Until 5pm March 9th the Small Business Administration and Paycheck Protection Program lenders will process loan applications ONLY from nonprofits and for-profit businesses with fewer than 20 employees. This means less competition and dedicated support for our smallest businesses and organizations.
Why? To provide more equitable relief by “targeting the PPP to the smallest businesses (and nonprofits!) and those that have been left behind in previous relief efforts,” and to ensure that lenders give smaller employers the attention they need to work their way through the application process.
If you think your nonprofit may be eligible for an initial PPP loan or a second draw loan – and your organization has fewer than 20 employees – NOW is the best time to contact your lender and find out how much relief may be available to you.
You can also get assistance from our local SBA office.
Streamlined PPP Forgiveness Starts March 5th
If you’re still waiting on forgiveness for your PPP Round 1 loan, now is a good time to check in with your lender about your application.
The Small Business Administration (SBA) will begin processing the new streamlined forgiveness application on March 5, 2021—sources and experts report that many lenders are currently going through their backlog of forgiveness applications in preparation.
If you’ve already submitted a PPP forgiveness application, contact your lender to see if they can push through your old application, or if they’d recommend that you fill out the new streamlined forgiveness form.