12 Lessons Free. You recently received a Paycheck Protection Program loan for your small business – what should you do now? We filled out the applications, we did all the work. We recommend that you contact your lender if you are unsure how to apply for forgiveness. William Barber on Poverty and the Political Response to COVID-19.  We are often able to provide loans when traditional sources cannot. And in a report released last month, the SBA Office of the Inspector General found that minority-owned businesses may not have received the loans as intended because the SBA failed to “provide guidance to lenders about prioritizing borrowers in underserved…markets…”. They understood that a lot of us, especially small businesses, were having a hard time. 1980s-90s. One-on-one personalized business and credit coaching and support. My neighborhood in Chicago is a long historical community. Still, if your startup needs a loan, Accion might be just the unique lender you want. DreamSpring works with a diverse group of business owners, each with unique needs and circumstances. Companies with up to 500 workers can borrow as much as $2 million at interest rates that are much lower than typical small business loan rates. Find out more; Join our movement to build a stronger economy. When his commercial bank turned him down for a business loan, he turned to his community for support. Price applied for a PPP loan when it was announced through Chase Bank. https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program, Click Here to Donate to Accion’s COVID-19 Relief Program. Some of them did not have a business plan. We recommend that you contact your lender if you are unsure how to apply for forgiveness. NewsHour Weekend’s Ivette Feliciano reports. "At Accion, the loan process was straightforward. When his commercial bank turned him down for a business loan, he turned to his community for support. © 2020Accion is a 501(c)(3) nonprofit organization. Here at Accion, we are focused on the small businesses we serve as they work to help their communities. With an unprecedented amount of federal funding available through the CARES Act and other expanded programs, scammers and fraudsters are taking advantage of the pandemic situation. 01 / 00 See if I Qualify. Term loans from $300 - $250,000. Many of these communities have been hit hard by the coronavirus. Try: Financial Technology, Sub-Saharan Africa, Case Study. At Accion, you’ll enjoy a one-on-one lending approach that accounts for character and other strengths in addition to credit history. Learn more on the SBA’s website. Accion is one of 1,000 CDFI’s serving low-wealth neighborhoods across the country, and aims to fill the gap where mainstream lenders aren’t present. From being part of a white flight in Chicago, to Dr. King being in the neighborhood, this community has been a part of some very pivotal historical moments. SBA will forgive loans if business owners keep all employees on the payroll for eight weeks and the loan money is used for payroll, rent, mortgage interest, and/or utilities payments. They didn’t understand what a financial statement was. Best practices for tracking payroll and other qualifying expenses, Tips and tricks for sole proprietor PPP recipients, Suggestions on trusted tracking and bookkeeping resources. "At Accion, the loan process was straightforward. Borrowers with an ITIN are not eligible. All rights reserved. If you received a PPP loan, you should be receiving an email from your lender about next steps.

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