There is no doubt that the COVID-19 global pandemic has challenged communities across the country and has created a significant economic downturn, which has hit small businesses especially hard. While individual stimulus checks and the Paycheck Protection Program (PPP) funding authorized by the CARES Act has helped, it has proven not to be enough to sustain our communities through this crisis.
As part of the new $2 trillion coronavirus stimulus bill, the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act (Economic Aid Act), Congress authorized round three of PPP funding. The Small Business Association (SBA) announced that the rollout for the third round of relief was available beginning Monday, January 11, 2021 for certain small businesses. These funds are intended for new and smaller borrowers and for borrowers in low- and moderate-income communities.