Program objective

Section 3301 of the American Rescue Plan Act of 2021 (ARPA), Public Law No. 117-2 (March 11, 2021), reauthorized and amended the Small Business Jobs Act of 2010SSBCI statute, codified at 12 U.S.C. § 5701 et seq., to provide funding for (1) the SSBCI Capital Program and (2) technical assistance (TA) to support eligible small businesses applying for the SSBCI Capital Program and other federal or other jurisdiction programs that support small businesses. The SSBCI Formula TA Grant Program provides $200 million (due to Congressionally directed rescission in PL 188-47, the available funding is $196.3 million) in formula grants for technical assistance funding for states, territories, the District of Columbia, and Tribal governments (collectively, “jurisdictions”) that submitted complete and timely applications for the SSBCI Capital Program. These jurisdictions are the eligible recipients under the SSBCI Formula TA Grant Program. The SSBCI Formula TA Grant Program is intended to provide funds to eligible recipients to provide legal, accounting, and financial advisory services either directly or through legal, accounting, or financial advisory firms to very small businesses (VSB) and business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI-owned businesses), as those terms are defined in SSBCI guidance. The primary goal of the SSBCI Formula TA Grant Program is to help VSBs and SEDI-owned businesses meaningfully apply and participate in the SSBCI Capital program or other Federal or other jurisdiction programs that support small businesses. Eligible recipients may apply to Treasury for a portion of the SSBCI Formula TA Grant program funding. The deadline for eligible states, the District of Columbia, territories, and Tribal governments to submit a Formula TA application has passed. Treasury issued SSBCI Formula TA Grant Program Guidelines dated April 28, 2022. The SSBCI Formula TA Grant Program is related to and supports the SSBCI Capital Program and the SSBCI Competitive TA Grant Program. Under the SSBCI Capital Program, Treasury allocates funds to jurisdictions for small business financing programs, which includes loan participation, loan guarantee, collateral support, venture equity, and capital access programs. Under Section 3003(c)(5) of the SSBCI statute as codified at 31 U.S.C. 5702(c)(5), SSBCI Capital Program funding is not considered financial assistance for purposes of subtitle V of title 31, United States Code.