IG10036 — The Small Business Administration's COVID-19 Relief Programs

/ The Small Business Administration’s COVID-19 Relief Programs To help small businesses respond to the Coronavirus Disease 2019 (COVID-19) pandemic, Congress authorized several new relief programs to be managed by the Small Business Administration (SBA). Congress’s efforts to address COVID-19’s fiscal impacts on small businesses through the SBA resulted in a large increase in the SBA’s operations and appropriations. SBA’s COVID-19 relief programs included: Paycheck Protection Program (PPP): forgivable loans to small businesses for expenses like payroll and rent COVID-19 Economic Injury Disaster Loans (EIDLs): loans for small businesses to meet their financial obligations Emergency EIDL Advance Payment: grants for COVID-19 EIDL applicants while their applications were processed EIDL Targeted Advance Payment: grants for COVID-19 EIDL applicants in low-income areas (also included supplemental grants) museums, theaters, and other venues with pandemic-related revenue loss Restaurant Revitalization Fund (RRF): grants for restaurants and bars with pandemic-related revenue loss Congress appropriated a total of $1.141 trillion to the SBA in FY2020 and FY2021 to help respond to the COVID-19 pandemic. SBA Appropriations by Fiscal Year Billions $ Amounts have been rounded to the nearest billion dollars. Most of the money Congress appropriated for SBA during the COVID-19 pandemic was for the PPP... SBA Program Appropriations by Law PL 116-136 PL 116-139 PL 116-260 PL 117-2 Total PPP $349.0 $321.3 $284.5 $7.3 $962.0 COVID-19 EIDL $0.6 $50.0 $0.0 $0.5 $51.0 Emergency EIDL Advance $10.0 $10.0 $0.0 $5.0 $25.0 EIDL Targeted Advance $0.0 $0.0 $20.0 $10.0 $30.0 SVOG $0.0 $0.0 $15.0 $1.3 $16.3 RRF $0.0 $0.0 $0.0 $28.6 $28.6 Amounts have been rounded to the nearest hundred million dollars. ...and most of the money spent has also been for the PPP $8B EIDL Targeted Advance $15B SVOG $20B Emergency EIDL Advance $29B RRF COVID-19 EIDL $378B PPP $800B Amounts rounded to the nearest billion dollars. Area of circle corresponds to expended amounts. As of October 2022, 95% of PPP loan value had been forgiven. SBA deferred repayment on COVID-19 EIDLs until 30 months after issuance. The SBA could distribute more money in COVID-19 EIDLs than it was appropriated because Congress provides appropriations for loan credit subsidies, allowing the SBA to loan more than the amount appropriated. P.L. 116-136 was the Coronavirus Aid, Relief, and Economic Security (CARES) Act P.L. 116-139 was the Paycheck Protection Program and Health Care Enhancement Act P.L. 116-260 was the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Division N, Title III of the Consolidated Appropriations Act of 2021) P.L. 117-2 was the American Rescue Plan Act of 2021 Sources: CRS analysis of SBA Congressional Budget Justifications and various appropriations laws; CRS analysis of P.L. 116-136, P.L. 116-139, P.L. 116-260, and P.L. 117-2; and SBA, various COVID-19 relief program spending reports. Information prepared by Adam Levin, Analyst in Economic Development Policy, and Brion Long, Visual Information Specialist. Margot Crandall-Hollick, Specialist in Public Finance, provided valuable assistance in developing this Infographic. For more information and a full list of sources, see CRS Report R43846, Small Business Administration (SBA) Funding: Overview and Recent Trends, CRS Report R46284, COVID-19 Relief to Small Businesses: Issues and Policy Options, CRS Report R46689, SBA Shuttered Venue Operators Grant Program (SVOG), and CRS In Focus IF11819, SBA Restaurant Revitalization Fund Grants.

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