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Showing posts with the label PPP loan

Maybe the U.S. Small Business Administration (SBA) wasn’t best choice to deliver PPP benefits to minority businesses.

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"Committed though the government might be too small and minority-owned contractors, from the contractor standpoint making a living is never easy. Now they’ve got the COVID-19 situation. For what the landscape looks like for minority-owned businesses, Federal Drive with Tom Temin turned to Creative Investment Research economist and principal William Michael Cunningham." https://federalnewsnetwork.com/management/2020/05/maybe-sba-wasnt-best-choice-to-deliver-ppp-benefits-to-minority-businesses/

Black People and COVID-19: Key Impacts.

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Black People and COVID-19 | Key Impacts A new national survey of African American small businesses was conducted by Washington, D.C.-based Creative Investment Research. The survey asked questions about the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL) Programs. The survey was intended to get a true pulse of how effective the lending programs have been. Sixty four percent (64%) of survey participants that said they applied for the Paycheck Protection Program (PPP), only 19% got funding. Even those receiving funding, however, got far less than what they asked for or expected. As survey respondents were predominantly Black businesses, this gives us some insight as to why unemployment is high and growing among Black Americans. What can Black people do immediately? Apply for the stimulus check of $1,200 - 100% probability rate of receiving; Apply for Paycheck Protection Program (PPP) - much lower probability rate of receiving PPP, on

Black American Business Owners Sound Off in New Survey of PPP

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Black American Business Owners Sound Off in New Survey of PPP  by Jeffrey McKinney, Black Enterprise Magazine April 24, 2020 Financing from the Paycheck Protection Program (PPP) is getting a cool reception from black business owners. A new national survey of 50 small businesses conducted Thursday by Washington, D.C.-based Creative Investment Research on the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL) Program was intended to get a true pulse of how effective the lending programs have been. The survey came out the same day the House rati􀁽ed a bill by the Senate to pump roughly $310 billion more in loans to the Paycheck Protection Program, The Wall Street Journal reports. The PPP exhausted its initial $350 billion funding last week after being rolled out on April 3. The program for 􀁽rms with up to 500 workers became law in late March as part of the $2 trillion coronavirus economic stimulus package. It was geared to help

Paycheck Protection Program Increase

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Today's addendum to the CARES Act includes the following: Section 101 provides amendments to the Paycheck Protection Program and to the Economic Injury Disaster Loans, and Emergency Grants. The agreement increases the authorization level for the Paycheck Protection Program from $349 billion to $659 billion , and increases the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion . See our video on the EIDL Program: https://youtu.be/SzwQp11n-YQ   (As we said in the video, you will want to document your EIDL and PPP applications. We still feel this program will have a hard time reaching women, Black, Hispanic and Asian small businesses. It has also been shown to provide more loans to red states than blue .) The law also creates a set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions for the Paycheck Protection Program. It defines Community Financial Institutions as minority