Paycheck Protection Program (PPP) now open for first time and second time borrowers
Application period closed March 31, 2021
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List of participating lenders
If you require additional assistance, please let Carey (carey@uptowngrandcentral) and Jackie (jtesman@unionsettlement). And if you applied, let us know where and we can follow up with lenders. This will ensure timely submission.
Lower East Side People's Credit Union
For PPP inquiries, email here. Or apply directly online on their website
Ponce Bank
Apply directly on Ponce Bank website here
If you require more one on one guidance jtesman@unionsettlement.org or carey@uptowngrandcentral.org with your business name, address (including zip code) and phone number. Buy Local will forward your information to Ponce Bank who will then link you directly to a manager to provide assistance.
TruFund
Application here. Or email Mark Brazier (English) at MBrazier@trufund.org or Marcos Reyes (Spanish) at mreyes@trufund.org.
Harlem Entrepreneurial Fund
First time borrowers complete this form
Second time borrowers complete this form
Email your form to: info@hefnyc.org
Business Outreach Center
Complete inquiry form here
Carver Bank
Reach out to Richard Muskus at Richard.Muskus@carverbank.com
Pursuit
Sign up for application information here
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SBA applications:
PPP First Draw application here
PPP Second Draw application here
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PAYCHECK PROTECTION PROGRAM (PPP)
In preparation for your application, it's advised to begin gathering your documentation. For a complete list of required documents and additional PPP information, click here
Additional information as follows:
The following information are excerpts from the Journal of Accountancy. Read full article here
-There's a simplified loan forgiveness application process for loans of $150,000 or less, as follows: A borrower shall receive forgiveness if a borrower signs and submits to the lender a certification that is not more than one page in length, includes a description of the number of employees the borrower was able to retain because of the loan, the estimated total amount of the loan spent on payroll costs, and the total loan amount.
Criteria for a second round of PPP include:
* 300 or fewer employees
* Have used or will use the full amount of first PPP loan
* 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019
Criteria for first time borrowers include:
* 500 or fewer employees that are eligible for other SBA loans
* Sole proprietors, independent contractors, and eligible self-employed individuals.
* Not-for-profits
* Food services with fewer than 300 employees
Loan Terms:
* The costs eligible for loan forgiveness include: payroll, rent, covered mortgage interest, and utilities.
* To be eligible for full loan forgiveness, no less than 60% must be used on payroll over a covered period of 8 or 24 weeks.
* Covers worker protection needs as personal protective equipment (PPE)
* Essential supplies and suppliers
* Operating costs such as software and accounting needs
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Additional elements of stimulus package
Economic Injury Disaster Loans / Grants (EIDL)
An additional $20 billion will be made available to small businesses in the form of grants and loans.
Stimulus Checks
Direct payments of $600.00 per adult and child (down from $1,200.00 that were provided under the CARES Act)
Unemployment Benefits Extended
Unemployment benefits that were scheduled to expire (Pandemic Unemployment Assistance and Pandemic Emergency Compensation), with an additional $300.00 have been extended for 11 weeks (down from $600.00)
Residential Eviction Moratorium Extended / Rental Assistance
The eviction moratorium will be extended through the end of January and rental assistance provided for those facing eviction.
Eligible renters would be able to receive assistance with rent and utility payments, and bills that have accumulated since the start of the pandemic. State and local grantees will chose the entities that will administer the program.
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