Photo credit: Tatomm
Lawrence King explains how black businesses could increase their chances of getting COVID-19 financial assistance
Arva Rice shares concerns about exhaustion of SBA Loans and impact on black businesses in Harlem
Congressman Espaillat discusses undocumented business owners and Northern Manhattan Recovery Grant
On April 21, 2020 the US Senate passed a 484 Billion Coronavirus bill, including $380 billion for small businesses. This came a week after the Small Business Administration unexpectedly announced that the $349 billion from the 2T stimulus package signed by the president on March 27th for the Paycheck Protection Program and the Economic Injury Disaster Loan Emergency Advance (EIDL/Advance) was exhausted.
News reports from ProPublica revealed that the US government gave millions of dollars in grants to national hotels and restaurant chains before the funds were exhausted. Meanwhile, millions of small businesses, including Black businesses, were unable to even find a bank to process their application, let alone get funding.
If passed by the House and signed by the 45th President of the United States, the new bill will provide:
– More than 320 billion for the Paycheck Protection Program, with 60 billion going to credit unions and community financial institutions that are more likely to fund Black businesses
– 60 billion for the Economic Injury Disaster Loan Emergency Advance
If you are a Black business that does not want to be left in the dust (for the second time), get in touch with a New York State Small Business Development Center. Visit their website to locate the nearest center.
There is an SBDC located in Harlem at:
475 Riverside Drive, 3rd floor
New York, NY 10115-6902
Email Address: firstname.lastname@example.org
You can also contact SCORE the nation’s largest network of expert volunteer business mentors.
If you live in New York City, you can also contact NYC Small Business Services to help you get a piece of the pie before it runs out again, because it will.