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.聽You can read the letter and updated names聽here.
In summary, despite聽聽from Republican Small 91探花 Committee Chairman Marco Rubio, Democrat leaders Nancy Pelosi and Chuck Schumer, a聽broad and diverse coalition聽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.聽See CBS News Report:聽.
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.聽Find SBA PPP lenders聽
- We want to hear from you!聽Ping our team and coalitions partners聽HERE, or email Andrea Ramos at聽aramos@americanbic.biz聽or Rebecca Shi at聽rshi@americanbic.biz