PPP Loan Forgiveness, Stimulus update. BREAKING NEWS (PPP LOAN) EIDL GRANT SECOND PPP Small Business Grants $5,000
Here’s your PPP loan, EIDL, and Small Business Grant Update for Saturday, January 9th, 2021
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The City of Bradford, Pennsylvania, will be accepting applications until Jan. 29th for the Small Business Stabilization program which has approximately $160,000 Cares Act funds available.
Anita Dolan, community and economic development manager stated, “The funds are targeted to assist businesses that really need the financial help and did not qualify or receive funds from other grant programs.”
Funding for the program is being provided by the U.S. Department of Housing and Urban Development.
Eligible businesses must be for-profit entities with under one million in annual gross revenue and employ less than 25 people.
The $5,000 microgrant can be used for lease/ mortgage payments, utilities, payroll, outstanding vendor invoices, and real estate taxes.
So glad more states are stepping up and offering assistance to their small businesses.
Meanwhile, Pasadena, CA official announced the launch of a new grant program to offer relief to local small business owners who have suffered hardships due to that thing out there.
In a written statement city officials said, “Small Business Relief Grant Program is being administered in partnership with the Pasadena Community Foundation, which will select recipients and distribute the funds.”
Officials also stated they will be providing grants of $7,500 to up to 50 qualifying businesses.
The application will open on Jan. 25th and ends on Feb. 12th.
To be eligible, applicants must own 51% or more of the business, have five or fewer employees, operate out of a street-level storefront in Pasadena, and have experienced economic hardship.
That is so awesome that they can be able to help the local business in their states.
And finally, the Paycheck Protection Program will reopen Monday for select lenders and borrowers, the U.S. Small Business Administration and Treasury announced Friday.
According to the Journal of Accountancy, “The SBA and Treasury said in a news release that initially only community financial institutions that serve minority and women-owned businesses will be able to make loans.”
Specifically, these community financial institutions can begin making loans to first-time PPP borrowers on Monday and second-time PPP borrowers on Wednesday.
The application window for forgivable PPP loans will open to all lenders “shortly thereafter,” according to the news release, which did not specify a date.
The closing date for the new PPP is March 31st.
The new PPP has $284.5 billion available, including $35 billion for first-time loans and $15 billion set aside for community financial institutions.
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