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Latest U.S. Payroll Protection Program Can Help Minority-Owned Businesses

GTCF was launched by the Emmy award-winning GIVE TV creators Gary Reeves and acclaimed actor Blair Underwood to continue the philanthropic mission of this innovative television show currently appearing on Discovery Channel (OWN).

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  With the U.S. economy struggling through the impacts of the COVID-19, Congress passed a broad Coronavirus Relief Act that went into law at the end of 2020, which included $284billion in funding for a second round of the Paycheck Protection Program (PPP).

   These funds are now being released, providing a lifeline to businesses, nonprofits, faith-based organizations and those who are self-employed, to get through these difficult economic times.

    PPP, first introduced in 2020 as part of the CARES Act, provides businesses with “forgivable” loans, which will not have to be paid back if funds are used as outlined by the SBA to pay wages, rent, utilities, and other specified expenses. 

     Businesses can apply for a PPP loan, whether they received funds in the first round or not. And unlike traditional loans, qualifying for this program is not based on the borrower’s credit-worthiness, and there is no collateral or personal guarantee required. To qualify, businesses needed to have been operating before Feb. 15, 2020, and be within SBA PPP size guidelines. It is available to businesses that have employees and those that don’t, including independent contractors.  It is also open to non-profit and faith-based organizations.

   Many small businesses, especially minority/women-owned,did not take advantage of the PPP during the first round.  It’s been well documented that minority-owned businesses, in particular, participated in PPP at a much lower rate than the rest of the country, and were often among the last to get PPP funds.  This, despite the fact that African-American and Latinoowned businesses were among the hardest hit by the pandemic.

   A lack of program awareness or misconceptions about eligibility were factors driving low participation.  Limited access to banks offering PPP was another primary driver cited in a study conducted by the Brookings Institute, noting a reduction in community banks serving minority communities and a higher level of underbanked business owners.

   This fact resonated with Damon Maletta, CEO of AdessoCapital, a business loan brokerage house, that has been helping businesses access capital since 2007. “During the first round, our existing clients approached us because they couldn’t find a bank that would take their application,” said Maletta. “Most banks were not equipped to process such high volumes of applications and didn’t have the capital, so they restricted applications to existing customers.”

   Recognizing the significant impact of the COVID-19 Pandemic, the nonprofit “Give to Change” Foundation (GTCF) is quickly ramping up efforts to break down these barriers and help small businesses, nonprofits and faith-based organizations  across all communities gain access to this program.

    GTCF was launched by the Emmy award-winning GIVE TV creators Gary Reeves and acclaimed actor Blair Underwood to continue the philanthropic mission of this innovative television show currently appearing on Discovery Channel (OWN). 

   GTCF is partnering with Adesso Capital to help provide these organizations with streamlined program information, access to a leading SBA-Certified bank, a straight-forward online application, and a PPP helpline with experts who can help applicants with any program or application questions they may have. 

  This is all available to applicants at absolutely no cost, and accessible at www.giveppp.com. There you will find more details on program eligibility, how much money your business will qualify for, and program forgiveness.

   A criticism of the PPP during the first round was that most of the funds went to large companies.  Several changes made in this round, including reduction in the maximum loan amount from $10 million to $2 million, and a set-asides for minority-owned businesses will allow funding to go further and reach those that need it most.

  However, funding is still limited and available on a first-come,first-serve basis and may be allocated before the program expires on 3/31/2020.  Therefore, small business owners are encouraged to apply right away.

For PPP program details, online application, and access to the Give/Adesso PPP Helpline, go to www.giveppp.com.

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Bay Area

Gov. Newsom Looks Back at 2024 Milestones; Presents Vision for 2025

Newsom opened by recounting his announcement atop the Golden Gate Bridge of $150.4 billion in record-breaking visitor spending. He reflected on signing a bill with singer Demi Lovato to protect young content creators from financial exploitation. He celebrated the Olympic flag transfer ceremony, signifying California’s preparation for the 2028 Games in Los Angeles.

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California Gov. Gavin Newsom. Photo Courtesy of California Governor’s Office.
California Gov. Gavin Newsom. Photo Courtesy of California Governor’s Office.

By Joe W. Bowers, California Black Media 

In a recent video address, Gov. Gavin Newsom shared key moments that shaped California in 2024. He emphasized achievements in tourism, technology, public safety, and environmental resilience while underscoring the state’s ability to tackle challenges head-on.

Newsom opened by recounting his announcement atop the Golden Gate Bridge of $150.4 billion in record-breaking visitor spending. He reflected on signing a bill with singer Demi Lovato to protect young content creators from financial exploitation. He celebrated the Olympic flag transfer ceremony, signifying California’s preparation for the 2028 Games in Los Angeles.

Focusing on innovation, Newsom praised NVIDIA CEO Jensen Huang for his leadership in advancing generative AI. He showcased the transformation of an abandoned mall into a quantum computing center in L.A. that addresses global challenges.

He also highlighted the ARCHES coalition’s work on green hydrogen, aiming to decarbonize California’s industries.

Newsom emphasized California’s leadership on clean transportation with over 2 million electric vehicles sold and a statewide network of 150,000 public chargers. He spoke about joining Speaker Emerita Nancy Pelosi to celebrate the long-awaited electrification of Caltrain, linking San Francisco to San Jose.

In climate resilience, Newsom spotlighted removing the Klamath Dam, the largest project in U.S. history, restoring salmon migration and tribal lands. He discussed agreements with Italy and Pope Francis to address greenhouse gas emissions and praised the legislature’s action to increase transparency and hold oil companies accountable for gas price spikes.

Turning to health, housing, and education, Newsom outlined progress on Proposition 1 to improve mental health care, legislative efforts to increase housing construction, and the expansion of universal free school meals for all public school students.

Public safety highlights included combating fentanyl trafficking, expanding the California Highway Patrol, and addressing organized retail theft through new legislation.

Newsom also celebrated the state’s balanced budget for the current and upcoming fiscal years. He joked about his detailed budget presentations as his “yearly Super Bowl,” highlighting the importance he places on fiscal responsibility.

The Governor closed by reflecting on 2024 as a year defined by resilience and optimism, crediting California’s ability to navigate polarization and overcome challenges. He emphasized the importance of preserving California’s values of innovation and inclusiveness while continuing to invest in communities, infrastructure, and equity as the state looks ahead to 2025.

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Oakland Post: Week of February 12 – 18, 2025

The printed Weekly Edition of the Oakland Post: Week of February 12 – 18, 2025

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Oakland Post: Week of February 5 – 11, 2025

The printed Weekly Edition of the Oakland Post: Week of February 5 – 11, 2025

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California Gov. Gavin Newsom. Photo Courtesy of California Governor’s Office.
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