Harlem Commonwealth Council Is Officially A Lender For The Paycheck Protection Program

July 2, 2020

Harlem Commonwealth Council Inc. (HCC) is pleased to announce that its investment subsidiary, Harlem Entrepreneurial Fund (HEF), was approved to participate in the U.S. Small Business Administration (SBA)’s Paycheck Protection Program (PPP) as a lender. The approval was granted on June 19th, 2020 (Juneteenth)! “We are extremely delighted and proud of this development, and look forward to continuing to provide access to capital to our community,” said Dr. Joseph Tait, President, and CEO of HCC.

HEF’s Managing Director, Hamil Douglas, added, “we are now better positioned to offer our clients the liquidity needed to combat the devastation resulting from COVID-19, and would like to thank the U.S. Treasury and the SBA for recognizing HEF’s contribution in sustaining small businesses in Harlem and the Bronx”.

Paycheck Protection Program (PPP)

The Paycheck Protection Program (PPP) provides $349 billion in loans to small businesses, nonprofits, sole proprietors, and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations, and utilities.

  • PPP loans cover certain costs incurred February 15, 2020 – August 8, 2020
  • Up to 24 weeks of eligible expenses may be forgiven
  • Loan repayments will be deferred for 6 months
  • The Paycheck Protection Program will be available through August 8, 2020

Contact E. Hamil Douglas, Managing Director, Harlem Entrepreneurial Fund, hdouglas@hefnyc.org, 212.749.0900 ext. 110 or info@hefnyc.org

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