Beginning today, the U.S. Small Business Administration (SBA) is opening a 14-day exclusive Paycheck Protection Program (PPP) loan application period for businesses and nonprofits with fewer than 20 employees, which includes family child care homes as sole proprietors. The PPP is a SBA-backed loan that helps businesses keep their workforce employed during the pandemic.
While applications aren’t due until March 31 (when the program closes unless extended by Congress), this freeze in applications gives lenders and community partners more time to work with small 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 application deadline.
For more information about the program and how to apply, click here.
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