Operations

SBA to have exclusive PPP loan application for small firms

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February 22, 2021

Businesses with less than 20 employees can apply for coronavirus relief for 14 days starting Wednesday, according to a report in The Wall Street Journal.

The exclusive application window is one of several steps federal agencies are taking to improve access to the Paycheck Protection Program for small businesses in underserved communities or operated by minorities.

The PPP forgivable loans are issued by lenders and backed by the Small Business Administration.

PPP applicants with less than 20 employees can apply from 9 a.m. EST on Wednesday until 5 p.m. EST on March 9, according to an administration official.

The PPP program overall is scheduled to end March 31.

The SBA will also allocate $1 billion for applicants with no employees located in and moderate- and low-income communities, the administration official said.

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