CFCC Small Business Center

Receive confidential phone business counseling with, our director, Jerry Coleman.
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Paycheck Protection Program (PPP) Relaunch Updates
PPP Update – Friday, January 8, 2021
SBA, in consultation with the Treasury Department, has recently released additional PPP guidance:
The Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Key PPP Updates Include:
PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
The PPP provides greater flexibility for seasonal employees;
Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

The New Guidance Released Includes:
PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;
Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act; and
Interim Final Rule on Second Draw PPP Loans.

For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.

Services Provided by CFCC SBC

Our Small Business Center is part of a statewide network designed to support the development and growth of small businesses. Millions of Americans choose to start their own businesses – just look around our community and you will see evidence that the free enterprise system is alive and well. However, turning the dream of small business ownership into reality is not easy. We are here to guide you.

SEMINARS AND WORKSHOPS

Take advantage of free or low-cost seminars and workshops designed to have a positive impact on your bottom line. Workshops and seminars are held at a variety of times to fit your busy schedule. A sample of sessions regularly offered include Starting Your Own Business, Writing a Business Plan, Financing a Small Business, Advertising and Marketing Your Business, and Bookkeeping.
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COUNSELING SERVICES

We provide free, confidential counseling on a range of diverse topics from licensing issues and business plans to marketing and advertising!
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INFORMATION AND REFERRAL CENTER

Who said you were in this alone? Full of resources such as periodicals, DVDs, and books, the SBC also provides computers with internet access for clients wishing to do business research or develop a business plan.
 Located at 502 N Front Street, Suite 530 in downtown Wilmington, The SBC Information & Referral Center provides one-stop shopping for any information you may need!
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