The Paycheck Protection Program is back with new rules intended to ensure funding goes to small businesses that need it most. We, at BOC Capital Corp. CDFI, hope to help many more small businesses! We look forward to working with you to support small businesses including independent contractors and self-employed individuals.
As a PPP lender, BOC Capital is accepting applications for the next round of PPP financing. The Paycheck Protection Program will accept applications beginning January 11th to new borrowers and certain existing PPP borrowers through community lenders like BOC Capital Corp., and later will be open to all participating lenders.
BOC Capital staff includes speakers of Spanish, French, Haitian-Creole, Chinese, Russian, Bangla, Nepali, Tibetan, Hindi, and Korean. We will be reaching out to all businesses that contact us and will share details and next steps to complete the application for first and second draw PPP forgivable loans.
New PPP loans for employers and independent contractors should provide much-needed relief to community businesses with 2.5 months of eligible payroll expenses or 3.5 months for eligible foodservice and hospitality businesses for 2nd draw loans.
Please use the link to BOC Capital's PPP Inquiry Form and feel free to share the link. The BOC PPP Inquiry Form provided in both English and Spanish.
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.
In the first round of PPP, BOC Capital Corp. made 375 Paycheck Protection Plan loans totaling $5,518,607 to local and minority-owned small businesses.
The new round of PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
Key PPP updates include:
  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
  • A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
For questions or concerns, please contact John Frias at (718) 576-2246 or