Here’s What The New Round Of PPP Loans Means For Black-Owned Businesses

Only 2% of Black-owned businesses received loans as part of the CARES Act, that’s funded 4.9 million loans totaling more than $521 billion. The application process was run through commercial banks, primarily benefiting those companies with existing relationships. Goldman Sachs found that 31% of Black small business owners have seen less than 25% of their pre-covid revenue return. 

Source: Forbes


Small Business Administration Extends Deadline for Pandemic Loan Applications

The U.S. Small Business Administration has extended the deadline for small businesses impacted by the pandemic to apply for disaster assistance loans.Businesses can now apply for the Economic Injury Disaster Loan program through Dec. 31, 2021, SBA officials announced Monday.The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and signed into law by President Donald Trump.

Source: KOTA TV


More PPP Loans are Coming. Here’s How Small Businesses Can Get a Second One

President Donald Trump has signed into law a new $900 billion coronavirus relief and stimulus package. Among its provisions: An extension of last spring’s Paycheck Protection Program, allowing another $284 billion or so in forgivable, federally backed loans for ailing small businesses. Here are some answers to questions business owners might have.

Source: Tampa Bay Times


New Digital Banking Opportunities for SMEs and Micro Enterprises

This podcast focuses on steps small and medium-sized enterprises (SMEs) or micro enterprises can take, to benefit from and prepare for digital banking services in 2021 and beyond. Skip ahead to (6:33) to hear the steps 

Source: The Straits Times


Black and Brown Businesses Were Last to Receive COVID-19 Relief, Analysis of PPP Shows

Thousands of minority-owned businesses were left without COVID-19 small business relief funding for months, pushed to the back of the line by more well-connected, larger majority-owned businesses. The diverse chambers of commerce are helping small businesses get their paperwork ready now to apply for new loan opportunities.

Source: KYW News Radio