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WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he continued. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
Brooklyn, New Yor (August 18, 2020)— BOC Capital Corp. secured $5,246,980.97 in 375 Paycheck Protection Plan loans for local small and minority-owned businesses.
BOC’s mission is to improve the economic prospects of traditionally under-served entrepreneurs and their communities. In response to the vast number of small and minority-owned businesses that were left out of the first round of the PPP loan program, BOC Capital Corp., lending partner of Business Outreach Center Network, sought authorization from the Small Business Administration (SBA) to help provide PPP loan services in early June. Since then, BOC has completed 375 loans for BOC clients.
We invested $375,000 to help minority-owned small businesses in New Jersey access low-interest capital – in partnership with the Greater Newark Enterprises Corporation and BOC Capital."
"Nancy Carin, Executive Director of community-based non-profit organizations the Business Outreach Center (BOC) Network and BOC Capital, shares similar stories about the clients in New York City that her organizations work with everyday. Many are local small businesses, ranging from home-based childcare providers, taxi drivers, and construction businesses to salons, barbershops, and neighborhood store owners, who simply aren’t hearing about the financing programs or face other barriers.