Subscribe to Our Mailing List. Receive the Latest Events, News, Jobs, and Top Community Economic Development Stories Like this one Click Here | Reach up to 1.3 million people Promote
Long Island African American Chamber of Commerce Blazes New Partnership to Keep African American Small Business Owners Afloat Amidst Pandemic
New York, New York - Many small business owners and members in the Long Island African American Chamber of Commerce, Inc. were underserved during the first rounds of the Small Business Administration’s Paycheck Protection Program (PPP) loans due to inequities and delays in getting to details to the African American community. At the same time, many large companies had the advantages provided by well-staffed accounting departments to deal with the issues and process of applying for PPP loans.
Prior to the pandemic, the Long Island African American Chamber of Commerce, Inc. launched its Retool, Refocus, and Rebuild Black Business Campaign. The Chamber looked at the staggering number of businesses in the local community that were sole proprietorships and were told they could not apply for the PPP loans.
After some research, the Chamber learned sole proprietors who report income and pay taxes on a Schedule C in their personal tax return, as well as independent contractors who collect 1099-MISC forms were able to participate in the PPP program if they submit a Schedule C, instead of 1099s.