APPLY FOR THE PAYCHECK PROTECTION PROGRAM TODAY!
NEW YORK, NY -- Notice: the SBA, in consultation with the U.S. Treasury Department, has re-opened the Paycheck Protection Program (PPP) portal and is now accepting First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
* PPP loans have an interest rate of 1%.
* Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
*Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
*No collateral or personal guarantees are required.
*Neither the government nor lenders will charge small businesses any fees.
"We must ensure minority owned small businesses receive the resources and support they require and that mission-based lenders like CDFIs, credit unions, minority depository institutions, and smaller local depository institutions in our community have the ability and resources available to help their neighbors and businesses in need," said Rep. Adriano Espaillat (NY-13).
"I encourage all small businesses in my district that are still in need of recovery assistance to apply today. My office is here to assist with the process and my team is ready to help businesses receive the support and assistance necessary to rebuild."
How To Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:
Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)
Paycheck Protection Program Second Draw Borrower Application Form (01-08-21)
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Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his third term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities. He is also a member of the Congressional Hispanic Caucus (CHC), where he serves as the Second Vice Chair and is a member of the Congressional Progressive Caucus, where he serves as Deputy Whip. Representative Espaillat also currently serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.