Resources for AAPI Small Businesses Impacted by COVID-19

Welcome to National CAPACD’s “Resources for AAPI Small Businesses” database.

This “database” captures our efforts to share best practices, creative ideas, and useful information for how to support AAPI entrepreneurs at this time.

If you have information you would like to add to this spreadsheet, or have ideas for future webinars or resources National CAPACD can develop in support of AAPI small businesses at this time, please email roy@nationalcapacd.org. 

The Small Business Administration (SBA) has reopened the Paycheck Protection Program (PPP) through March 31st, with the intention of allowing the hardest-hit small businesses and nonprofits to apply for a 1st or 2nd Draw PPP loan. Self Help Credit Union has provided a helpful FAQ and guidance on how to calculate revenue reduction/ maximum loan amount when applying for both 1st Draw or 2nd Draw PPP loans. Also, the National Development Council has provided a helpful recorded webinar explaining PPP updates and requirements.

As many of you have reported, AAPI entrepreneurs across the country experienced significant challenges with the PPP loan process last year. According to a recent study by Small Business Majority, only a fraction of AAPI entrepreneurs applied for/received a PPP loan in 2020. Through collective advocacy efforts last year, improvements have been made in the new PPP that include a $15 billion set-aside for CDFIs, although significant barriers still persist for entrepreneurs who are LEP or un/underbanked. In the coming weeks, we’d love to hear from you about PPP experiences in your community. Please feel free to reach out to Roy Chan (roy@nationalcapacd.org), our new Small Business Senior Program Manager, and check our COVID-19 resource page for updated information.