On Monday, the Presidential administration announced that on Wednesday, February 24th, a new two-week Paycheck Protection Program (PPP) loan application window will open specifically for businesses with fewer than 20 employees.
This exclusive 14-day application period is designed to help the 98% of small businesses that have less than 20 employees, many of whom have struggled to complete the complex PPP loan application process. Additionally, this targeted strategy will allow lenders to focus solely on these smallest businesses.
The White House will also implement several other changes in regard to PPP, including:
The new targeted application window is scheduled to close March 10, 2021, and the general application window is currently scheduled to close March 31, 2021.
Are you eligible to apply in the targeted window? Do you have questions on the PPP loan application process? Leave a comment below, visit our COVID-19 Resource Center, or feel free to contact our PPP team directly at PPP@crrcpa.com, we are happy to help.