Since the SBA began accepting applications for Second Draw PPP loans on 1/13/21, all of you have played a crucial role in spreading the word about the program and helping connect businesses with local lenders – this can also be done by viewing lenders on a map https://www.sba.gov/paycheckprotection/find. As you know, at least $25 billion was set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees, or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods.
Because our work of ensuring that micro and small business owners have access to the right resources it is important that we continue the work of strategic coordination at the local level. With that in mind, take a look at a recent article on 5 Steps to PPP Readiness presented by the National League of Cities, to see what else can be done by each of our organizations.
1. Identify core entrepreneurial service providers for businesses owned by entrepreneurs of color.
2. Develop a “PPP ready” checklist to certify that entrepreneurs of color have all their paperwork together to successfully apply for PPP loans.
3. Set a goal for the number of PPP Ready Businesses, raise capital, and develop a flat-fee model to incentivize service providers to partake.
4. Launch a Get Ready campaign of outreach to entrepreneurs.
5. Ensure that small enterprises with the right paperwork get routed to banks and others that can execute the PPP loans, to ensure the capital gets to businesses that need it in a timely manner.