On April, 12, independent contractors and self-employed individuals began to apply for loans to cover payroll and expenses through existing SBA lenders under the Paycheck Protection Program. Within 13 days, $349 billion allocated for small-businesses was depleted. Since then, we have learned just how poorly managed the program has been and that in fact, lenders were not made aware by the SBA they were to prioritize businesses in "underserved" communities. Many businesses like Kanye West's Yeezy company and publically traded Ruth's Chris Steak House received millions in PPP loans.
What have we learned about the PPP? It’s not a long-term solution and for businesses without payroll, it isn't a solution at all. There are other programs available still offering assistance to businesses impacted by COVID-19. Apply today as some of these opportunities have deadlines quickly approaching. Others have closed and will be accepting submissions in the next coming days. Read below and apply accordingly.
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Disaster Loan Assistance Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters https://covid19relief.sba.gov/#/
Equality Can't Wait Challenge advance bold solutions that put more women of all backgrounds, especially women of color, in positions to make decisions, control resources and shape policies and perspectives. To be considered for the Challenge, organizations must first register online by Tuesday, September 1, 2020. equalitycantwaitchallenge.org
Enter for a chance to win a $2,500 Galaxy Grant, brought to you by Hidden Star, a 501(c)(3). Our mission is to help minority and women entrepreneurs succeed. Refer a friend and double your chances of winning with their entry. If they win, YOU BOTH WIN!! The winners will be announced on September 1, 2020 via email. Takes less than 30 seconds to enter. Apply here: https://www.galaxyofstars.org/galaxy-grants/
Gumroad is giving 10 $500 to small black-owned businesses. Apply now here.
Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by coronavirus, as part of our broader mission to ensure Business for All. https://businessforall.helloalice.com/signup
IFundWomen Grant Program for Black women-owned businesses Applications are being accepted from June 30, 2020 through July 31, 2020. https://ifundwomen.com/visa
Small Business, Big Impact Contest. Nominate a deserving small business, including your own, for the chance to win a new Mercedes-Benz Sprinter! https://www.inc.com/mbvans/contest.html
Lowe’s-LISC Partnership. Please register below to be notified for the next round opening on July 27, 2020. https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/lowes/