Coronavirus : What’s next for Black businesses with SBA funding exhausted and SBS loan on pause?

Africa in Harlem spoke with the Small Business Administration District Director Beth Goldberg after SBA and the Department of Treasury announced that the funding for the Paycheck Protection Program and Economic Injury Disaster Loan Emergency Advance (EIDL/Advance) was exhausted and no further applications will be accepted. Applications already submitted will be processed on a first-come, first-served basis.

In New York City, Small Business Services has also paused its application intake.

“Congress is currently working on a fourth stimulus that will add an additional $250B to the existing programs,” said Small Business Services Commissioner Gregg Bishop. “We are working to ensure businesses are prepared to apply once applications are reopened.”

Commissioner Bishop also shared that the City is advocating to get additional capital to financial institutions that have greater reach into communities of color, like Carver Bank and other CDFIs.

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