Free workshop available for minority-owned businesses applying for expanded PPP

PHILADELPHIA (KYW Newsradio) — With the expanded eligibility of the Paycheck Protection Program (PPP), minority-owned, small businesses are encouraged to apply for the forgivable loans.

The Biden administration recently expanded PPP eligibility to include sole proprietors, independent contractors and self-employed workers.

“It’s definitely a way to keep your small business afloat,” said Della Clark, president of the Enterprise Center Community Development Corporation. “The most important thing is we need people to apply. Yes, it requires some work on your part and our part, but we have set a goal. We would like to see $100 million come to Philadelphia in federal stimulus out of PPP, and we cannot achieve that goal unless people apply.”

Minority-owned businesses with 20 or fewer employees are encouraged to participate in Enterprise’s free online readiness workshop on Friday to get informed about the application process.

The workshop, which is from noon to 1 p.m., will cover topics like how to maximize your PPP loan amount and what documents you need when applying.

“Get your paperwork in order,” Clark advised. “If you are an independent contractor, have all your 1099s. If you are a sole proprietor, have all your tax returns.”

Borrowers with federal student loans that are now in default, as well as people who have committed non-fraud felonies in the past year, are also eligible for PPP this time around.