List of technical assistance providers offering support in accessing PPP (PDF)
Download the list
Download the listNotice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
The Consolidated Appropriations Act of 2021 authorizes the U.S. Small Business Administration (SBA) to guarantee additional loans under the temporary Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide economic relief to small businesses nationwide adversely impacted by the pandemic. The SBA’s authority to make PPP loans has been extended through May 31, 2021, with revisions to certain PPP requirements. A temporary program titled, “Paycheck Protection Program Second Draw Loans” was also added. These changes enable borrowers who have not previously applied for PPP loans to access these funds (First Draw) as well as existing PPP borrowers to apply for additional funding (Second Draw), provided they meet the eligibility criteria.
This third round of relief funding allocated $284 billion for loans to businesses for payroll and other costs to help them and their workers remain viable. To promote greater access to this capital for those businesses most in need, initially, only community development financial institutions and minority depository institutions were able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP opened to all participating lenders shortly thereafter.
See the PPP First Draw Borrower Application and the PPP Second Draw Borrower Application. Other helpful resources include the U.S. Treasury’s fact sheet for borrowers, the SBA’s guidance on Accessing Capital for Minority, Underserved, Veteran, and Women-Owned Business Concerns, LISC Boston’s Massachusetts Equitable PPP Access Initiative, and the SBA’s most recent FAQs on the PPP for lenders and borrowers. The SBA also provides translations of key PPP information and the loan forgiveness application in multiple languages. In addition, a step-by-step tool for the PPP loan process is available on the webpage of the Independent Sector, a national membership organization that brings together the charitable community to advance the common good.
The PPP is a significant infusion of capital into small businesses and the primary federal relief effort for small enterprises suffering financial losses as a result of the coronavirus pandemic. At the same time, the Boston Fed is aware that there are traditional barriers to utilizing mainstream financial institutions for very small businesses, smaller businesses owned by people of color, and/or small businesses operating in lower-income areas. For this reason, we are making concerted efforts to ensure these businesses have the information, access, and tools needed to take advantage of this third round of relief funding.
We aim to raise awareness of and increase access to the PPP, particularly among small-sized businesses and those owned by people of color across New England, including nonprofits and nonprofit/for-profit child care institutions. One step is to widely share information on the PPP from the U.S. Treasury, SBA, and other reputable sources* through local networks. Another is the Federal Reserve’s creation of a lending facility to allow individual banks adequate funds to make PPP loans. We are also assessing how effectively smaller businesses are accessing this program and sharing that information with policymakers to help ensure that the support reaches businesses that need it.
The Federal Reserve System is committed to reducing the economic effects of COVID-19 with the tools at its disposal. To that end, the Fed has been working to limit financial and economic distress by taking actions that help avoid higher unemployment levels or a slower recovery.
We are all in this together. The Boston Fed is working to help the most vulnerable residents and communities in the region survive this unprecedented health and economic emergency and have an opportunity to thrive in our eventual recovery.
Learn more about the Boston Fed’s community development initiatives, and for more information or questions about our coronavirus efforts in local communities, email CommunityDevelopment@bos.frb.org.
The Boston Fed compiled a list of organizations willing to provide technical assistance to small businesses and nonprofits with accessing the Paycheck Protection Program.
A list of New England financial institutions indicating that they have capacity to process Paycheck Protection Program loans for non-customers.
To be added to the above Technical Assistance list or the lender registry, please contact Carmen Panacopoulos.
*External links are provided as a convenience and for informational purposes only. They do not constitute an endorsement or an approval by the Federal Reserve Bank of Boston or Federal Reserve System. Please contact the external site for answers to questions regarding its content.