Special PPP Application Period Announced for Select Small Businesses
Beginning Wednesday, February 24, 2021, the Small Business Administration will grant employers with fewer than 20 employees exclusive access to Paycheck Protection Program (PPP) funds. This special application period will last through Tuesday, March 9, 2021.
The March 2020 CARES Package provided a series of small-business relief options to business affected by the pandemic, including the PPP, a loan/grant fund to help employers maintain payroll through the pandemic. The PPP is a first-come, first-serve loan program specifically for small-business owners. Employers apply through a bank/credit union where they have an established business relationship.
In December 2020, a year-end COVID-relief package allocated $284 billion to the existing PPP to help certain small businesses (those with fewer than 300 employees that experienced 25-percent revenue reductions in 2020) with payroll and specified expenses (eligible PPP recipients may re-apply). To date, over half of these PPP funds remain.