business is in reach for every American.    

The 2022 Small Business Persons of the Year award winners from each state, including the District of Columbia, Puerto Rico, and the Virgin Islands, will be honored, and the SBA will announce the 2022 National Small Business Person of the Year from among the state winners represented. In addition, National Small Business Week recognitions and educational sessions will occur throughout each of the SBA’s 10 regions and 68 district offices.    

Details on National Small Business Week event registration and speaker information will be announced later and posted on www.sba.gov/NSBW.     

SBA Administrator Guzman Announces Key Policy Change: Existing COVID Economic Injury Disaster Loan Program Borrowers to Receive an Additional Deferment 

Starting immediately, Agency extends additional relief to small businesses

Administrator Isabella Casillas Guzman directed the agency to provide additional deferment of principal and interest payments for existing  COVID Economic Injury Disaster Loan (EIDL) program borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities. 

“Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Guzman. “This extended principal and interest deferment will provide financial relief to millions of small business owners – particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

Key information regarding deferment: 

• This deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. 
• Borrowers may make partial or full payments during the deferment period but are not required to. The SBA recommends using www.pay.gov. 
• The SBA will not send monthly SBA Form 1201 payment notices; however, the SBA will send regular payment reminders via email. 

• Existing COVID EIDL Borrowers can find account balances and payment due dates in the SBA Capital Access Financial System (CAFS) and learn how to set up an account in the CAFS system by logging in at Capital Access Financial System (sba.gov).  
• Deferments may result in balloon payments. The deferment will not stop any established Preauthorized Debit (PAD) or recurring payments on the loan. COVID-EIDL Borrowers with an SBA established PAD must contact their SBA servicing center to stop recurring payments during the extended deferment period. COVID-EIDL Borrowers who have established a PAD through Pay.gov or any other bill pay service are responsible for terminating recurring payments during the extended deferment period. 
• After the deferment period ends, COVID-EIDL Borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the Note.

Application Process and Fraud Control Enhancements 

In addition to the policy enhancements, the SBA has invested in optimized processes and increased capacity to improve the customer service experience for applicants. Directed by Administrator Guzman to swiftly and drastically enhance COVID EIDL, the revamped management team implemented new processes and performance management, such as prioritizing personnel for COVID EIDL and increasing the average number of applications decisions made. At the time, the SBA accelerated daily processing of loan increases from close to 2,000 applications to more than 37,000 applications. Loan officer productivity also went from 1.86 applications per day to 15 applications per day. As a result of these increased loan review rates, the 600,000+ loan increase backlog was cleared, and new applications were processed immediately. 

At the same time, and to ensure taxpayer dollars are used to support businesses that need COVID EIDL funding most, the SBA increased fraud controls and is working in collaboration with the SBA Inspector General to closely monitor the program. 

Further Details for SBA Customers  

Borrowers with questions can call SBA’s COVID EIDL Customer Service Center toll-free at 1-833-853-5638 (borrowers who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services) or email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Saturday from 8 a.m. to 8 p.m. ET. Multilingual representatives are available. Small business owners may also contact SBA’s Resource Partners by visiting www.sba.gov/local-assistance. For additional information on COVID EIDL, please visit www.sba.gov/relief. 

SBA Announces Funding Opportunity to Provide Continuation of Boots to Business Entrepreneurship Training

The U.S. Small Business Administration invites eligible non-profit organizations, state and local government agencies, private sector firms, and institutions of higher learning to submit proposals to provide synchronous online entrepreneurship training to transitioning service members, veterans, and military spouses. The entrepreneurship training shall be a continuation of the training participants receive as part of SBA’s Boots to Business (B2B) training program.

The awarded organization will develop and maintain a curriculum about entrepreneurship for the veteran and military community as a follow-on to the B2B and B2B Reboot programs. The awardee will also provide counseling, training, technical and financial skill development, as well as comprehensive business assessments and mentoring services.

This award is for a base project period of 12 months, with four 12-month non-compete continuation periods of 12 months each. The funding is available annually for up to five years. The SBA anticipates awarding one cooperative agreement from this announcement. For specific instructions on obtaining, completing, and submitting an application, visit www.grants.gov and search opportunity number SB-OVB2-22-002 or CFDA 59.044.

Proposals submitted via other media, including SBA’s website, will be rejected and will not be evaluated. Submissions must be sent via grants.gov no later than 11:59 p.m. EDT on Monday, April 11, 2022.

SBA’s Office of Veterans Business Development will host an information session to answer questions about the funding opportunity on Friday, March 18, at 2 p.m. EDT. Please dial 202-765-1264 and enter access code: 119 636 209# or join through this Microsoft Teams link: Click here to join the meeting.

Direct any questions about the B2B funding opportunity to Jerry Godwin at jerry.godwin@sba.gov. Submit questions no later than Wednesday, March 16, at 5 p.m. EDT.

For issues with grants.gov, please call the Grants.gov Support Line at 1-800-518-4726 or email support@grants.gov.

Employment Laws Assistance for Workers and Small Businesses

The Employment Laws Assistance for Workers and Small Businesses (elaws) Advisors are a suite of tools developed by the U.S. Department of Labor to help employers and employees learn about their rights and responsibilities under federal employment laws and regulations. Topics addressed include pay and benefits, family and medical leave, safety and health, federal contractor requirements, veterans’ issues and more. Each advisor provides the user with a user-friendly experience, with information tailored based answers to specific questions, about their business. To learn more, visit www.dol.gov/elaws

Mitigating Financial Risks in
the Global Supply Chain

As markets reopen and companies return to “business as usual,” U.S. companies will grow by exporting products through international markets. However, mitigating supply chain disruption, ensuring business continuity and assurance of price and service are vital to safeguarding long-term business viability and remaining competitive and profitable. Learn how to do so from Regions Bank Vice President of the Global Trade Finance Group Thomas Matthias.

Topics to include:

• Supply chain financing
• Identifying payment methods
• Accessing working capital
• Strategies to safeguard your supply chain
• Building resilient supply chain models

Additional speakers include the U.S. Small Business Administration (SBA) Export Finance Manager David Leonard and U.S. Export-Import Bank Regional Director Susan Kintanar.

This program is free of charge, but registration is required. Click the link below to register.

Tuesday, March 29, 2022 

11 a.m. – 12 p.m. 

Virtual

Click Here

7(j) Management and Technical Training

SBA is offering free webinars brought to you by SBA’s Office of Business Development through the 7(j) Management and Technical Assistance Program’s 7(j) provider, Catalyst Center for Business and Entrepreneurship.

All classes are 3:00 pm – 5:00 pm Central unless noted otherwise

FedMap Growth Program

SBA has partnered with Coley & Associates, Inc to provide the FedMap Growth Program. FedMap is a powerful training program led by our certified BD coaches. You’ll learn the skills needed to target, pursue, and win more contracts through a self-paced online curriculum with a community of peers who have won nearly $2 billion in contract awards since enrolling in FedMap. You will learn strategies, tools, and tips to accelerate your wins. Research techniques that lead to the insights needed to win. Team building strategies that expand your capabilities and advanced pricing strategies that make you more competitive.

To enroll click the link below.

Click Here 

SBA 7j Management and Technical Assistance Program

Get Quicker with Quickbooks® 101 Workshop

Thursday, March 24, 2022

12:00 PM – 1:30 PM ET

*lunchtime learn*

Register below:

Register

3 Simple Sales Strategies to Get Results and Grow Your Revenue

Thursday, March 31, 2022

10:00 AM – 11:30 AM ET

Register below:

Register

If you have any questions or would like to learn more about the SBA 7j Management and Technical Assistance Program, please feel free to visit: https://smallbizassistance.com/ or email allison@fsmsdc.org

Defense Contract Audit Agency

Government Contract Training

The Defense Contract Audit Agency (DCAA) will host an information session for small businesses on agency operations and discuss the contractor’s role in complying with the agency’s requirements. The online training will cover the following:

Wednesday, April 13, 2022 – 10:00 am to 12:00 pm
• Introduction and DCAA Overview
• DCAA’s Audit Process

Register Here

Thursday, April 14, 2022- 10:00 am to 12:00 pm
• Accounting System Requirements

Register Here

The DCAA audits all U.S. Department of Defense (DoD) contracts and provides advisory services to DoD components responsible for acquisition and contract administration.

All SBA programs are extended to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact Erin Connell at 704-344-6590.

SBA Account Login and Registration Portals

Wondering how to access your SBA account login for loans, grants, or contracting?  This webpage has details of how to do that for your Paycheck Protection Program, Economic Injury Disaster Loans, 7a and 504 loans, Shuttered Venues Operators Grant, and more.

It can help existing borrowers and contractors monitor their loan status, find the pages to set up and manage online payments, and more.  

Click Here

Helpful Links

Disaster (EIDL loans or advances/grants): DisasterCustomerService@sba.gov or (833) 853-5638.

SBA PPP Webpage

To report waste, fraud, or abuse: OIG hotline (800) 767-0385 or OIGHotline@sba.gov

Follow us on Twitter! @SBA_NC

About the U.S. Small Business Administration 

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.