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Will you be applying for the second round of PPP?

Kevin_SBMKevin_SBM Small Business Engagement ManagerMember admin

This week, the SBA relaunched the Paycheck Protection Program (PPP) through community development financial institutions (CDFIs) for first-time borrowers and eligible second-time borrowers. There is a focus on ensuring business owners of color and women entrepreneurs have improved access to this federal funding.

We would like to hear from the business owners in our community. Will you be applying for PPP this week? Whether you have already applied or are planning to apply, we want to hear how your experience has been. Please share why the PPP will help your business and why continued support for small businesses is so critical as we begin to recover from the COVID-19 pandemic.


Comments

  • DSecundaDSecunda Founder & Visionary Member

    At Avid4 Adventure, we plan to apply for the new PPP as soon as it is available to us. It was pivotal for us last year when our revenue was down 60%

  • VTDavidGVTDavidG COO / President Member

    We have given our application to the bank as of last night. They acknowledged receipt and I assume they will submit it to the SBA today. If we don't received PPP funding, or things don't greatly improve, we will be forced to close our doors permanently. With 10 employees (plus the 2 owners), the PPP is critical to our survival and our community.

  • JoanEscoverJoanEscover President Member

    It seems I have to go to the bank and am awaiting for them to open up, but I am right back to living payroll by payroll, as my cash flow has dwindle again, even after doing every cost cutting measure... It is taking too long to get the relief.

  • SbaExitoSbaExito President Member

    Anybody know when the big bank will start receiving application.Thanks

  • kenebkeneb CFO Member

    Currently not planning on applying for the PPP in this second round. The first round was very helpful and the entire transaction was a good experience. Took a little work to provide the data for the forgiveness, but the entire amount was used for payroll and retirement therefore the entire loan was forgiven. The processing of the loan was very quick and as well as the forgiveness processing.

  • allshadeincallshadeinc President Member

    Yes I am interested in applying for the PPP this week. Our company did receive SBA assitance that has been extremely helpful to retain resources and operating expenses. The PPP loan would be extremely helpful to continue moving forward with our current and hopeful opportunities. We remain optimistic and hope that we will return to normal business activities when the pandemic subsides. Gratefully!

  • helpinghands2llchelpinghands2llc Owner Member
    In order for my business to stay in business, we will need assistance for payroll and other office expenses. I am.a black woman who is doing everything to stay in bushes.
  • lneal12lneal12 CEO/PRESIDENT Unconfirmed, Member
    I was approved on the first round, Capitol One Bank sent it back; after 6 months hold on my approved deposited fund. Everything from there went downhill in a derogatory manner. Can't paid workers I still owed them, had to give up my offices. I never heard of signing a approved contract, and after 6 months hold on the loan it sent back to the SBA. Currently re-apply. I'm appreciative for all the government has been doing to assist all of our Small Black Businesses, and all others. I am a Black Veteran Woman Business Owner.
  • zitadesignzitadesign owner Member

    zitasdesign Owner we will apply for the second round. We got the first round but after loosing a couple of projects, we will go for the second round.

  • KrisMSFDKrisMSFD Executive Director Member

    We were approved for the first round of the SBA PPP loan. We plan on applying for the second round to offset loss of donations from our small businesses. A bank told us that SBA is offering the PPP to lenders that did not get the opportunity on the PPP the first time. Goldman Sachs stated that a quarter does not need to be a fiscal quarter - just three consecutive months.

  • AthleticsBeyondAthleticsBeyond Executive Director Member

    Our Community-led non-profit organization has historically struggled to secure capital to help us build capacity. The 1st round of the CARES Act PPP program mirrored this. It was our local City Council Woman who connected us with a microlender and we received PPP support. Our concern is not only for our organization but other community led organizations on technical assistance, equity, and communication.

  • ManndibleManndible Owner Member
    edited January 13

    Yes, I have applied for a second draw of my original PPP loan. For the first draw, I didn't take as much money as I was allowed, and this time I am taking the full amount $150,000. The first draw I took $65,000 and haven't yet applied for loan forgiveness. I wasn't sure how the money would be treated (taxes, could it be expensed) so I didn't want to take out too much. Now it seems that anything under $150,000 will be a simple form to use to get the loan forgiven. Getting this loan is the only was we will be able to reopen and stay in business as we are located on a college campus and even though the students will be returning in person for the spring, only 10% of students choose to be on campus. We are a women owned biz and have 3 locations on campus and provide food and coffee.

  • ABC123ABC123 President Unconfirmed, Member

    My company will not be applying for the second PPP as we will not qualify however, the 1st round helped greatly. I will be applying for my clients. 15 of the 52 clients I have will be applying...some first timers and some 2nd timers. The biggest help the 1st round provided was to my daycare providers that were forced to shut down. It provided much needed overhead protection as well as retained their employees during that time.

  • Recovery1Recovery1 Recovery Coach Member

    Yes, I need the support Team to assist me in my Practice and with my disabilities they make a great Body of One! Not able to stay focused on work when finances are keep me from Re-Opening and making money while serving to the Needs of others if I am falling apart. It will pay rent and other expenses to move forward!

  • yazamsiyazamsi CEO Member

    I will be applying for the 2nd round today. I own a Drycleaning establishment. It's just that I wish I could use the funds more for Rent and other things rather than payroll. Because of the Pandemic, I have had to cut down on the business service hours and therefore 2 of my employees have left. So now its just me and 1 other person. I am behind on Rent and the landlord has increased it(normal, annual increase). Big companies that own hundreds of shopping malls don't really care about the Mom and Pop places. They would rather have empty stores rather than work with their long time, loyal tenants. It's just a shame. The SBA Disaster Loan is still under review since I asked for reconsideration. I too am afraid that I might have to close my doors after 25years of blood, sweat and tears.

  • EHSPilatesEHSPilates owner Member

    I will be applying for 2nd round. I use Chase and they are not accepting applications at this time. Very frustrating.

  • osteostronglaosteostrongla owner Member

    We have already submitted our application and expect it to be processed today.

  • FreemangunnellFreemangunnell Owner Operator Member

    We are applying for the 2nd round. Most banks are not ready and haven't started accepting applications. Our business qualifies and is getting our paperwork together to apply. Hoping next week we can send it in if it isn't too late. The program is helpful to maintain the business integrity and play salaries and rent. Without the funding it would be extremely challenging to navigate the business environment today. Costs go up, PPE supplies needed, willingness to work is more expensive to get the right people and overall uncertainty of the customers needs.https://cornwallbakery.com/

  • fantablawer37fantablawer37 Ms Member
    Yes I will be applying for the second loan because I didn’t even receive the first time and I’m going out of business due to this crisis
  • tjcoopertjcooper mentor Unconfirmed, Member

    In the seminar I asked this question but there was no response:
    I have a score client who wants to know if he applies for an EIDL loan will that loan application affect his financial standings? He is also applying to do a REFI of a home loan and other loans could be a problem.

  • deebarshondeebarshon CEO Member

    Yes I will probably apply for a 2nd round of PPP. My work relies on being on location and the use of media. As no permits are being issued for shooting or filming my business is suffering and its been a really slow year.

  • EnJunayaEnJunaya Owner and Natural Skin and Hair Care Formulator Member

    Yes, I applied. What is the lowest amount they will fund?

  • RobbyNow71RobbyNow71 CEO Unconfirmed, Member

    I was not able to keep up with the bills, salaries during the Pandemic; I was denied because of my credit; I need the PPP in order to carry on

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