Support Microbiz’ PPP Forgiveness; Beware, New Merchant Cash Advances

In This Must Know…

For over one million of America’s smallest, most vulnerable businesses, Congress’s promised PPP lifeline has left them sinking under the weight of unexpected debt. Over one million microbusinesses that received emergency funding of $25,000 or less in 2020 have been denied full forgiveness and must repay all or a portion of their loans.

CAMEO joined our CRL colleagues to ensure that microbusinesses and businesses of color are not further harmed by unfair denials of forgiveness. You can too – sign onto this letter by February 11, 2022.

Companies like Doordash and Mindbody have added merchant cash advances (MCAs) to their platforms.

Warn your clients to be careful when accepting MCAs, because while they might sound like easy money and a good deal they don’t always pencil out. Something else to be careful about are “Buy Now, Pay Later” products. Read more information in our blog post “Doordash and Mindbody Enter MCA Arena.”

Join us on February 9, 16, and 23 for the Cooking Up Success webinar series. The series will offer food for thought on how to support emerging entrepreneurs and transform the entrepreneurial environment for immigrant families engaged in food-related small businesses.The ultimate goal is to ensure our food entrepreneurs are successful and communities are sustainable.