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Next Round of PPP: How CRF and its Partners are Eliminating Barriers for Under Resourced Businesses

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.

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All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.

The information provided is solely for general knowledge and does not provide any professional advice regarding tax, accounting, legal, financial, or any other professional service. PPP borrowers should contact their professional service providers for a complete understanding of the PPP program requirements and forgiveness processes.

SBA regulations regarding the PPP program are subject to further limitations and changes. Borrowers must follow current regulations and processes based on SBA guidelines. All characteristics described above are from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), and/or the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further rulemaking or guidance from the U.S. Small Business Administration and the U.S. government.