“We have not received any explanation for our request,” Poindexter said. “We will not do that,” we said. ”
SBC launches new PPP this week When it starts receiving loan applications, it is taking new steps to ensure that the distribution of funds is more equitable and transparent. The first PPP left a lot of complaints last spring after it ran out of money for small businesses, especially colorists.
The current round is the third in a series of $ 284 billion funding from the stimulus package launched in late December. During this time, the SBA disrupted the process, allowing community lenders and small banks with a tendency to serve people of color to offer loans first. All other banks will start processing applications on Tuesday. The agency simplified the application form and reduced the number of qualified applicants from 300 to 500.
Additional funding comes from color-coded businesses, which often have less access to capital than their white counterparts. About a year into the epidemic, 66 percent of Massachusetts employers say they need more PPP funding. To save the next six months, according to a recent public opinion poll on a small business online network. That’s a total of 56 entrepreneurs.
“Since the program began in the spring, we have been as close to the final arena as we are,” he said. Inventive TV, a non-profit research and consulting team that coaches the city, is competing with Steve Grosman, a competitive local city executive. Entrepreneurs.
ICIC is working with Massachusetts-equivalent PPP to help businesses that may have slipped through the cracks in the first round of PPP.
Karen Keller, executive director of the Environmental Initiative Support Corporation, says: And the leader of the access team.
By allowing smaller businesses to run first, the new SBA measures aim to prioritize financial support for them. Smaller organizations do not have a host of legal professionals and accountants who can help, so it takes a lot of time to prepare loan applications. Other new measures, according to applicants, are designed to keep businesses in desperate need of a 25 percent quarterly income reduction.
“In the first two rounds, there was little concern about the big race,” said Glean Lloyd, executive director of the Business Justice Foundation. The money will be small here, so we don’t have to work 24/7, seven days a week.
Banks for this round of PPP.
Arlington, which began accepting applications on Wednesday, has increased its workforce by 20 percent by investing in technology and repaying loans. The bank has already received more than 276 applications for a total of $ 34 million. About 40 percent have a second PPP. They are from business owners who want a loan, and one-third of the applications are for loans under $ 25,000, most of them from business owners.
“This is more than we expected,” says Tuli.
But the biggest obstacle for color business owners is to be careful not to take too much debt if they do not meet the amnesty requirements. S.B.A. PPP apologized for reporting 85 per cent of the total applications, or 1.1 million loans, this week to reassure applicants. Over $ 100 billion.
Still, Willie’s owner, Poindexter, continues Not sure if he can reapply for PPP. The club has been closed since March, and hopes to apply for support from a closed-door operator from SBA, which is part of the stimulus bill.
“I need to do more research,” he said. For myself, the psychological consequences of my previous decision are still based on my decision to participate.
Representative Ayana Presley is pushing for aid – money that should not be returned – because she knows it will help black and brown businesses a lot. Boston Congresswoman and Vice-President-elect Kamala Harris has launched a $ 124.5 billion micro-business fund, each funded by the government, and 75 percent of that money for small businesses owned by women, the elderly and the elderly. .
In a statement, Presley said: “Last month, PPPP , Signed into law last month, I encourage it to include many improvements that I have achieved. ” But let me be clear – while these changes are a step in the right direction, they are not far enough to provide the support we need for our small businesses. What is really needed is direct, direct assistance. ”
President-elect Joe Biden’s $ 1.9 trillion economic recovery package was unveiled on Thursday, with $ 15 billion in “equitable distribution” to help more than a million small and medium-sized businesses.
Funding has been central to Governor Charlie Baker’s efforts to revitalize small businesses. Since last fall, Massachusetts has launched more than $ 700 million in federal aid programs from the state. To date, the state has provided a total of three rounds of grants to 4,119 businesses for $ 1954 million through the Massachusetts Growth Capital Corporation, a public agency.
Almost the first round in late December went on to color and women’s businesses. Subsequent rounds also benefited a large number of women and girls.
More than 10,000 small businesses have applied for assistance. A program Businesses with employees of 50 or less will receive up to $ 75,000, and another will receive up to $ 25,000 for businesses with five or fewer employees. The current round deadline has been extended to 11:59 pm Monday and businesses can apply at empoweringsmallbusiness.org.
Many small businesses need more resources to survive, and they are grateful for the growing number of options.
Vicky Gray, the owner of a new phase of home improvement in Cambridge, received 30,000 jobs from PPP last spring, allowing four workers to return to their paychecks. She plans to apply For the current round. Gray also applied for a government grant program in November, but has not yet received those funds.
One complicated thing – she had to show a certificate of good standing from the government office, but she never received it by mail. So she went straight to the office to get a second copy. Many small business owners say that such bureaucracies have slowed down the process.
Prior to the outbreak, Gray provided paint and renovation services to private homes, but has since shifted its business to commercial clients and government contracts.
Gray: “About P.P. I feel good and confident, and I hope to earn a little, maybe $ 50,000 to $ 60,000 as we grow up. ” This is a way for us to create jobs and work for citizens.
Janelle Nanos can be reached at email@example.com. Follow her on Twitter @janellenanos. Shirley Ling is a business columnist. She can be reached at Shirley: firstname.lastname@example.org.