David Hincapie, Economic Development Specialist with SBA, discusses, his observations regarding the experiences of co-op businesses with PPP and COVID disaster loans, and the basics of SBA lending programs. Since the COVID-19 pandemic began, the US Small Business Administration has offered lending programs designed to help businesses maintain their workforce and provide gap funding for losses experienced as result of the pandemic. David Hincapie has worked closely with Washington Area organizations and businesses to ensure that local businesses are aware of the nuances involved with the lending programs. Currently, SBA is not accepting new applications for COVID-19 relief loans or grants, but continues to offer PPP loan forgiveness and EIDL increases. Fortunately, due to lobbying efforts of NCBA/CLUSA and other organizations, cooperative businesses were eligible to apply for the loans associated with the pandemic. As cooperative businesses chart their way through the SBA lending process it’s important to share information regarding their experiences, and best practices. David will share his insights and lessons learned regarding the cooperative experiences.
