MinorityBZHub.com Guides Minority Businesses On Funding Resources
According to Tina Davis of MinorityBZHub.com, many minority-owned businesses, and particularly Black-owned companies are not following compliance standards to obtain funding.
Davis reveals minority-owned businesses could apply for PPP loans equal to 2.5 times their average monthly payroll costs or $10 million dollars. However, she relates that minority businesses are not meeting compliance standards for approval. Citing issues with applying for PPP using a business EIN and not having a bank account in the business name. Stressing minority-owned small businesses also often don’t have a Schedule C filed with taxes to identify correct business expenses for ultimate PPP loan amounts.
Additionally, the business needs to be current on annual registration fees with the Secretary of State. Stressing this is a very common roadblock why so many minority-owned small businesses don’t qualify for PPP loans. They often forgo paying annual filing fees to save money and put the business in danger of becoming administratively dissolved by their Secretary of State.
For assistance with guidance plus no upfront fees, for how to obtain business funding solutions please visit:
Ultisky Inc - MinorityBZHub.com
11877 Douglas Rd Ste 102-245 Alpharetta, GA 30005
MinorityBZHub.com provides Minority Business Solutions
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