Letter to the Editor: Paycheck Protection lending window closing

The last two weeks of the Paycheck Protection Program are upon us. The U.S. Small Business Administration continues to work with lenders to prioritize access to capital and loan forgiveness for those who qualify.

SBA Administrator Jovita Carranza recently asked our lender network to redouble efforts to assist underserved businesses and nonprofits such as socially and economically disadvantaged individuals, military veterans and their spouses, women, and rural communities with PPP financing before the upcoming deadline of June 30.

We’ve seen success in these areas thanks to the $10 billion of Round Two funding provided by Community Development Financial Institutions.

We recognize that SBA-approved PPP institutions like CDFIs, Minority Depository Institutions, Certified Development Companies, and Farm Credit System lenders are leading the way to serve individual entrepreneurs and small businesses in underserved communities. SBA has already served more than 4.5M businesses and nonprofits through PPP, infusing more than $500B into the economy. Last week’s surprise drop in unemployment is a direct result of PPP keeping Americans on the payroll.

SBA is dedicated to sustaining our nation’s small businesses and retaining tens of millions of employees – a key priority for President Trump. With more than $100B still available, now is the time for underrepresented small business owners to work with their preferred lender or find a new lender to apply for their own PPP loan to help their business and their employees survive and thrive. You can learn more at www.sba.gov.

Steve Bulger
Acting SBA Mid-Atlantic Regional Administrator