The State of California has extended the deadline for the Small Business COVID-19 Relief Grant Program. The extension began on Dec. 30, 2020 and will continue through Jan. 13 at
The Consolidated Appropriations Act of 2021 allows small businesses to file a Chapter 11 bankruptcy case, get four months of rent relief, and confirm a reorganization plan.
RALEIGH – The new pandemic relief package signed into law by President Trump on Sunday night includes a new round of Payroll Protection Plan funding – $284 billion – and other help for small businesses. But there are significant changes from the PPP plan launched earlier this year than led to some $12 billion in funding for companies and other entities across North Carolina.
Providing an in-depth look at this new program at the request of WRAL TechWire is Peter Gwaltney, CEO of the North Carolina Bankers Association.
Peter Gwaltney
Paycheck Protection Program (PPP) and Small Business Relief $284 billion
First Draw Changes. Provides $284.6 billion to the Small Business Administration (SBA) to reopen the PPP for first time and second time borrowers. Requires SBA to issue rules within 10 days of enactment.
Published January 12, 2021 •
Updated on January 12, 2021 at 9:21 am
@criene via Twenty20
Only 4.3% of America s 22.2 million business owners are Black, according to a February report by the Brookings Institute. And Black-owned businesses launch with about a third less capital than their White peers and have difficulties raising private investments from mainstream investment systems, reported Brookings. While 7% of White business owners get a loan in their first year of business, only 1% of Black business owners do so.
Amid the Covid-19 pandemic, Black-owned businesses have also been hit the hardest. According to a recent analysis by the Federal Reserve Bank of New York, Black firms have been almost twice as likely to shutter as firms overall. And just 20% of the Paycheck Protection Program (PPP) loans went to areas that had the highest concentration of Black-owned businesses, the Fed found.