Photo by the Jerome Gun Hill Business Improvement District
Since the COVID-19 pandemic hit, the U.S. Small Business Administration (SBA) has offered several different relief options to help businesses, nonprofits, and faith-based organizations recover from the impacts of COVID-19. However, despite this, and as reported previously by the Norwood News, the agency had not managed to reach the smallest businesses which have often suffered the brunt of the economic fallout from the pandemic.
That has now changed and the SBA is now offering Paycheck Protection Program (PPP) loans to both sole proprietors and businesses with less than 20 employees with effect from Wednesday, Feb. 24 through Wednesday, March 10, 2021. More details can be found on the SBA’s website.
1. Find a lender:
2. Identify a loan:
-
- First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
- Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.
In addition, President Joe Biden also announced on Monday, Feb. 22, additional program changes to make access to existing PPP loans more equitable and open the loans to more underserved small businesses.
Specifically, the SBA will:
- allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
- eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
- eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP; and
- ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
While these changes are being implemented, SBA representatives said they will work with community partners to improve the emergency relief “digital front door,” and will conduct extensive stakeholder outreach. SBA representatives said they will also strengthen the agency’s relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse.
Other Coronavirus relief options can be accessed here.
SBA is currently offering the following funding options:
- COVID-19 Economic Injury Disaster Loans (EIDL)
- Express Bridge loans
- SBA debt relief (for existing borrowers)
SBA is preparing to offer:
SBA is contacting eligible businesses regarding:
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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.
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