While the CARES Act passed in March 2020 included Payroll Protection Program (PPP) funds intended for small businesses, only a few minority businesses received them. … The new law, passed in late December 2020, intended to provide better aid for minority business owners. Additional changes were released in February 2021.
Additionally, are owners considered employees for PPP?
As an owner of a corporation, this should only be the amount you have paid yourself by running payroll. … If you’ve been running payroll manually yourself or with the help of a CPA, so long as you have been remitting payroll taxes, you can use those salaries in your calculation to apply for the PPP.
Furthermore, did minority businesses get PPP loans?
The Paycheck Protection Program reopened Jan. … Congress set aside $15 billion for first and second-draw PPP loans issued by community financial institutions, which typically serve minority-, women- and veteran-owned businesses.
Do banks benefit from PPP loans?
Loans. Banks collected at least $13 billion in fees on Paycheck Protection Program loans, according to a New York Times analysis. But the largest lenders say costs wiped out most of what they took in.
Do you need an EIN for PPP?
Each owner must be accounted for in the PPP application form. Along with each owner’s TIN, EIN, or SSN, lenders will also require a government-issued ID such as a Passport or a state- issued Driver’s License.
How do I get a minority business grant?
How to apply for minority small business grants
- Get certified. One of the first steps you can take is to get certified as a minority business. …
- Gather documentation. …
- Have a business plan. …
- Find the right grant. …
- Apply for grants before the deadline.
How many black-owned businesses are there?
There are more than 2 million Black-owned businesses in the United States. According to the most recent available Census data, there are more than two million Black-owned businesses in America.
Is PPP money going to be extended?
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. … The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral.
Is SBA accepting new PPP applications?
The new forgiveness platform will begin accepting applications from borrowers on August 4th, 2021. Lenders are required to opt-in to this program through https://directforgiveness.sba.gov.
What businesses are ineligible for PPP loans?
PPP Specific Industries, Activities, and Other Factors: The following activities and industries make a business ineligible:
- illegal activity under federal, state, or local law;
- household employer (individuals who employ household employees such as nannies or housekeepers);
What is Womply PPP?
Womply is a registered loan agent, helping small businesses streamline the application process and connect with verified SBA 7(a) PPP lenders. We aren’t a lender, but we care about helping small businesses stay solvent amid the COVID-19 outbreak.
What percentage of business is black-owned?
Blacks or African Americans owned approximately 124,551 businesses, with about 28.5% (35,547) of these businesses in the Health Care and Social Assistance sector, the highest percentage of any minority group.
What percentage of businesses received PPP?
Conclusion. Overall, PPP loans appeared to reach about 76 percent of US small businesses and to have covered 97 percent of a 10-week period of their payrolls. In addition, PPP loans of $5.3 billion were provided to 335,982 businesses that we identified as likely having no employees.
What percentage of PPP loans went to black owned businesses?
Of the loans that did report demographic data, 13.6% of the total value of loans went to self-reported white-owned small businesses, 2.9% went to Hispanic-owned businesses, 2.4% went to Asian-owned businesses, 0.8% went to Native-owned businesses, and 1.6% went to Black-owned businesses.