The Paycheck Protection Program (PPP)

The second round of Paycheck Protection Program (PPP) funding is now live. The loan program, offered through the Small Business Administration, offers 1% interest for 60 months and 10 months of deferred payments. Here are three ways to apply:

1. To expedite new or pending applications and resubmit denied applications contact Julie Gomez at  julie.gomez9 [at] icloud.com before June 30, 2020 and have the following information ready:
   • A February 2020 bank statement
   • 2019 tax return with schedule C and line 31 needs to be positive
     • If no S schedule c then a 940 form is accepted
2. Small businesses that use Square Up can use that application/website to apply for PPP loans. It’s easy, plus they tell you the amount you qualify for and verify that they’ve sent the application to the SBA. All you need is your 2019 taxes (filed or not, but they need to be filled out, and some form of photo ID. You can apply here.
3. In Massachusetts, the Federal Reserve Bank of Boston has created a web page with resources for smaller businesses, including nonprofits, to aid you in applying to this program.

SBA Express Bridge Loans

If your small business already has a business relationship with an SBA express lender, you can apply for an SBA Express Bridge Loan to access up to $25,000 quickly. For more information from the SBA, click here.

The CARES Act

• Minority Business Development Agency (MBDA) counseling and training: The CARES Act dedicated $10 million in funding towards the creation of Minority Business Development Agency (MBDA) grants for counseling and training services that are specifically geared toward minority-owned small businesses impacted by COVID-19. The MBDA promotes the growth of minority-owned businesses through the mobilization and advancement of public and private sector programs. For more information about MBDA business centers, click here. To find your local MBDA business center, click here.
• Small Business Counseling and Training: The CARES Act allocated $265 million in funding for SBA resource partners like Small Business Development Centers (SBDC) and Women’s Business Centers (WBC) to provide free counseling and training to COVID-impacted small businesses. 
  • SBDCs are a national network of nearly 1,000 centers that provide counseling and training to new and existing businesses. Find out more about SBDCs by clicking here.
  • WBCs are a national network of more than 100 centers that offer counseling, training, networking, workshops, technical assistance, and mentoring to entrepreneurs on multiple business development topics. In addition to women, WBCs serve the needs of underserved entrepreneurs, including low-income entrepreneurs. To find out more about WBCs, click here.

Facebook’s Small Business Grant Program

Facebook’s program includes $40 million for 10,000 US small businesses and is open to small businesses in communities where Facebook operates, including the Boston region. The grant program offers cash grants of $2,500 and optional Facebook ad credits of $1,500. 

The deadline to apply is May 8th at 11:59 PM ET. Information is here.

The Small Business School Challenge

MBA students will work in teams of 3 with others from their school At 7.30 pm EST on Thursday, May 14, they will be introduced to a small business client and the problem they have scoped. You could be that client. They then have 48 hours to have as much positive impact. During that time they will have access to workshops from the country’s leading thinkers and a roster of expert coaches. 

At 6 pm EST on Sat 16 May, they will convene virtually with the other teams from their school to pitch the impact that they’ve achieved to a panel of judges. They will decide the winning teams who will then immediately enter the national final, presenting to all participants for the chance to win the national title and a cash prize. (The winning client and finalists receive a cash prize as well.)

To sign up, email David (david_corfield [at] berkeley.edu).

• By mid-May, small businesses will need to begin planning for the future, and this event will provide you with a robust 12-month plan while requiring minimum distraction from daily business life.
• Small businesses can participate for free. 
• They are focused on serving businesses with 3-30 employees, and with no existing or future plans for venture capital funding – small businesses, not startups. 
• They will focus on whatever particular areas are most pressing for you, like:
  • Building a detailed financial and cash flow plan.
  • Receiving strategic advice if you have to shift your business models, such as restaurants having to shift sales online.
  • Help with marketing, particularly if you relied on traditional media before and now need to shift to online marketing

Thank you to Cambridge Local First for curating this list.