I think we've all heard by now of the gross disparities and inequities in the distribution of CARES Act PPP Funding to Black business owners. Just 2% of all Black-owned businesses received PPP and/or EIDL loans in 2020. There were many reasons cited for this, but the issue garnered significant attention in the Black community and among policy makers. Attempts have been made with the 2021 round of relief, which opened earlier this month, to address the myriad of issues contributing to the huge gaps in funding for Black-owned businesses. My number piece of advice is to secure an appointment with a knowledgeable and informed accountant - every business has a unique set of circumstances, which should be reviewed with your financial team. A solid accountant should be able to help you navigate through small business Covid-related tax incentives, ensure that you have the right documentation in place to leverage Covid-related loan and grant funding programs. If you don't have an accountant or are in the market for a new culturally competent accountant, checkout some of the organizations below:
For more information on what to expect of PPP2, including changes made to ensure more funding for entrepreneurs of color read on here.
How To Maximize Your Ability To Receive COVID Relief For Your Business