Businesses, nonprofit organizations, self-employed, and sole proprietors have until mid-May to apply for a first or second draw PPP loan. The program has been extended to May 31; however, because participating lenders need time to process applications, potential borrowers should apply by May 15.
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PPP to Target Smallest and Minority Businesses
Changes to the Paycheck Protection Program (PPP) loan program aim to better reach very small businesses and those owned by people of color —and particularly those who struggled to access the program during the first rounds of funding last year. The changes, which will be implemented on February 24, 2021, include:
Continue readingEconomic Aid Act Expands PPP and Other Financial Assistance
Pandemic-impacted businesses that did not apply in 2020 for a loan through the Payroll Protection Program (PPP) will be able to apply for forgivable loans until March 31, 2021. PPP loans of up to $2 million are available to eligible businesses , 501(c)(6) nonprofits, housing cooperatives and local news media organizations under the Economic Aid Act that was passed by the U.S. Congress and signed into law in December 2020.
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