PPP Loans have been extended until August 8th! The government knows that small businesses power the economy, innovation, and employment. Data shows that 47% of employees work for small businesses, but many workers are suffering unfairly through this temporary shutdown, leaving employees, employers, landlords, and many others at stake. The good news is, PPP rules have changed since March, meaning more money is available for your business and it might be easier to acquire! Whether you are unsure of the requirements, or were turned down once before and want to apply again, here are 4 resources to help get you started:
1. Seven Commas has software that contacts lenders for you:
Seven Commas is a small business that helps other small businesses manage their finances through software. They understand the pain that comes from needing to decrease staff or even being forced to shut down. They initially thought PPP loans would be too hard to access or comply with, but realized with the help of software, it isn’t! They use their software to contact every lender so you don’t have to.
2. NAACP & Diversity Capital help diverse companies obtain funding:
Diverse businesses are an engine for economic growth and community empowerment in the United States. That’s a fact. That’s why the NAACP is partnering with Diversity Capital to help strengthen small businesses and to ensure economic empowerment for Black businesses. To do that, they are building a network of partners, including highly successful diverse businesses, technology innovators, major corporations and financial institutions who share their goals. They strive to help diverse companies obtain needed capital and advice more efficiently and on better terms than has traditionally been the case.
3. National Action Network has a list of Black owned banks that are offering PPP loans:
National Action Network has listed all of the African American controlled banks and lenders that are accepting new customers and are equipped to process PPP loans quickly. Find out more on their website! They’ve also listed a step by step guide for applying for PPP loans and the requirements needed to do so.
4. Learn more about PPP loans and what changed between March and now with data from the Center for Responsible Lending:
Finally, If you’ve already been through the process of applying for PPP funding, this article by the Charlotte Observer can help you better understand why your business was left out of the first round of PPP funding and what you can do this time.