Exclusive PPP Access for Smallest Businesses Ends March 9
The Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. If you are a small business owner with fewer than 20 employees, or are self-employed; there is new information for you.
The U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders will host a webinar series this week:
- Learn what steps you can take now to take advantage of this special opportunity, which closes at 5:00 P.M. EST, Tuesday, March 9th, 2021.
- Additional changes and recent policy announcements made by Biden-Harris Administration
- Have your questions answered by SBA Leadership
Mar. 3, 12:30 p.m. ET, Women Business Owners register
Mar. 4, 3:00 p.m. ET, Asian-American + Pacific Islander, Native American + Tribal Small Business Owners register
Mar. 5, 1:00 p.m. ET, Black + African-American Small Business Owners register
Mar. 5, 3:00 p.m. ET, Hispanic Small Business Owners register
Mar. 6, 2:00 p.m. ET, Veterans, Self-Employed Business Owners register
Mar. 8, 3:00 p.m. ET, LGTBQ Business Owners, Youth Entrepreneurs, Restaurant Owners register
Need help with your PPP application?
White House Fact Sheet
From the White House Fact Sheet: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief
The Biden-Harris administration has announced several reforms to further target the PPP to the smallest businesses and those that have been left behind in previous relief efforts:
- Institute a 14-day period, starting February 24, during which only businesses with fewer than 20 employees can apply for relief through the Program. 98 percent of small businesses have fewer than 20 employees. The 14-day exclusive application period will allow lenders to focus on serving these smallest businesses.
- Help sole proprietors, independent contractors, and self-employed individuals receive more financial support. These types of businesses, which include home repair contractors, beauticians, and small independent retailers, make up a significant majority of all businesses. Of these businesses, those without employees are 70 percent owned by women and people of color. Yet many are structurally excluded from the PPP or were approved for as little as $1 because of how PPP loans are calculated. To address this problem, the Biden-Harris administration will revise the loan calculation formula for these applicants so that it offers more relief, and establish a $1 billion set aside for businesses in this category without employees located in low- and moderate-income (LMI) areas.