When PPP was announced in April 2020, many businesses – particularly those owned by women and people of color – found themselves shut out of the process due to a lack of information and access to the program through traditional financial institutions.
CRF and its partners provided first-round PPP loans to 2,429 businesses totaling $519 million, much of the funding going to nonprofit organizations and businesses making an outsized impact on their communities.
Using our established network of CDFIs and community partners, CRF created a process designed to speed access to first-round PPP capital for community-based, women- and minority-owned small businesses and nonprofit organizations.
Now that the second round of PPP funding has been announced, CRF and its partners are looking forward to serving many more under-resourced small businesses that have suffered during the pandemic.
The new law creates a PPP Second Draw Loan for smaller and harder-hit businesses that already received a PPP loan in the first round of funding.
Of course, if you didn’t receive a PPP loan in the first round, you can apply for a loan during this round. You can read about the new round of PPP financing, review terms and requirements, and apply for a PPP loan here.