One critical temporary change is that, during a two-week period beginning tomorrow February 24th, the Small Business Administration (SBA) will only review or accept applications from businesses with fewer than 20 employees. Following that period’s end, all qualifying businesses may resume applying.
If you are considering applying for a PPP loan and do not meet that employee criteria, you are urged to submit an application as soon as possible today.
Thus far, the PPP has utilized just under half of its appropriated funds and so it is likely that loan availability will remain for some time until the program's end on March 31st. This program has been an immense help to the hotel industry and PPP Second Draws provide for an increased loan amount cap for hotel businesses.
We encourage all qualifying members to explore utilizing this program prior to its expiration.