The SBA has stated they will continue to engage with all PPP lenders to maximize access to the PPP for all of America’s eligible small businesses. To accomplish this, SBA is continuing to call upon its lending partners and asking that they redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities, allowing them to further expand economic opportunity. In particular, all PPP lenders are strongly encouraged to:
Continue to engage in community outreach and communication through organizations, trade associations, and individuals that represent and serve underserved communities and minority, veteran, and women-owned businesses. SBA will continue to lead by example on best practices for this type of engagement; and
Continue to fully comply with all applicable Federal, State, local, and other statutory requirements related to fair lending.
In addition, SBA has added a demographic reporting section on the PPP borrower application. PPP lenders should encourage borrowers to report the optional information that has been added to better inform lenders and SBA on the success of our efforts to reach underserved, minority-owned, veteranowned, and women-owned businesses. While the PPP has been an incredible success, there are still many more opportunities to provide assistance to businesses who have yet to access these forgivable loans, especially as PPP re-opens for first and second draw loans. These are challenging times for our nation’s small business owners and entrepreneurs, but through our continued outreach and focused approach, we will continue to ensure access and opportunity for all those who need assistance.