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To embed, copy and paste the code into your website or blog: In January, we issued a client alert discussing how HUBZone firms in redesignated areas could plan to maintain their HUBZone status after the end of 2021. One of the primary strategies we discussed in the client alert was based on Small Business Administration (SBA) guidance about long-term investments in qualified disaster areas (QDAs). At the time, based on SBA guidance, we understood that HUBZone firms located in redesignated areas could qualify their current HUBZone principal office location as HUBZone eligible for at least the ...
On February 10, 2021, the Small Business Administration (SBA) announced new policy changes to the Paycheck Protection Program (PPP) meant to address an ongoing issue loan applicants face regarding validation error codes. These error codes serve as validation checks to combat fraud and prevent improper loans from being issued to ineligible businesses. However, many eligible businesses have received such error codes during the application and forgiveness process, delaying necessary economic relief. SBA’s new changes grant additional authorities to lenders for borrowers experiencing validatio...
What is the 8(a) program and what is it intended to do? The 8(a) program, officially designated the 8(a) Business Development program, is designed to assist small minority-owned businesses compete in the wider American economy. See 13 C.F.R. Part 124 Do I Qualify? Eligibility checklist (get a preliminary assessment at SBA’s Certify website) Be a small business (see below) Not already have participated in the 8(a) program Be at least 51 percent owned and controlled by U.S. citizens who are economically and socially disadvantaged (see below) Have one or more disadvantaged individuals manage ...