PPP to Offer Two Week Window for Smaller Businesses

In an effort to provide economic support to the nation’s smallest businesses, the federal Paycheck Protection Program (PPP) will offer a two-week window during which only companies with fewer than 20 employees will be allowed to apply for a PPP loan. The window begins Wednesday, February 24 at 9:00 am ET and ends on Tuesday, March 9 at 5:00 pm ET. Applications for all eligible small businesses (up to 300 employees) will reopen at that time.

In addition, calculations within the PPP program’s funding formula will be revised to provide more financial support for sole proprietors, independent contractors and self-employed individuals, with at least $1 billion set aside for businesses in these categories.

The Small Business Administration (SBA) has approved approximately $134 billion in PPP loans to 1.8 million small businesses during the current “second round.” The average loan size is about $74,000.

If you are a small business with questions about PPP loan eligibility or the application process, please contact Gray, Gray & Gray at (781) 407-0300.

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