PPP Loans for M/WBEs
Earvin “Magic” Johnson announced a $100 million partnership of EquiTrust, MBE Capital Partners, and the National Action Network to distribute PPP loans to minority and women-owned businesses in underserved communities. Johnson is the majority owner of EquiTrust, the nation’s largest minority-owned insurance company. MBE Capital is a certified minority-owned asset-based lender.
According to the Center for Responsible Lending, up to 90 percent of businesses owned by people of color have been, or will likely be, shut out of the PPP program. Almost $100 billion remains in the second round of PPP funding. MBE Capital, an approved SBA lender with more than 20 years’ experience serving diverse and minority businesses, can process up to 5,000 loans per day, utilizing end-to-end online technology to accept, underwrite and transmit the applications to the SBA.
It has already processed more than $300,000,000 in PPP loans, including the EquiTrust partnership funding $100,000,000. For more information and to apply for a loan, go to https://www.mbecp.com.
PPP Loan Forgiveness
The U.S. Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released will help small businesses to seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans. View the application and instructions at https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf.
The National Association for the Self-Employed (NASE) awarded a total of $12,000 in Growth Grants to three small businesses in Idaho, New York and Texas as first quarter 2020 Growth Grant recipients. Last year, NASE awarded $48,000 in grants to small businesses across the country and expects to do so again in 2020.
NASE’s Growth Grant program is intended for businesses planning to take the next step in their venture. It provides available capital for small businesses and sole proprietors to be able to hire and train additional employees, market their business in new and existing ways or invest in new equipment or software.
Applications are considered on a rolling basis throughout the year. Winning small businesses will receive $4,000 grants monthly throughout 2020. View the Growth Grant page at https://www.nase.org/become-a-member/grants-and-scholarships/BusinessDevelopmentGrants.aspx for more information.
Beginning June 4, Rogue Media Group will host its 2020 iLeadership Virtual Summit as a four-part digital series. This year’s program, titled “How to Make D&I Essential Now,” is intended to provide C-suite executives, middle management and individual contributors a virtual networking space to dialogue and share ideas.
It will show participants step-by-step how to ensure that Diversity & Inclusion is protected from aggressive organizational cost cutting, and is viewed by key decision-makers as essential for business success. Rogue Media argues that the tools provided in the iLeadership Summit should prevent companies from furloughing D&I initiatives during the COVID-19 pandemic.
The Summit series will take place on June 4, 11, 18, 25, from 2:45 p.m. to 6:00 p.m., Eastern Standard Time. For more information and to register, go to https://ileadershipsummit.com