Print
Banking & Finance

SBA Provides Look At Latest PPP Lending Activity

By Jenny Callison, posted Mar 5, 2021
A news release from the U.S. Small Business Administration on Feb. 22 shared several statistics that, according to the agency, show it is prioritizing the “smallest of small businesses” with its latest round of Paycheck Protection Program loans. The percentage comparisons are with the rounds of PPP funding that took place in the spring and summer of 2020.
 
For businesses with fewer than 10 employees, the share of funding is up nearly 60%.
 
For businesses in rural communities, the share of funding is up nearly 30%.
 
The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%.
 
“While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” SBA senior adviser Michael Roth said in the release.
 
To make those improvements, the SBA announced changes to the PPP application process. It established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees that began Feb. 24. And, starting early this month, the agency stated it will:
  • Allow sole proprietors, independent contractors and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior nonfraud felony convictions, consistent with a bipartisan congressional proposal;
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP;
  • Ensure access for noncitizen small business owners who are lawful U.S. residents by clarifying that they may use their Individual Taxpayer Identification Number (ITIN) to apply for the PPP. 
“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women- owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways,” Roth said.
 
For more info, go to sba.gov/ppp and treasury.gov/cares.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Thinking Of Amending Your HOA Documents? Here’s How.

Mike Stonestreet - CAMS (Community Association Management Services)
Girardnewkirk headshot 2182174430

Entrepreneurship Drives Social Elevation

Girard Newkirk - Genesis Block
Kellyerola headshot lcflc

What Is LifeCare?

Kelly Erola - Lower Cape Fear LifeCare

Trending News

Novant Names New Presidents Of NHRMC, Brunswick Medical Center

Scott Nunn - Apr 20, 2021

Corey Spell Joins Beach & Barn

Christina Haley O'Neal - Apr 20, 2021

After Sale Announcement, Area Officials Discuss PPD's Impact On Wilmington

Christina Haley O'Neal - Apr 19, 2021

Downtown Manufacturer Snags First WDI Microloan

Jenny Callison - Apr 20, 2021

Lynn Harris Earns Century 21 Ranking

Christina Haley O'Neal - Apr 20, 2021

In The Current Issue

Pleasure Island Chamber Shaking Things Up

The Pleasure Island chamber recently announced changes to the organization....


Coping With Ongoing Appliance Shortage

An appliance shortage stemming from multiple factors, COVID-19 being the major one, has been going on for the better part of a year and does...


Dropping In On Child-care Business

The Richards have taken the concept they developed in 2008 with their first Wilmington location and opened franchises in both North and Sout...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100