Payroll Protection Program 14-Day, Exclusive PPP loan Application Period - Starting February 24, 2021!
Many previously ineligible folks will now be eligible for the PPP loan, thanks to the Biden Administration taking steps to promote equitable access to SBA relief. Here's what the SBA posted below:
Specifically, on Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.
SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:
Due to the limited timeframe and the many that could benefit from these changes, it's critical that this information is shared with everyone.