A year-end emergency aid bundle from the federal authorities contains $ 284 billion for the Small Enterprise Administration’s Paycheck Safety Program, extending it by means of March 31 and making what some say are program enhancements. unique mortgage.
With this program, MoFi seeks to help companies that aren’t served by conventional banks or credit score unions, together with sole proprietors, unbiased contractors, and people in want of lower than $ 50,000. Along with serving to first-time PPP candidates, MoFi additionally hopes to assist companies which can be positioned in, or present companies to, low-income communities and other people of colour. In final yr’s preliminary spherical of help, MoFi made almost 1,300 PPP loans to companies in Montana, Idaho, Oregon, Washington and Wyoming, with a median mortgage quantity of $ 26,000.
“The relaunch of PPP will present much-needed aid for companies throughout our area as they proceed to endure financial hardship associated to COVID-19,” mentioned Dave Glaser, President of MoFi. “We’re grateful to be a part of the answer, and we’re ready and dedicated to reaching deeper into our communities to seek out those that wouldn’t in any other case have entry to this system.”
MoFi encourages entrepreneurs to get in contact as quickly as attainable. Purposes are accepted on a first-come, first-served foundation. To use for a PPP mortgage by means of MoFi, companies should be positioned in Montana, Idaho, Wyoming, Oregon, or Washington. Software directions might be discovered on the MoFi web site at mofi.org/paycheck-protection-program-loan/.