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PPP Fixes to Boost Support for BIPOC-Owned Biz | $2 Billion for CA Small Biz

In this Must Know… 

  • PPP Fixes to Boost Support for BIPOC-Owned Businesses
  • Governor Signs New Relief Package with $2 Billion for Small Biz
  • The Inclusivity Project
  • Join Microlending Essentials Online from March 22-26, 2021
  • CAMEO is hiring an Outreach Specialist/Manager
  • This week’s Goodie highlight is a number of training webinars on the Paycheck Protection Program.

PPP Fixes to Boost Support for BIPOC-Owned Businesses

The Biden administration has announced a set of reforms to the Paycheck Protection Program. These changes are intended to expand access to the program for the most disadvantaged business owners – many of whom are people of color in low-to-moderate income communities – and to remove structural inequities that were established in previous iterations of the program.

According to the new rules, the Paycheck Protection Program will:

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  • Offer a 14-day period, starting February 24, during which only small businesses with fewer than 20 employees will be able to apply for a loan.
  • Amend the PPP loan calculation formula for sole-proprietors, independent contractors and self-employed applicants, and set aside $1 billion for this category.
  • Expand eligibility to small business owners who have non-fraud felony convictions and those with federal student loan delinquencies.
  • Allow lawful U.S. residents to apply for a loan with their ITINs.

CAMEO’s been advocating along with our colleagues across the nation for many of these changes.

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Governor Signs New Relief Package

Governor Gavin Newsom signed a $7.6 billion coronavirus relief package on Tuesday, which includes more than $2 billion in grants for struggling small businesses. Yes, that’s ‘b’ for billion, and not a typo.

Under the new package, businesses with annual revenues between $1,000 and $2.5 million are eligible to apply for the money, with a priority given to businesses owned by women and minorities and businesses in areas with high unemployment rates.

The Legislature is set to approve more aid next week, including a bill to let businesses deduct more than $150,000 from their taxes.

The Inclusivity Project
America’s SBDC California

The Inclusivity Project

We know a lot of you have some really cool projects that aim to help minority-owned businesses. Let us know what they are! One that crossed our path this week was the Inclusivity Project – led by the NorCal SBDC. The goals of the project are:

  • Sign up 1,000 new Black entrepreneurs to receive free business advice and counseling.
  • Start 100 new Black-owned businesses.
  • Fund $100 million in small business financing.

Even though it’s a NorCal-based project, Black business owners throughout California should inquire about the services.

The Goodies

PPP Webinars

  • The Valley Economic Alliance is hosting “Getting PPP Ready” TODAYat 11:00am PST.
  • Citibank is hosting a series of webinars about the PPP, focusing on First Draw PPP Loans and Loan Forgiveness, every Thursday from February 25 until April 19, 2021at 12:00pm PST.

For Your Clients

Funding Opportunities

Other Goodies