On February 22, 2021, the Biden administration announced a new exclusive Paycheck Protection Program (PPP) loan application period for businesses and non-profits with fewer than 20 employees. This application period began on February 24, 2021 and lasts for 14 days. According to the U.S. Small Business Administration (SBA), the goal of this exclusive application period is to “give lenders and community partners more time to work with the smallest businesses.”
The SBA also announced these additional changes to the PPP program that aim to make PPP funds more available to underserved small businesses:
Taken together, these changes to the PPP program will make PPP loans available to many small businesses that might have had trouble applying or qualifying previously.
If you have questions about your eligibility for a PPP loan, or how these changes might affect you, please contact our office. We would be happy to assist you.