PPP Loans Available Exclusively for Businesses and Nonprofits
of Fewer Than 20 Employees
Posted on: February 22nd, 2021
SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program
Taking Steps to Promote Equitable Relief for Mom-and-Pop Businesses
Effective Wednesday, February 24, 2021 beginning at 9 am ET, the Small Business Administration (SBA) will ONLY be accepting PPP applications from businesses and non-profits with fewer than 20 employees.
This 2-week exclusivity period runs through March 9, 2021, and is mandated by the federal government. A critical goal from Congress for the latest round of PPP was to reach small and low- to moderate-income (LMI) businesses who have not received the needed relief a forgivable PPP loan provides.
This will give lenders like Clear Mountain Bank, more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021. To learn more, visit www.sba.gov
- During this exclusive 2-week period (February 24 – March 9), the SBA will ONLY accept applications from borrowers with fewer than 20 employees.
- During this 14-day window, SBA will reject any new applications from borrowers that have 20 or more employees.
- Counting employees: each employee counts as one, regardless if full-time, part-time, or seasonal.
