The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Association (SBA) will forgive loans if all employees are kept on payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Upper Manhattan Empowerment Zone has partnered with Carver Bank to process the Paycheck Protection Program with the SBA. The Upper Manhattan Empowerment Zone may be able to reach out to a Carver Bank representative directly if there are any issues with your application. If you need technical assistance or wish to apply under our partnership, please email businessinvestments@umez.org.
While we will review every email, due to the high demand, we are prioritizing our response and applications for businesses that are located in Upper Manhattan in New York City at this time.
You can also apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Who can participate in PPP:
Small businesses, sole proprietors, independent contractors, self-employed, non-profit organizations, Veterans organizations, and tribal concerns
What the PPP covers:
Payroll costs, including salaries, wages, commissions, and tips
Employee benefits
Rent
Utilities
Interest payments on mortgages
Underwriting Requirements:
Must be able to prove the borrower was in operation on February 15, 2020.
Verification that borrower had employees that they paid salaries and payroll costs
Verification of dollar amount of average monthly payroll costs
Follows applicable Bank Secrecy Act requirements
Frequently Asked Questions for Lenders and Borrowers (04/29/2020)
Banner photo by Rosemary Santos