As the only certified Community Development Financial Institution (CDFI) located in Berkshire County, Greylock Federal Credit Union will be the first local lender allowed to accept applications for the next round of the Small Business Administration’s Paycheck Protection Program (PPP). The online application portal could be available as early as Monday and will give priority to minority, underserved, veteran, and women-owned businesses as well as existing Greylock business members. They have reached out to a number of Berkshire County community partners to help get the word out about this opportunity.
The recently passed Economic Aid Act included the funds to restart the PPP program with revisions intended to get the money into the hands of small local businesses. The US Treasury Department’s network of CDFIs has been granted early access to the program to allow these small businesses first access to the funds.
“Greylock’s focus on community development and our designation as a CDFI create a unique obligation for us to enable access to the PPP program as rapidly as possible,” said Greylock Senior Vice President Jodi Rathbun-Briggs. The SBA is prioritizing underserved populations in this round so they have turned to Greylock and other CDFI’s to reach out to specific businesses in the early stages of the program. “According to official guidance, first time applicants to the PPP program will be able to apply through their local CDFI as early as Monday and qualifying companies seeking a second round of loans may be allowed to apply as soon as Wednesday. However, the actual application was not published as of Friday. This makes it very unlikely that the program will begin as planned, but we hope to be ready.”
Details will be published on Greylock’s website at www.greylock.org/business-updates as they are released. Greylock also has a hotline for PPP related questions at (413) 236-4041.
Rathbun-Briggs pointed out that there are other opportunities available through the new legislation that do not involve financial institutions. Business owners are urged to speak with their trusted accountant or advisor to determine the most appropriate route for their business.