Co-Sponsors: Historic Dupont Circle Main Streets and Advisory Neighborhood Commission 2B’s Coronavirus Task Force: Mike Silverstein, ANC 2B06; Meg Roggensack, ANC 2B01; Kyle Mulhall, ANC 2B09
Friday, January 29th – 3:00 pm
Join Zoom Meeting:
Meeting ID: 889 0309 1933
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Nick Rajpara, Economic Development Specialist at the Small Business Administration, will discuss the Paycheck Protection Program and related programs to support small businesses during the coronavirus pandemic, and recent changes to enhance these programs and facilitate access.
On January 8th, the Small Business Administration (SBA) re-opened the Paycheck Protection Program (PP), starting January 11th, for first time borrowers and January 13th for “second draw loans.” Smaller community banks are currently accepting loan applications. SBA will soon announce a date when all banks can begin issuing loans. The deadline to apply for a loan is March 31st. The SBA has also announced changes to its program to improve small business ability to apply and access this important support:
PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs:
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
Here is some additional information on the range of SBA programs supporting small businesses in the pandemic: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options.
Additional information on the PPP program and recent changes is here:
- PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
- Interim Final Rule on Second Draw PPP Loans
SPEAKER BACKGROUND: Nick Rajpara, a Dupont Circle resident, is an Economic Development Specialist at the U.S. Small Business Administration (SBA), Washington D.C. Area Metro Office. In this role, he collaborates with local SBA Resource Partners, (public and private) economic development organizations, and other stakeholders to develop, bolster and support informational initiatives which aid and assist small business and entrepreneurs across the capital region.
This program is the first in a series aimed at supporting Dupont Circle’s small businesses.
For more information, email: 2B01@anc.dc.gov.
Additionally, please remember to submit your application(s) to serve on an ANC 2B committee by Thursday, February 4th. More information can be found here.