NEW ORLEANS – As a way of recognizing New Orleans’ vibrant network of technical assistance and business support providers, the City of New Orleans and the New Orleans Business Alliance (NOLABA) are providing additional financial support to help these critical organizations during COVID-19.
Congress authorized another $310 billion in funding for the Payroll Protection Program (PPP), and loans will begin again as early as Monday. The PPP is a first-come, first-served forgivable loan program that is administered by the SBA and accessed through banks, CDFIs, and other lending institutions. Subject to certain restrictions, the portion of the loan that is used to pay for payroll, rent, utilities, and other costs during the COVID crisis will be forgiven.
The PPP has proven to be in incredibly high demand; nationally, over $350 billion was committed in the first two weeks of the program, and in Louisiana alone, over 26,000 loans totaling over $5 billion were made. In order to provide much-needed support to New Orleans small businesses, the City of New Orleans and the New Orleans Business Alliance are directly investing in the City’s network of technical assistance providers to assist small businesses in submitting PPP applications.
“We are offering to pay $150 for every business owner that our local technical assistance providers assist with submitting an application for one or both of the SBA COVID-relief loans, up to 500 applicants total,” said NOLABA President & CEO Quentin Messer, Jr. “Funding for these programs will be active as early as Monday, April 27th. As before, this tranche of federal funding won’t last very long. Quality assistance for small business owners to prepare loan documentation and navigate the application process overall is critical to our local economy’s recovery. Time has never been more of the essence.”
“Our small businesses need access to the federal resources offered in the Payroll Protection Program and other relief programs at the same levels as large firms, but some need assistance to pull together the information needed to apply for funding. Our TA provider community works with these businesses on a daily basis and is best positioned to offer assistance to get our businesses ready to be in line when the programs are up and running. Mayor Cantrell’s administration is happy to support the work of helping to unlock millions of dollars of capital into our small business community to support employees and other operating costs during this crisis,” said the City’s Director of Community and Economic Development Ellen Lee.
Participating technical assistance providers include:
- El Centro
- Good Work Network
- Hispanic Chamber
- New Orleans Regional Black Chamber
- TruFund Financial