Small BusinessUpdated February 23, 2021 Paycheck Protection ProgramPPP is only open to employers with fewer than 20 employees for a 2-week period The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m. This will give lenders and community partners more time to work with the smallest businesses to submit their applications. Larger PPP-eligible businesses will have time to apply for and receive support before the program expires on March 31, 2021.
Additional changes will open the PPP to more underserved small businesses 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:
Read the SBA announcement. The stimulus package signed December 27, 2020 includes $284 billion for first and second forgivable Paycheck Protection Program loans, expanded PPP eligibility for nonprofit organizations and program modifications to serve small businesses, nonprofit organizations and independent restaurants. |