The Small Business Association (SBA) opened their application portal for a second round of Paycheck Protection Program (PPP) funding on Monday, January 11, 2021 for businesses that did not receive a PPP loan the first time around. Businesses that received a PPP loan in the first round can apply for a second round of funding beginning January 13, 2021. The purpose of PPP is to assist small businesses during the COVID-19 pandemic to help cover certain business expenses during times when revenue is well below pre-pandemic levels. This new round of PPP funding will provide $284.5 billion to eligible businesses on a first-come, first-served basis.
The DowntownDC Business Improvement District (BID) strongly recommends all eligible businesses apply for PPP funding. To understand if you are eligible and how to obtain benefits, the BID has teamed with accounting firm CohnReznick, who has dedicated a team of CARES Act experts who are available to explain the different programs and guide you through the processes.
CohnReznick will assist interested businesses and non-profits (BID members) located in the DowntownDC BID (view map here) navigate the PPP application process, including helping businesses understand and prepare the required documentation to apply for PPP funding. The BID will also help businesses find a bank to facilitate the application if they do not have a current banking relationship.
DowntownDC BID Services Provided
- Navigating program compliance
- Documentation preparation assistance
- Application assistance
- Sourcing a bank lender (if needed)
Participation in the BID’s PPP Technical Assistance Program provides up to $800 in accounting fees (approximately 3-4 hours of time) from CohnReznick. BID members will be responsible for any additional costs incurred above $800 (though additional funding may be available on a case by case basis upon request).
If you are an interested business located in DowntownDC BID and received PPP funding in its first round, the BID strongly suggests you work with the same bank. If you have applied for PPP previously and were denied, or if you have never applied, the DowntownDC BID PPP Technical Assistance Program is designed to help you.
In addition, the DC Government is also offering PPP technical assistance and connections to PPP banks. For more information, click here.
For more information on the PPP Program, including eligibility requirements, click here.
To participate in the DowntownDC BID PPP Technical Assistance Program, email email@example.com.