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NGLCC Advocacy Alert: SBA Paycheck Protection Program Update
March 9, 2021
The Biden administration has given the country’s smallest employers two weeks of exclusive access to emergency loans, in a bid to target aid to minority-owned businesses and other companies that have struggled the most to obtain the funds during the pandemic.
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness.
In order to reach the smallest businesses, SBA will offer PPP loans to businesses with 20 or less employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021. President Biden has also announced additional program changes to make access to PPP loans more equitable.
Steps to follow, via the US Small Business Administration:
1. Find a lender:
2. Identify a loan:
- First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
- Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.
Reminder: the SBA also offers additional Coronavirus relief.
Note: SBA relief loans/grants are contingent upon requirements being met that are unique to each business/industry. NGLCC is an information resource sharing partner of the SBA, but we do not provide direct support with applications.