The year 2020 has been a whirlwind for small-businesses and non-profit organizations. Throughout the year, Praxia Partners, in partnership with Commodore Bank, has helped 76 small businesses – many in rural Ohio – access nearly $2.3 million in forgivable loans to provide critical funding to help Ohio’s businesses navigate the economic downturn. Furthermore, Praxia Partners provided pro-bono online resources and webinars to many non-profit organizations to help them navigate the program’s regulations.
A couple of weeks ago, the Small Business Administration officially opened their portal to begin processing forgiveness applications for these small businesses. Praxia and Commodore are actively teaming up to help our applicants get their loans forgiven as quickly and seamlessly as possible. Additionally, we’ve pulled together a presentation on forgiveness guidelines for the program here for our applicants and community members to review. We’re happy to take any questions about program forgiveness at firstname.lastname@example.org, regardless of if you participated with us in the forgiveness program with us or not.
Much has been written about the limitations of the Paycheck Protection Program. Its limited, one-time funding for organizations, clunky rollout, and challenges with reaching black-owned businesses — mean that many companies are still struggling, regardless of if they’ve benefited from the program. At Praxia Partners, we’re keeping our eyes on any federal legislation aimed at supporting our local business community and non-profits. We’ll keep you posted on our programs and resources available once that happens!