Written By: Phil Kabler
The following is an excerpt from the Greater Gainesville Chamber’s February 23, 2021 e-newsletter. It describes a specific Payroll Protection Act funding rounding directly specifically to very small businesses. As the article describes, there is a specific and short time-window to apply.
A new round of Paycheck Protection funding will open up tomorrow [Wednesday February 24, 2021] at 9 a.m. and run through March 31. For the first two weeks, through Wednesday, March 10, employers with fewer than 20 employees will have exclusive access to apply.
The exclusive window is designed to provide lenders and community partners more time to work with very small local businesses, particularly those owned by women, minorities, veterans and underserved communities while also ensuring larger PPP-eligible businesses will still have plenty of time over three weeks to apply for and receive support before the program expires.
The new round of funding also includes other changes aimed at improving access for sole proprietors, independent contractors and self-employed workers, including how they calculate their loan amounts.
To get find participating lenders or get more information, visit the SBA’s Paycheck Protection Program landing page.
Interested businesses should consult with their attorneys, preferred lenders, and accountants as soon as possible if they wish to apply for this funding opportunity.