Small businesses and nonprofits may be eligible for PPP loan
Written by Patrick Schneider on February 23, 2021
Starting Wednesday, February 24, 2021 and running until March 9, 2021, the Small Business Administration (SBA) will process Paycheck Protection Program (PPP) loan applications exclusively from businesses and nonprofits with fewer than 20 employees.
SBA has made some recent changes to the PPP program, which is a major step towards promoting equitable relief, supporting not only the nation’s smallest businesses and nonprofits, but also minority-owned small businesses that may have previously missed out on accessing emergency funds during the pandemic.
Eligible small businesses and nonprofits, particularly those unable to access PPP with a traditional bank or credit union are encouraged to take advantage of the two-week application period!
Many small businesses or nonprofits may be eligible for an initial PPP loan or a second draw loan Congress authorized at the end of 2020. Bunesses and nonprofits can contact a lender and find out how much relief may be available. Eligible small businesses and non-profits can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.