Tune in to WOL 1450 AM, 95.9 FM and WOL Live Stream January 13, 2021 at 10:30 am EDT for Everything Co-op, hosted by Vernon Oakes. This week, Vernon interviews David Hincapie, Economic Development Specialist with the Small Business Administration (SBA) Washington Metropolitan Area District Office. Vernon and David will discuss the basics of SBA lending programs and David’s observations of the experiences of co-op businesses with the Paycheck Protection Program (PPP) and COVID disaster loans.
Since the COVID-19 pandemic began, the U.S. Small Business Administration has offered lending programs designed to help businesses maintain their workforce and provide gap funding for losses experienced as a result of the pandemic. David Hincapie has worked closely with Washington Area organizations and businesses to ensure that local businesses are aware of the nuances involved with the lending programs.
Currently, SBA is not accepting new applications for COVID-19 relief loans or grants but continues to offer PPP loan forgiveness and EIDL increases. Fortunately, due to advocacy efforts from NCBA CLUSA and other organizations, cooperative businesses were eligible to apply for the loans associated with the pandemic. As cooperative businesses chart their way through the SBA lending process, it’s important to share information regarding their experiences and best practices. David will share his insights and lessons learned regarding the cooperative experiences.
