0VER $210 BILLON LEFT IN PAYCHECK PROTECTION PROGRAM
The fresh roll out on Jan. 11, marks the third round of PPP. The program is run by the Small Business Administration (SBA) and Treasury Department.
And, according to American Action Forum PPP Tracker, as of 1/31/2020 the SBA has disbursed $596 billion of the $796 billion so far appropriated by Congress to this program. As of Round Three, $211 billion, or 74 percent of Round Three PPP funding, remain available to the program.
IS YOUR BUSINESS ELIGIBLE?
- Sole proprietors, independent contractors, and self-employed persons
- Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
- Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
QUESTIONS:
The SBA has published this robust FAQ Page that will answer many questions you have.
Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
GET STARTED TODAY!
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness.
1. Find a lender:
2. Identify a loan:
- First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
- Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan
3. Apply:
As told by Dr. I.L. Scruggs (excerpts from Our Cause Speeds On):
"Philadelphia, 1924, Phi Beta Sigma Fraternity 'arrived'. We had a mob of people at this Conclave. There were representatives from twenty-eight chapters -and all the trimmings. The introduction of the Bigger and Better Negro Business idea was made by way of an exhibit devoted to this topic.
The Bigger and Better Negro Business idea was first tested in 1924 with an imposing exhibition in Philadelphia. This was held in connection with the Conclave. Twenty-five leading Negro Businesses sent statements and over fifty sent exhibits. The whole show took place in the lobby of the YMCA. Several thousand visitors seemed to have been impressed. The response was so great that the 1925 Conclave in Richmond, Virginia voted unanimously to make Bigger and Better Negro Business the public program of the Fraternity, and it has been so ever since."
Phi Beta Sigma believes that the improvement and economic conditions of minorities is a major factor in the improvement of the general welfare of society. It is upon this conviction that the Bigger and Better Business Program rests. Since 1926, the Bigger and Better Business Program has been sponsored on a national scale by Phi Beta Sigma as a way of supporting, fostering, and promoting minority owned businesses and services.
The Bigger and Better Business serves as the an umbrella for other national initiatives involving business. The program's goals include supporting minority businesses, increasing communication with sigma brothers involved with business, and instilling sound business principals and practices to members of the community. Project S.E.E.D. (Sigma Economic Empowerment Development) is the foremost Bigger and Better Business Program. The program was developed to help the membership focus on two important areas: Financial Management and Home ownership.