On Friday, April 24, the U.S. House of Representatives approved an additional $310 million in funding for the Paycheck Protection Program after the first $349 million was exhausted. Many Black-owned and small businesses were left out of the first round of funding.
Thanks to the efforts of the Congressional Black Caucus (CBC), Democrats secured $60 billion in new Small Business Administration PPP funding dedicated to small lenders and community-based financial institutions.
They also secured $50 billion for the SBA’s Economic Injury Disaster Loan (EIDL) program, which will allow approximately $300 billion in loans to small businesses.
SBA Bridge Loans enable small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
In addition to the federal resources made available through the SBA, other services and funding options are available, including the recently announced initiative by Goldman Sachs to offer $50 million in loans to small business in New Orleans and across the South under the same guidelines established by the PPP.
Apply for a Paycheck Protection Loan here.
Information about the SBA Economic Injury Disaster Loan is available here.
For more information about SBA Bridge Loans, click here.
For small businesses that already have SBA loans, the SBA is provided debt relief in response to COVID-19. Learn more here.
Goldman Sachs has committed $50 million as part of its 10,000 Small Businesses initiative to loans for small businesses in New Orleans and across the south, in a partnership with Hope Enterprise Corporation, a leading community development financial institution (“CDFI”).
Applications are currently being accepted and can be found by visiting the Hope Enterprise Corporation website here.
U.S. Black Chambers, Inc.
The U.S. Black Chambers, Inc. has been on the front lines, advocating for Black-owned businesses with regard to the CARES Act and beyong. The organization provides both access to webinars and useful information and updates on its website, To learn more, click here.