New Two-week Exclusive PPP Loan Application Window for Small Businesses Launches Tomorrow!
President Joe Biden announced Monday urgent and time sensitive updates regarding the PPP2 program so that lenders can focus on serving the smallest businesses that are so important to our economy.
The smallest businesses will have an exclusive two-week window, starting on Wednesday, February 24th through March 9th 2021, to apply for COVID-19 relief loans. During the 14-day period, banks and other private lenders will work only on applications for Paycheck Protection Program loans from borrowers with fewer than 20 employees.
The second important update to note, there is more help on the way for sole proprietors, independent contractors, and self-employed individuals. The administration is reviewing the loan calculation formula that applies to sole proprietors, independent contractors, and self-employed. While we don't yet know what this new calculation is going to look like, it could be a very important change.
It's estimated that 70% of businesses that have no employees are owned by women and people of color. We know that those communities and small businesses have been underserved by the PPP loan program.
These two things are hoping to provide greater relief for these critically important segments of the economy.
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