Over 48k Georgia small businesses secured $9.5 billion in much needed capital. This volume puts Georgia in the Top 5 for Paycheck Protection Program (PPP) approvals and I am grateful to be included in that number because of my relationship with Woodforest National Bank.
The Paycheck Protection Program (PPP) is expected to re-open at some point, and it’s possible the Economic Injury Disaster Loan (EIDL) may be replenished as well.
So what should you do right now?
The National Minority Supplier Development Council recommends three things:
1) Get your 2019 bookkeeping and taxes completed
2) Pre-apply for the Paycheck Protection Program
3) Explore alternative funding
I'll recommend the 4th - GET YOUR PERSONAL AND BUSINESS CREDIT IN ORDER
My friend sent me a text this morning and she was DENIED for the Economic Injury Disaster Loan (EIDL) because of her "unsatisfactory credit history" and this was NOT supposed to be a determining factor.
Business credit, especially for minority and woman-owned companies is important. Learn how to support black-owned businesses here.