Minority Business Development Agency Overview – Section 1108. A .gov WASHINGTON, DC, June 22, 2020 -- Today, the U.S. Department of Commerce, Minority Business Development Agency announced the deployment of $10 million in CARES Act … The grants will be used for education, training, and advising small and minority business enterprises … Later this week, MBDA will honor a select group of minority businesses and their advocates with National MED Week awards. For more information on Coronavirus federal resources, updates, and what you should know, visit, Accessing federal funds related to capital and business resiliency, Identification of funding provided for unique circumstances resulting from COVID-19, The mitigation of the potential effects of COVID-19 on supply chains, distribution, and sale of products, The mitigation of the effects of reduced travel or outside activities on minority business enterprises during COVID-19 or similar occurrences, Addressing the hazards and the prevention of the transmission and communication of COVID-19 and other communicable diseases, The management and practice of telework to reduce possible transmission of COVID-19, The management and practice of remote customer service by electronic and other means, Identification and mitigation of cyber risks and threats in remote customer service or telework practices. An official website of the United States government. MBDA programs are focused on economic empowerment and leading minority business enterprises through business transformation. Javascript must be enabled for the correct page display. Minority and women-owned companies are essential to the economic health of our nation. Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management. The Minority Business Development Agency continues to stand in full support of our minority communities. Congress has authorized $10 million in supplemental funding for the current MBDA business centers and minority chambers of commerce for education, training, and advising small and minority business enterprises in their recovery from the effects of the COVID-19 crisis.
The advance may only be used for (1) providing sick leave to employees unable to work due to the direct effect of COVID-19, (2) maintaining payroll to retain employees during business disruptions or substantial slowdowns, (3) meeting increased costs to obtain materials unavailable from the applicant’s original source due to the interrupted supply, (4) making rent or mortgage payments, and (5) repaying obligation that cannot be met due to revenue losses.
CARES Act awards were made to the following organizations: About the Minority Business Development Agency (MBDA). There are extensive resources being dedicated to developing a vaccine, and to installing the equipment needed to produce it on a massive scale. You are doing the work of the nation. The loans are offered through SBA-certified lenders to small businesses, self-employed individuals, “gig economy” individuals, certain non-profit organizations, 501(c)(3) organizations, veterans’ organizations, and Tribal business organizations. We are extremely proud of all of you, and the role you play as a vital pillar of our nation’s economy. This provision eliminates the non-federal match requirement for Women’s Business Centers for a period of three months. Again, thank you, for tuning in to this year’s Minority Enterprise Development Week. These Any business, non-profit organization, veterans’ organization, or Tribal business that employs 500 employees or fewer is eligible. You contribute $1.8 trillion to the U.S. economy. Entrepreneurial Development Overview – Section 1103. “The Trump Administration is committed to helping minority businesses access the resources they need to rebound from unexpected challenges and allow distressed communities to thrive through private investment and federal support,” said Secretary of Commerce Wilbur Ross. Minority and women speakers from the private sector will be sharing what they have learned to build successful companies that fill niches, hire workers, and generate the wealth needed for a modern society. Corporate Growth Partners (Pasadena, CA), South Bronx Overall Economic Development Corporation (South Bronx, NY), The Enterprise Center, Inc. (Philadelphia, PA), The National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship, The University of Texas at San Antonio (San Antonio, TX), United States Hispanic Chamber of Commerce, University of Hawaii Systems (Honolulu, HI), USBC Community Economic Development Corporation. Sections 1103, 1107 and 1108 of the CARES Act (Coronavirus Aid, Relief and Economic Security Act) provide $240 million in funding to small business development centers, $25 million in funding to women’s business centers and $10 million in funding to minority business centers and chambers of commerce for education, training and advice to their members. ) or https:// means you’ve safely connected to the .gov website. The Act appropriates $10 billion to support the expanded EIDL program. A lock ( You will also have the chance to hear from Kimberly Reed, President and Chairman of the Export-Import Bank. A lock ( Resources and Services Languages Other than English – Section 1111. Our network of MBDA Business Centers and national minority chambers of commerce have been on the front lines.
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Self-employed persons, independent contractors, and sole proprietors must submit a Form 1099 and other payroll tax filings to establish eligibility. However, the amount of loan forgiveness shall not exceed the principal amount of the loan. According to a recent report by the Council of Economic Advisors, by the end of last year, $75 billion had been invested in Qualified Opportunity Funds.
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