Dear Friends and Colleagues:
A quick note to update you on the progress of the SVOG application process and awards.
The SBA has released Post-Application FAQs and advises that more communication, support materials, and office hours to help awardees through the close-out process are soon to follow.
Coming Soon: Reconsideration
The SBA announced that, following the processing of all initial awards, including the (nearly complete) review of current reconsiderations, it plans to open up a second opportunity for all awardees to participate in the reconsideration process. This may benefit those who need to correct originally submitted details that may impact award amounts or supplemental eligibility. Please continue to monitor the SBA website for official communication with more details.
Supplemental Awards Process
Due to the previously noted "Salesforce bug," which has been making award calculations challenging, the Supplemental Awards invitation roll-out continues slower than the SBA would like.
- If you have not received an invitation yet, do not be alarmed. Additionally, if your portal says "Supplemental Under Review", it likely means that you are among the many files in the queue waiting for the award calculation to be checked for accuracy, before an invitation is sent.
- 4,006 Supplemental Awards have been issued to date. $1.2 billion has been awarded, though only $225 million has been disbursed. While many have received and signed Notices of Award, disbursements are lagging.
- The SBA reports it has a solution on the horizon and will soon be able to increase the pace of issuing invitations, Notices of Award, and disbursements.
- Applicants eligible for Supplemental Awards are defined as "recipients of first, second, and third priority round awards who suffered a 70% or greater earned revenue loss when comparing 2021 Q1 to 2019 Q1."
The SBA's Progress Report
On Monday, the SBA released its latest program report. While many numbers have since been updated, it does provide more detail that may be of interest. The SBA also released the most recent awardee data.
Please check with your member organization for additional information and all advocacy efforts.
Thank you for your continued work and support.