Resources for Small Business Investors

SBIA is the Voice of Private Equity and is the source of quality information for small business investors.

In an effort to help all American small businesses and to support as many American jobs as possible, we maintain a public website with important information. This “SBIA Resources Page” is constantly updated with new information that small business investors and fund managers need to know. 

Please feel free to share this page with anyone looking for substantive information.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses. 

PPP LOAN FORGIVENESS APPLICATION. The Small Business Administration (SBA) has released additional Paycheck Protection Program (PPP) guidance in the form of the PPP Loan Forgiveness Application. According the to the SBA the form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.
  • Find application and additional information here >

PPP OPERATIONS UPDATE. Due to the unprecedented demand for Paycheck Protection Program loans and to ensure equitable access and system integrity, SBA and Treasury implemented the following measures on 4/26: Pacing the number of loans processed in the E-Tran system for participating lenders; Instituting a maximum dollar amount at 10% of PPP funding authority that any lending institution will be able to originate, exclusive of the additional $60 billion preserved for lenders with assets under $50 billion (i.e. $60 billion cap); Implementing operational standards to ensure that lenders access PPP funds based on their asset size; Ensuring the Paycheck Protection Program continues to operate on a first-come, first-serve basis so that every small business has access to PPP loans to sustain their business and retain their employees; and Issuing guidance for lenders who have received a significant amount of loan applications.

Formal guidance regarding the Paycheck Protection Program has been published in the Federal Register. Follow the links below for final details and/or to submit comments.

SBIA Comment Letter: SBIA filed comments on May 1 in a letter to Treasury Secretary Mnuchin and SBA Administrator Carranza urging clarification of PPP guidelines in line with the statute and congressional intent. For more information and updates, visit Treasury's website on Assistance for Small Businesses. For lenders:
  • If you’re a lender, more information can be found > HERE
  • Non-bank lender application released for PPP loans.
For borrowers: 

ADDITIONAL PPP FUNDING: Congress has reached agreement on additional funding for the Payment Protection Program as part of the Paycheck Protection Program and Health Care Enhancement Act, "Phase 3.5" coronavirus relief legislation.

  • PPP Section-by-Section: An additional $310 billion has been provided for the Paycheck Protection Program (PPP).

PPP OVERSIGHT: U.S. Senate Small Business Committee Chair Marco Rubio announced that he will conduct aggressive oversight into use of Paycheck Protection Program funds to determine whether those who received funds needed them to support ongoing business operations.

SBIA LETTER RE: AFFILIATION RULES: SBIA sent a letter on April 1 to Treasury and the Small Business Administration regarding implementation rules governing the waiver of the SBA 7(a) loan program’s affiliation rules under the new Paycheck Protection Program. Read the letter >

JOINT LETTER RE: AFFILIATION RULES: SBIA joined 16 trade associations in sending a joint letter to SBA, Treasury and the Fed regarding implementation of the Paycheck Protection Program as well as lending facilities and programs established by the Federal Reserve and U.S. Treasury Department under the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. Read the letter >

GUIDANCE FOR SBIC FUNDS: SBIA has issued the following guidance to SBIC funds providing financial assistance to small businesses consistent with the Paycheck Protection Act. Find the guidance here >

U.S. CHAMBER OF COMMERCE PRIMER: The U.S. Chamber of Commerce has produced a small business guide and checklist for SBA loans.  Download the primer >

On April 9, the Federal Reserve announced initial details of the Main Street Lending Program (MSLP), which will establish a credit facility intended for small and midsize businesses that are facing a credit squeeze in the wake of the COVID-19 pandemic. The program consists of a Main Street New Loan Facility (loans made on or after April 8) and a Main Street Expanded Loan Facility (loans made before April 8).
  • On 5/5 the Fed updated its Main Street Lending Program page.
  • Main Street Eligibility: The Federal Reserve has announced it's expanding the numbers of businesses that will be eligible for its “Main Street” emergency lending program, including lowering the minimum loan size and expanding the credit options.
  • SBIA submitted comments to the Fed and Treasury regarding the ability of our members and their portfolio companies to access the new facilities provided by the Main Street Lending Program (MSLP). Read the letter >
  • Institute for Portfolio Alternatives (IPA) sent a letter to Treasury on the Main Street Lending Program (MSLP). Read the letter >
  • The U.S. Chamber has proposed enhancements to the Main Street Lending Facility to aid mid-size businesses. See the recommendations >

At SBIA, we are doing everything we can for our members as bills are introduced in Congress to provide relief from the economic impact of the Coronavirus, as well as working to prevent negative policies from being enacted.

Phase 4 Package: House Democrats released bill text and summaries for a next phase COVID-relief legislative package. Senate Republicans and the administration continue to take a wait and see approach and are unlikely to engage in detailed negotiations until June.

Pandemic Anti-Monopoly Act: Sen. Elizabeth Warren has proposed legislation to impose a moratorium on mergers and acquisitions. See bill summary >

Paycheck Protection Program and Health Care Enhancement Act: Congress has reached agreement on additional funding for the Payment Protection Program as part of "Phase 3.5" coronavirus relief legislation, the Paycheck Protection Program and Health Care Enhancement Act. Find additional information as well as full legislative text below.
  • SCHUMER "DEAR COLLEAGUE"Senate Democratic Leader Chuck Schumer sent colleagues a letter re: "Phase 3.5" legislation.
  • PPP Section-by-Section: An additional $310 billion has been provided for the Paycheck Protection Program (PPP).
  • The legislation provides $60 billion for the Emergency Economic Injury Disaster (EIDL) program.
  • Hospital Section-by-Section: $75 billion in reimbursements to hospitals and healthcare providers for COVID-19 related expenses and lost revenue.
  • See the full Legislative Text.
Small Business Investor Tax Parity Act: Bipartisan legislation has been introduced to give fair and equitable treatment to shareholders in small and medium size American businesses. Coronavirus Aid, Relief, and Economic Security (CARES) Act: Below is the FULL TEXT of the Stage 3 emergency economic stimulus package below as well as multiple section specific summaries, including SBIA’s summary of the small business provisions.

PRICE LETTER: House Subcommittee Chair David E. Price (D-NC) summarizes funding for Transportation, HUD See the full text of the letter >

SCHUMER LETTER: U.S. Sen. Chuck Schumer sent a letter highlighting Democrat adjustments to the bill. See the full text of the letter >

PELOSI STATEMENT: U.S. House Speaker Nancy Pelosi released a statement on the Senate legislation. See the full statement here >

Letter to Treasury Secretary and Fed Chairman: U.S. Sen. Mike Crapo, Chairman of the Senate Banking, Housing and Urban Affairs Committee, has urged Treasury and the Federal Reserve to work quickly to help businesses understand what programs and facilities are available and how to access and apply for assistance. Download the letter >

The SBA is deploying all tools within its discretion to assist small businesses impacted by COVID-19. As additional resources become available, they will be highlighted here.
The SEC continues to undertake operational initiatives, market-focused actions, and investor protection efforts as well as enact targeted assistance and relief in response to the effects of COVID-19.
The Federal Reserve is mandated by Congress to promote maximum employment and stable prices, as well as the stability of the financial system, and is currently utilizing a range of tools to support households, businesses, and the U.S. economy.

*NEW* COMPILATION OF FEDERAL AGENCY RESOURCES: Congress has passed, and President Trump has signed, three laws to provide funding and other resources to help fight the spread of the coronavirus. This document provided by the Senate Republican Policy Committee contains helpful links to federal resources. As it is updated, SBIA will link to the most recent document here >

GETTING IN TOUCH: We are able to take in and share information much more effectively via email than by calls or texts, so please email staff directly with any concerns, questions or feedback.  You can also email  All SBIA staff have access to this account.

HELP A SMALL BUSINESS: SBIA is calling on all members to reach out and help a small business NOT in their portfolio. Local businesses are the engine of our economy. Help us spread the word and support a small business near you today -- whether it is ordering take out from a local restaurant, pre-purchasing a gift card from a closed business, or offering your expertise!

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BE AT THE TABLE OR BE ON THE MENU: SBIA is the single most effective advocate in Washington on behalf of lower middle market private equity funds and continues to lead the advocacy effort for lower middle market private equity firms with members of Congress during the COVID-19 pandemic. As the classic saying goes, “If you don’t have a seat at the table then you are on the menu”.


SBIC SURVEY: SBIA surveyed the small business portfolios of Small Business Investment Companies to measure the impact the pandemic is having on operations and employment.

Find the results here >

LETTER TO SEC: On March 27, SBIA sent a letter on behalf of BDCs requesting temporary measures to support capital flow into small- and medium-sized businesses.

Find the letter here >

USEFUL RESOURCES: SBIA has compiled an interactive PDF with links to websites providing up to the minute information on Coronavirus-related assistance, resources, and state by state updates.

Download the PDF >