Philadelphia, PA (December 15, 2020) – A regional partnership among the African American Chamber of Commerce PA, NJ, DE; Asian American Chamber of Commerce Greater Philadelphia; Greater Philadelphia Hispanic Chamber of Commerce, Urban League of Philadelphia; and The Enterprise Center has come together to launch the “Get Your Documentation Ready NOW” campaign to encourage local minority-owned businesses to be prepared to submit Paycheck Protection Program (PPP) applications when the U.S. Small Business Administration (SBA) opens the next PPP application window.
Congress is poised to pass another COVID-19 relief package before the end of the year, likely including an additional round of PPP loans. Minority-owned companies were largely excluded from the first round of funding, and to prevent this from reoccurring, The Enterprise Center has launched a campaign to arm minority entrepreneurs with the tools needed to ensure any additional small business loans are equitably distributed among all companies. These new applications will be reviewed on a “first come first serve” basis, and being prepared will help the region’s minority-owned businesses succeed in receiving funding and stay afloat during the COVID-19 pandemic.
“It is likely that the second round of PPP funding will have two additional requirements: 1) businesses must have 300 or fewer employees, and 2) businesses must provide evidence that their revenue has dropped 30 percent or more, as a result of COVID-19,” said Ian Lawrence, Senior Director at The Enterprise Center. “Because minority-owned businesses have historically struggled to gain access to private capital and federal funding, it’s essential that they’re prepared to apply for the next round of PPP loans. That means having financial statements, payroll documents, and other paperwork in order and completed. If black and brown businesses do not take these steps in the coming days, they may be shut out of government funding again.”
The Enterprise Center is partnering with Asian American Chamber of Commerce of Greater Philadelphia, The Urban League, and African American Chamber of Commerce PA, NJ, DE; and the Greater Philadelphia Hispanic Chamber of Commerce to provide support for small businesses who need help gathering and preparing the required documents quickly. The partners also recommend that businesses take the following steps to prepare for a potential second loan program:
- Fill out this form to receive the latest updates and make an appointment for virtual application assistance.
- Consult your Accountant/Bookkeeper and prepare 2020 financial statements as soon as possible. You will need to demonstrate reduced revenue. If you are unable to prepare financial statements for 2020, be sure that your business’ financial statements for 2019 and 2018 are complete and in good order.
- Review the document checklists that were released prior to previous rounds. Most likely, similar documents will be required for the next round.
- Assemble your 2020 payroll documentation, including payroll journals.
- Get your paperwork organized.
“Our businesses face significant challenges to receive grants and loans to stay in business due to a lack of financial and digital literacy,” said Narasimha Shenoy, founder President & CEO of Asian American Chamber of Commerce of Greater Philadelphia. Language barrier is an additional hurdle to overcome. Expenses like rent, utilities, and taxes continue to hurt businesses during this time with little or no income. Their financial liability is mounting. They need urgent assistance in the form of grants and low interest long-term loans to survive. We join the team of business service providers to help black and brown businesses to recover and again be the engine of economic growth of Philadelphia. We are grateful for the front line workers dedicated to help our businesses in this difficult time.”
Minority-owned businesses that need assistance preparing to apply for PPP can get more information and sign up for virtual office hours with experts at one of the participating organizations. theenterprisecenter.com/capital/pppready.
