In order to reach the smallest businesses, Small Business Administration (SBA) will offer Paycheck Protection Program (PPP) loans to businesses with fewer than 20 employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021. President Biden has also announced additional program changes to make access to PPP loans more equitable.
Specifically, on Wednesday, February 24, 2021 at 9 a.m. ET, the 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.
Small business guidance and loan resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Small business guidance and loan resources in Spanish: https://www.sba.gov/page/coronavirus-recovery-information-other-languages#section-header-2
Community Development Director, City of Northfield