With every phone call, video conference and socially distanced meeting I’ve attended across the U.S. Small Business Administration’s Mid-Atlantic Region, it is clear to me - entrepreneurship is alive and well despite what we’re all going through these days. This is in no small part due to the passion and drive of small business owners and their employees. That grit and determination to survive and thrive makes me proud to serve the American people.
I’m also proud these businesses have been helped by billions of dollars in potentially forgivable loans through the Payroll Protection Program (PPP), saving more than 51 million jobs that might have disappeared forever as we deal with the effects of Coronavirus’ pandemic. Business owners are making payroll and paying other bills, giving them time to breathe and figure out their next steps. Like the West Virginia thread manufacturer pivoting to make elastic to meet the booming demand for facemasks, and a small Pennsylvania education software developer adapting its products to help parents around the world educate their children at home as we obeyed stay-at-home orders.
On July 4, President Trump signed into law an extension of the commitments of the PPP, giving entrepreneurs until Aug. 8 to access the remaining $130B plus in funds. As that date rapidly approaches, I encourage all business owners (employers and sole proprietors alike) who haven’t yet applied to do so now!
I understand the process can seem intimidating for business owners who’re more comfortable rebuilding a transmission or baking hundreds of loaves of bread every day, but you’re not alone. Small Business Development Centers and other SBA resource partners across the country are online and waiting to assist you. Find your closest one at https://www.sba.gov/local-assistance. When you’re ready to apply, locate a PPP lender through the SBA’s Lender Match (www.sba.gov/funding-programs/loans/lender-match), or by visiting www.sba.gov for a complete listing of PPP participating lenders.
The SBA isn’t just about getting you access to capital, we’re also your resource to help navigate the recovery process and the market in general. Check out our long list of online resources for creating a recovery plan, writing your business plan with a rock-solid crisis management section that will be your roadmap for any rough spot you’ll face in the future, as well as other training to help take your small business to the next level https://www.sba.gov/learning-center.
We are all in this together. Let the SBA help you today, just like we’ve done for 67 years.