Paycheck Protection Application

Business Structure of Small Businesses May Matter More Than We Knew

The Paycheck Protection Program (PPP) was a small business lending program created by Congress in 2020 to provide loans to save businesses from the economic impacts of the COVID-19 pandemic. There were two characteristics of this program that made it unique. First, a PPP loan could convert to a forgivable grant if the business spent …

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Banks Shouldn’t finance LGBTQ+ discrimination

When banks promote outreach to marginalized groups, while granting loans to organizations that openly discriminate against these same groups, it sends a mixed message to their communities. These messages can be avoided with proper research.

New PPP, Economic Injury Disaster Funding Now Open for Business

The new Paycheck Protection Program (PPP) portal opened January 11, 2021 for new and certain existing PPP borrowers. The new rules from the Small Business Administration (SBA) on both PPP and the targeted Economic Injury Disaster Grant (EIDL) aim to correct some of the lending discrimination uncovered in the first round.

Pandemic stimulus a necessary stopgap, but more work needs to be done for a just recovery

The package represents a down payment for a just recovery that will prevent evictions, protect small businesses and provide additional direct payments to millions of families facing continued financial distress as a result of this global pandemic and economic crisis. The package also provides additional funding for Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), lenders who can put capital to work in low-income communities and communities of color when and where they need it most.

Small Business

Lending Discrimination within the Paycheck Protection Program

Lending Discrimination within the Paycheck Protection Program Anneliese Lederer, Director of Fair Lending Sara Oros, Program Coordinator, Fair Housing/Fair Lending In collaboration with: Dr. Sterling Bone, Professor of Marketing, Utah State University Dr. Glenn Christensen, Associate Professor of Marketing, Brigham Young University Dr. Jerome Williams, Distinguished Professor and Prudential Chair in Business, Rutgers University Before …

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NCRC Statement on New PPP Flexibility Act

This week, the Senate passed the Payment Protection Program (PPP) Flexibility Act, already passed by the House in May, sending the bill to the president, who is expected to sign it into law. While the act makes necessary improvements to the PPP, more needs to be done to ensure money is going to minority and women-owned businesses and the smallest small businesses.

NCRC: The New CARES Act Doesn’t Care Enough

Today, the House of Representatives joined the Senate and passed a $484 billion emergency relief bill, including a $321 billion infusion for the Paycheck Protection Program, the small business rescue fund that ran out of money last week.