UPDATES: PAYCHECK PROTECTION PROGRAM 2.0 APPLICATIONS OPEN TODAY
April 27, 2020
The SBA will resume accepting Paycheck Protection Program applications from participating lenders TODAY Monday, April 27, 2020 at 10:30am EDT. Over the weekend, a coalition of diverse advocates, social investors and minority lending experts sent a letter to Secretary Mnuchin and Administrator Carranza for a set-aside for businesses of color and smaller borrowers. You can read the letter and updated names here.
In summary, despite calls from Republican Small Business Committee Chairman Marco Rubio, Democrat leaders Nancy Pelosi and Chuck Schumer, a broad and diverse coalition of advocates, social investors, and minority business lending experts, and, reportedly, CEOs of Goldman Sachs and JP Morgan Chase, Secretary Steve Mnuchin has not agreed to a set aside for businesses of color and smaller borrowers. We will be watching to see if in the second round the big fish applicants will swallow up the PPP and leave out the small fry businesses without a dime. See CBS News Report: Up to 90% of minority and women owners shut out of Paycheck Protection Program.
We were disappointed that Congress did not agree to this set aside for businesses of color and smaller borrowers last week. We are disappointed that Secretary Mnuchin has not acted this week. We could see a repeat of the first round. We will be watching all day.
In the meantime, this is what you can do to improve your chances today:
- Contact every bank you’ve applied for the PPP, even banks that ignored you in round 1. You may be in their queue.
- If you were denied or ignored, contact a community bank, credit union or CDFI/MDI. Find SBA PPP lenders HERE
- We want to hear from you! Ping our team and coalitions partners HERE, or email Andrea Ramos at aramos@americanbic.biz or Rebecca Shi at rshi@americanbic.biz