Updated: Feb 25
Updated 2/25/2021 - Tom Copeland suggests providers wait until March 1st to apply for the PPP loans as some of the rules have changed. See here for more information (link).
In an attempt to support small businesses in the United States suffering because of the economic downturn from the pandemic. the Biden-Harris Administration has instituted a 14 day period, starting TODAY!, in which only small businesses and nonprofits that have fewer than 20 employees can apply.
"Institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program. 98 percent of small businesses have fewer than 20 employees. They are Main Street businesses that anchor our neighborhoods and help families build wealth. And while the Biden-Harris administration has directed significantly more relief to these smallest businesses in this round of PPP than in the prior round, these businesses often struggle more than larger businesses to collect the necessary paperwork and secure relief from a lender. The 14-day exclusive application period will allow lenders to focus on serving these smallest businesses. The Biden-Harris administration will also make a sustained effort to work with lenders and small business owners to ensure small businesses take maximum advantage of this two-week window." See the Fact Sheet
The Administration for Children and Families previously hosted a webinar to assist family child care and center based programs with the application process and understanding of the loan. There are also scores of resources and information for providers on this ACF website.
Don't delay! Find out how to apply and do it now. If you're good to go - share it with your networks!