For the 200 employees at On-Target Supplies & Logistics in Dallas, having a job right now means stability during times of economic uncertainty. The pandemic has impacted small businesses across the country, but it has been particularly harmful for entrepreneurs in underserved communities.
Following President Trump’s guidance, SBA launched the Paycheck Protection Program (PPP), designed to quickly bring financial relief to socially and economically disadvantaged small businesses, as well as minority-owned, women-owned and veteran-owned small businesses.
On-Target owner Tré Black said the forgivable PPP loan he received has allowed him to continue paying his workforce and has brought peace of mind during this difficult time.
The priority for this Administration, and me personally, is to ensure these forgivable loans are going to those most in need. I’m proud to report nearly half of all PPP loans – both in terms of volume and value – are going to low-income counties across the country.
To help meet this demand, SBA expanded its lenders to include more than 300 Community Development Financial Institutions (CDFIs) and 170 Minority Depository Institutions. Together, they have originated more than $15 billion in PPP loans to low-income and disadvantaged small businesses.
Nearly 70 percent of PPP loans have gone to firms with less than 10 employees, an important allocation since the average minority-owned small business has eight employees.
The program ends on June 30th – any eligible small business or non-profit who haven’t yet applied should reach out to a participating lender before the deadline. SBA has launched an additional online resource – Lender Match – for borrowers to connect with lenders quickly.
As states begin to safely reopen, I’ve had the opportunity to meet with small businesses, non-profits and faith-based institutions who have weathered this health emergency and kept their employees on payroll because of the PPP.
I was recently in Dallas where I had the privilege to not only meet with Tré and several other small business owners, but I also heard from local leaders in the faith community. The pastors of Concord Church mentioned how the PPP loan they received is allowing them to extend outreach into their community by providing meals to first responders, groceries to underserved families, and helping set up Covid testing at a local mall.
Throughout this pandemic, and as we move carefully toward reopening, the SBA remains dedicated to sustaining our nation’s small businesses and retaining tens of millions of employees – a key priority for President Trump. We look forward to continuing this important work to benefit underserved communities that are so vital to our national economy.
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