(GREENSBORO, N.C.) — NEWS: Black-owned North Carolina-based investment firm, BWC Capital secured a Payroll Protection Program (PPP) forgivable small business loan during the first round of available funds several weeks ago.
After evaluating the pros and cons of the loan forgiveness aspect of the program, and how small businesses – particularly businesses owned by people of color – are struggling to secure the loan and may face challenges in accessing loan forgiveness, the firm is working to inform small businesses about the importance to remain vigilant about their loan status and loan forgiveness requirements under the current guidelines.
To read a recent interview with the BWC Capital team and to learn about the relief program’s loan forgiveness requirements, visit the company’s website – bwccapital.com/the-devil-is-in-the-details-black-owned-bwc-capital-demystifies-federal-stimulus-ppp-loan-forgiveness/
“Qualifying for a PPP loan as a minority-owned business brought with it a set of hurdles that we were fortunate to navigate,” said Bridget Chisholm, BWC’s founder and managing partner. “But once we secured the loan and delved into the requirements to better understand the loan forgiveness component, we recognized the importance of helping our clients, partners, and other small business owners understand the program’s requirements and hopefully help prevent potential barriers to returning to business as usual once we reach the other side of the pandemic.”
In the wake of the novel coronavirus, small businesses across the U.S. scramble to secure the funding needed to survive the current economic downturn. While the country struggles to create and implement a national strategy to safeguard its once bolstering economy, business owners look to federal, state, and local governments for guidance on how to successfully navigate the current crisis. In response to this immediate call for action, Congress has passed two small business bailout packages over the last several months. The $349 billion for forgivable PPP loans included in the initial relief package was exhausted in less than two weeks. Congress subsequently provided an additional $310 billion in relief funds, which are currently being allocated to small businesses in need.
Now in its second round of implementation, the PPP loan program includes $60 billion in set-aside dollars to be provided to small businesses by community development lenders, credit unions, and certain other smaller lenders. The intent of the set-aside is to ensure that more PPP loans reach businesses owned by people of color, as this group was not well-served with the initial round of funds.
During the recent interview, BWC’s founder and managing partner, Bridget Chisholm and BWC’s senior partner, E.L. Chisholm discussed key elements to the PPP loan forgiveness program’s qualification structure, important deadlines, and next steps. In their own words, “the devil is in the details” and what appears to be an easily accessible solution for small businesses is instead marred by time-sensitive loan forgiveness guidelines that could lead to penalties and interest-bearing debt repayment.
About BWC Capital
BWC Capital, LLC is a private equity firm headquartered in North Carolina. In operation since 2013, BWC Capital was formed to address opportunities outside the scope of BWC Consulting, a boutique strategy and financial advisory consulting firm in existence since 2005, and in response to the insatiable demand and widening gap for access to capital by emerging- and growth-oriented businesses. To learn more about BWC Capital visit www.bwccapital.com.
Related link: www.bwccapital.com
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