Pages

Checkout These Pages

Wednesday, March 31, 2021

LI Queens Biz Organization Reveals "PPP Deadline Extended Two Months … or Until the Funds Run Out."

Help Us To continue to inform and empower our community Please Donate. Get The Scoop Weekly On the Global Black Community and Southeast Queens, NY. 

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
-------

PPP Deadline Extended Two Months … or Until the Funds Run Out

On March 24 the Senate voted 92 to 7 to extend the application deadline for the Paycheck Protection Program (PPP) from March 31 to May 31. Passage of the PPP extension came nearly one week after the House approved the bill, which now needs President Joe Biden’s signature to officially become law. In addition, pushing back the deadline gives the Small Business Administration (SBA) until June 30 to process loans.

While the extension gives borrowers a reprieve, they shouldn’t delay in getting their applications in. The Economic Aid Act extended the authority to make PPP loans with an additional $284 billion in subsidy and modified rules for PPP loan eligibility and forgiveness. In addition, the American Rescue Plan Act provided an additional $7.25 billion in subsidy. In the 2021 rounds of PPP, as of March 21, the SBA has approved 3.1 million loans totaling $195.7 billion in loans with approximately $79 billion left and interest in the program isn’t slowing down. As a result, the program could run out of funding early if application approvals continue at their current rate.

“The extension of the PPP loan deadline to May 31, 2021 will serve as a lifeline for small business owners; as it was virtually impossible for banks to process all loans due to immense number of applicants. We are encouraging small business owners to complete their applications in a timely manner,” says Phil Andrews, President, Long Island African American Chamber of Commerce, Inc. (www.liaacc.org) – New York State’s largest African American Chamber and New York District Office of the United States of America 2019 Small Business Champion for 14 counties in Downstate, New York which includes New York City, Long Island and the counties of Duchess, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester.

Monday, March 29, 2021

Black Online Bank Named After Historic Black Community Greenwood Receives $3 Million In Investment Funding

Help Us To continue to inform and empower our community Please Donate. Get The Scoop Weekly On the Global Black Community and Southeast Queens, NY. 

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
-------

Greenwood Closes $3 Million Seed Round To Build Online Banking Solution For Blacks And Latinx

"Today, a dollar circulates for 20 days in the white community but only six hours in the Black community."

ATLANTA -- Greenwood has secured $3 million in seed funding from private investors as the first digital banking platform for Black and Latinx people and business owners.  Greenwood features best-in-class online banking services and innovative ways of giving back to Black and Latinx causes and businesses. 

Michael “Killer Mike” Render, Ambassador Andrew J. Young and Ryan Glover are founders of Greenwood, the first digital banking platform for Black and Latinx people and business owners. Greenwood features best-in-class online banking services and innovative ways of giving back to Black and Latinx causes and businesses. Contact: media@bankgreenwood.com
  • Andrew J. Young, civil rights legend, former U.S. Ambassador to the United Nations, and former Mayor of Atlanta
  • Michael Render, aka Killer Mike, rapper and activist in Black financial empowerment
  • Ryan Glover, Greenwood Chairman and founder of Bounce TV network

"It's no secret that traditional banks have failed the Black and Latinx community," said Ryan Glover.   "We needed to create a new financial platform that understands our history and our needs going forward, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. This is our time to take back control of our lives and our financial future.  That is why we launched Greenwood, modern banking for the culture."